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Buying buggies
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<blockquote data-quote="TacomaJD" data-source="post: 359548" data-attributes="member: 1780"><p><strong>Re: Re: Buying buggies</strong></p><p></p><p>Lol it sounds like those against financing have been screwed over a time or two and now paranoid and shun it. Before you finance, you should be able to assess 100% of everything it will take to pay the loan back. Take that and put it in perspective with your current bills, wages, what the future looks like with your current job, etc, and make it happen.</p><p></p><p>But like I already stated, everyone's situation/options are different. Financing is for some, and isn't for others. In my situation, I'm obviously not against it. But I know where to draw the line without getting in over my head. Such as the fact of in 1.5 years, I could be totally debt free besides my home mortgage (which I don't know any 26 year old that wasn't born rich that has a home that's paid for). But reality is, I'll probably get my current loan paid down to nearly nothing sometime early next year, already have something else I want to buy (likely another motorcycle) and finance another loan (less than current loan) to buy it and borrow the little extra on top of it to pay off the principle of the current loan. New loan set up for either 2, maybe 3 years, depending on how much I borrow. Highest interest I've ever had on a signature loan is 9.X%, maybe 10.X, but as of late, they are usually around 6-8% on signature loans. I guess half of it is having a good bank to do business with.</p><p></p><p>Like I said, there is no right or wrong answer, just what works best for you when you want something and what pairs well with your current/future wages. As long as you don't keep compounding loans and reach retard-level in debt, I will never be convinced that financing is a bad idea. Remember, for financing something to be a terrible idea, it probably spurred from a terrible idea, initially. All terms and conditions are or should be explained/understood up front before you ever sign your name. This is where the conservative money managing skills come into play I also spoke of. If you aren't 100% sure, don't let the urge or desire of wanting something overtake you and sign anyways. Borrow what you can afford and pay it off. </p><p></p><p>Financing something isn't a debt-death sentence. It will only be a debt-death sentence if poor judgement and commitment is used. Same as saving for a buggy. You, that save and buy, stay broke all the time (hypothetically speaking) buying the next expensive part for your buggy build, I borrow (less than what you will have in your buggy of course), get to wheel it, and pay it off. Same concept except I get to play now instead of wasting 3 years not playing, but paying. And for what? The $500-$1000 you saved over me in that 2-3 year period on loan interest? I had 10 times that in fun wheeling the 3 years you all were saving and eating ramen noodles. ;D lol just poking fun, don't take that and run with it like some of you ****ers like to do. Merely poking fun, I know most of yall buggy building buncha Robby Bobbys ain't broke. I'd eat ramen noodles if I won the lottery. :****:</p><p></p><p>Then people say, well what if you lose your job? Well that's a risk I'm willing to thoroughly evaluate and take. An escape plan is always needed, should it ever come to losing your job. #1) You could sell whatever it is that you have financed. Chances are you've paid down the loan enough to where you owe less than what it's worth, so sell it, close out loan, and have a little cash left over to put in your pocket. #2) Always finance a toy that has a desirable resale value. Don't buy/build something that would flat-out not be appealing to anyone if you had to try and sell it tomorrow. #3) don't overpay for something so that you minimalize taking a loss if having to sell unexpectedly. </p><p></p><p>It all boils down to "don't be an idiot when borrowing money" and likely, it will work out as it should.</p></blockquote><p></p>
[QUOTE="TacomaJD, post: 359548, member: 1780"] [b]Re: Re: Buying buggies[/b] Lol it sounds like those against financing have been screwed over a time or two and now paranoid and shun it. Before you finance, you should be able to assess 100% of everything it will take to pay the loan back. Take that and put it in perspective with your current bills, wages, what the future looks like with your current job, etc, and make it happen. But like I already stated, everyone's situation/options are different. Financing is for some, and isn't for others. In my situation, I'm obviously not against it. But I know where to draw the line without getting in over my head. Such as the fact of in 1.5 years, I could be totally debt free besides my home mortgage (which I don't know any 26 year old that wasn't born rich that has a home that's paid for). But reality is, I'll probably get my current loan paid down to nearly nothing sometime early next year, already have something else I want to buy (likely another motorcycle) and finance another loan (less than current loan) to buy it and borrow the little extra on top of it to pay off the principle of the current loan. New loan set up for either 2, maybe 3 years, depending on how much I borrow. Highest interest I've ever had on a signature loan is 9.X%, maybe 10.X, but as of late, they are usually around 6-8% on signature loans. I guess half of it is having a good bank to do business with. Like I said, there is no right or wrong answer, just what works best for you when you want something and what pairs well with your current/future wages. As long as you don't keep compounding loans and reach retard-level in debt, I will never be convinced that financing is a bad idea. Remember, for financing something to be a terrible idea, it probably spurred from a terrible idea, initially. All terms and conditions are or should be explained/understood up front before you ever sign your name. This is where the conservative money managing skills come into play I also spoke of. If you aren't 100% sure, don't let the urge or desire of wanting something overtake you and sign anyways. Borrow what you can afford and pay it off. Financing something isn't a debt-death sentence. It will only be a debt-death sentence if poor judgement and commitment is used. Same as saving for a buggy. You, that save and buy, stay broke all the time (hypothetically speaking) buying the next expensive part for your buggy build, I borrow (less than what you will have in your buggy of course), get to wheel it, and pay it off. Same concept except I get to play now instead of wasting 3 years not playing, but paying. And for what? The $500-$1000 you saved over me in that 2-3 year period on loan interest? I had 10 times that in fun wheeling the 3 years you all were saving and eating ramen noodles. ;D lol just poking fun, don't take that and run with it like some of you ****ers like to do. Merely poking fun, I know most of yall buggy building buncha Robby Bobbys ain't broke. I'd eat ramen noodles if I won the lottery. :****: Then people say, well what if you lose your job? Well that's a risk I'm willing to thoroughly evaluate and take. An escape plan is always needed, should it ever come to losing your job. #1) You could sell whatever it is that you have financed. Chances are you've paid down the loan enough to where you owe less than what it's worth, so sell it, close out loan, and have a little cash left over to put in your pocket. #2) Always finance a toy that has a desirable resale value. Don't buy/build something that would flat-out not be appealing to anyone if you had to try and sell it tomorrow. #3) don't overpay for something so that you minimalize taking a loss if having to sell unexpectedly. It all boils down to "don't be an idiot when borrowing money" and likely, it will work out as it should. [/QUOTE]
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