Financing MX bike

HOUSES were at 18% in the late 70's early 80's.  The record high was 18.63% in October 1981.  

Just something to continue to look forward to with our current clown show.

Around 4 months ago I went in with a 800+ credit score and 60% down and the rate was 7 something. It made me sick paying that so I sold a seldom used bike and paid it off after one payment. Do you have credit cards with no balances? Keep an eye out for the promotional 0% offers. They charge a 3-4% fee but it’s a much better deal than 12% 

Yep.

Like buying one on a credit card.

Things were very tight for us during that period.

At least gas was 65 cents 

edit: 65 cents was 1978 before it doubled in the early 80s. Credit to google 😂

And you could buy the house for like 12 dollars 

Guess I missed that sale.

Didn't realize cardboard met code in any US community.

Yeah, actually gas was $1.31/gallon in 1981, which is the highest it would be until 2000. 

Adjusted for inflation, that equals to $4.25 today.

I don't remember the Carter years fondly...although I AM reliving them right now.

I financed $3k of my new CRF at 6.99% through my credit union back in November.

Average housing cost in 1981 was $105,900.  Adjusted to 2023 dollars, that is $343,900.

It was significantly less in some parts of the country but at 18% it wasn't really affordable anywhere.

Better to finance bc if you can’t afford it just let it go back to the bank 🤷🏻‍♂️

Or go through wheelie boy bike acquisition class.  Best deal in town😁 

of course Joking , cant stand a thief.  No matter what you decide, you still have a bike💥👍

😏😏😏

3.99% from Yamaha 9 months ago, high 700s FICO; I elected to put 2500 down, but didn't need to for that interest rate.

I would love to own a bike as I really miss riding but I can't afford to save up and buy one cash.

I can finance one here in South Africa but that will equate to financial suicide. R170K for a 450 then interest on top of that. 

Now I take this beautiful spanking new 450 down to the track and use it....then it depreciates in value quickly, then comes the monthly/hourly running and maintenance costs along with the repayment at the end of each month.

Just my opinion.....

I’ve financed bikes in the past. Coming up with 8-10k out of pocket isn’t an easy thing to do. The rates were generally around 4-6% and I always rounded up my payment as much as I could to get them done sooner. Thankfully I haven’t had to finance a bike for a bit now and with interest rates I’d definitely grit my teeth signing the contract. If you can make the payments without hamstringing yourself and are willing to pay more for the bike in the end, do it. One life to live and what’s the point of not enjoying it? If you do it proper the last check you write before you kick it should bounce 😂

About to see what short term rates are available at the bank, I'd rather keep my savings and have cash handy for my honeymoon than pay cash for a bike. Not using my own money is worth a little extra.

A few years back I got a credit card with 0% interest for first 18 months. It also gave $300 cash back if you spent a certain amount within the first 90 days. Went to the dealership with $5k cash and put the rest on the card.... Got the cash back and paid the remaining balance off before the interest hit. 

In this economy & market, i'd rather take a short term loan against a 401k or long term investment holding & pay myself back the interest over time then pay the 8-10% most OEMs & financial instituitons are "offering" right now.

Wonder if my Yamaha card from back in 2001 still works and what the interest rate is ?

Typically, unless you provide your own financing from a credit union or your own bank it'll be that high from a dealership. Most people are actually approved for less but the dealer "adds points" (extra percentage) on top of what a buyer is approved for and don't tell the customers so they can sell the deal off and make money on the back end. 

It's a practice I was never comfortable doing when I was in sales. I've seen people get approved at 2.99% and the finance manager will write it up at 12.99% and tell you to go sell the deal at that rate.

If financing the bike is what it takes to get what you want......do it.  You're only young once and this sport is more fun when your body can take it.  Go for it and don't look back.  Make the bike last the term of the loan....don't sell it....don't upgrade....don't carryover any loans to another object.  Buy the bike and make it last.   The issue i see is people financing a bike.....something new and shiny pops up and they don't realize that THIS IS YOUR BIKE FOR THE TERM OF THE LOAN.

BTW....enjoy new bike day!

Wasn't the old Yamaha card 0-2% for some window of time and as long as you paid it off within that window, you were good. Then after that window it jumped up to like 18%. And the monthly minimum payment was $50 no matter what, but that didn't guarantee that you'd pay it off. It was a really weird set-up on those original cards, but also kind of cool. 

I remember in my early 20s I wanted to get the 05 YZ125 when it came out. I went to a Yamaha dealer just to see what they were going for etc. I planned on just getting a quote and then if I wanted it, I'd list my RM and then go get it. They gave me a good deal and said "might as well take it now, if you want it. Putting money down doesn't matter. Same monthly payment and same interest. Just sell yours and pay it off within that window" (which I think was 36months.) So I just brought the bike home with no money down. First payment I put a grand or so towards it. Then a couple months later I put the money that I got from my Suzuki towards it. I had it paid off very quickly. 

Max mark up is 2.5% in almost every state. 

thanks joe!

Sometimes the credit card companies will issue an "access check" as well. That avoids the terminal fees and the dealership won't have to factor in the 3% to use your credit card. (BTW, it is illegal for them to charge you this fee to use the credit card, but they are perfectly within their rights to adjust their "best price" to account for how you are paying.) 

Back when I was selling Yamahas and Sea-Doos in the late '90s, the prevailing interest rate was 17.99%. The explanation was, "Well, it's a toy. They charge you for that." People shrugged and paid it. 

Incoming boomers that look at Dave Ramsey like a god.

YoU ShOuLdN’T EvEr FiNaNcE aNyThInG

I did that on several years' worth of new YZs. Buy the new one, sell the old one, pay off the new one. 

I worked at a Yamaha dealer, so I got the new ones for dealer cost. Sold the old ones for damn near what I owed, and reaped the benefits of zero interest for a year. I was riding brand-new bikes almost for free. 

What kind of beer?

I'm trying to buy a new car i.might have said this a time or 2

I’ll be drinking Corona Premier.  If I lose looks like it’s Bud Lite for the winner!!!  If I can find any, Walmart barely stocks it anymore in my neck of the woods.