Cycle whore thread
02-23-2012, 10:20 AM
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Re: Cycle whore thread
3.5% for 60 months through the dealer?
or
5.74% for 36 months through my own bank?
3.5% is better, or am I'm I missing something?
or
5.74% for 36 months through my own bank?
3.5% is better, or am I'm I missing something?
02-23-2012, 10:59 AM
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02-23-2012, 11:00 AM
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02-23-2012, 11:35 AM
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Re: Cycle whore thread
http://www.amortization-calc.com/
on $10k for example:
3.5% for 5 years means you'll pay 10,915.05 total
5.74% for 3 years means you'll pay $10,909.54 total
you end up paying pretty much the same for the bike... but you take less depreciation over the course of the loan with the shorter term (meaning your bike is worth more once you've paid it off). you will also be able to pay less for insurance sooner with the shorter term (don't have to carry comprehensive when there isn't a lien on the bike)
tl;dr the payments will be more in the short term with the bank, but save you money in the long run
on $10k for example:
3.5% for 5 years means you'll pay 10,915.05 total
5.74% for 3 years means you'll pay $10,909.54 total
you end up paying pretty much the same for the bike... but you take less depreciation over the course of the loan with the shorter term (meaning your bike is worth more once you've paid it off). you will also be able to pay less for insurance sooner with the shorter term (don't have to carry comprehensive when there isn't a lien on the bike)
tl;dr the payments will be more in the short term with the bank, but save you money in the long run
02-23-2012, 11:39 AM
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Re: Cycle whore thread
http://www.amortization-calc.com/
on $10k for example:
3.5% for 5 years means you'll pay 10,915.05 total
5.74% for 3 years means you'll pay $10,909.54 total
you end up paying pretty much the same for the bike... but you take less depreciation over the course of the loan with the shorter term (meaning your bike is worth more once you've paid it off). you will also be able to pay less for insurance sooner with the shorter term (don't have to carry comprehensive when there isn't a lien on the bike)
tl;dr the payments will be more in the short term with the bank, but save you money in the long run
on $10k for example:
3.5% for 5 years means you'll pay 10,915.05 total
5.74% for 3 years means you'll pay $10,909.54 total
you end up paying pretty much the same for the bike... but you take less depreciation over the course of the loan with the shorter term (meaning your bike is worth more once you've paid it off). you will also be able to pay less for insurance sooner with the shorter term (don't have to carry comprehensive when there isn't a lien on the bike)
tl;dr the payments will be more in the short term with the bank, but save you money in the long run
In retrospect, I worded it poorly, very poorly.
What you should do: credit union. then take that to the dealer and see if they'll beat it.
02-23-2012, 11:46 AM
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Re: Cycle whore thread
Guy i work with rode up on a new Diavel today. Another guy I work with had to sell his basically new 848 to pay for his wedding... having a new duc in the parking lot is helping me talk him into buying another bike.
02-23-2012, 11:49 AM
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