" Poor Credit Loans for Motorcycles- FACT or FICTION?&q

[secgeek]

The reason I have liability only, is because I figure if the damage is minor or cosmetic, I can leave it/pay to fix any mechanical damage.

If it's a total write off, well then I'm screwed. I accept taking that chance for a lower premium.

I've been through the credit card nightmare myself. Not completely out of it yet, but I'm in much better shape than I was a few years ago, up above my eyeballs in high interest debt. I'll never use a credit card again unless A) I can pay the whole balance off every month or B) I have a severe emergency that I wouldn't otherwise be able to pay out of my checking account.

Thats understandeable.... I am more worried about theft then damage... If it gets damaged it gets damaged there is nothing to protect against that... I just hate to feel if I only paid a couple of hundred more in insurance I wouldnt be out my entire purchase if its stolen....

But I completely agree... I hate credit cards... I have only one that still has the sticker on it after I activated it.... In case of emergency only....

[DieMonkeys]

But I completely agree... I hate credit cards... I have only one that still has the sticker on it after I activated it.... In case of emergency only....

Start an emergency fund of $1000 then cut up the credit card. Just put aside $25 a week or as much as you can afford to. Once you've gotten $1000 in the bank (or in your mattress if you don't trust banks) then start saving about the same amount of money you'd have during 3 months of work, in case you get fired or lose a leg and can't work, etc. So when you get fired you don't end up in debt while using your credit card while trying to find a job. Also, you won't have to alter the way you live (though if it looks bleak that you won't have a job in 3 months you can stretch it out pretty far). It'll take a few years to save up that amount with minimal stashings of money but $1000 emergency fund is way better than owing somebody $1000 plus interest when you can't afford to pay!

[secgeek]

But I completely agree... I hate credit cards... I have only one that still has the sticker on it after I activated it.... In case of emergency only....

Start an emergency fund of $1000 then cut up the credit card. Just put aside $25 a week or as much as you can afford to. Once you've gotten $1000 in the bank (or in your mattress if you don't trust banks) then start saving about the same amount of money you'd have during 3 months of work, in case you get fired or lose a leg and can't work, etc. So when you get fired you don't end up in debt while using your credit card while trying to find a job. Also, you won't have to alter the way you live (though if it looks bleak that you won't have a job in 3 months you can stretch it out pretty far). It'll take a few years to save up that amount with minimal stashings of money but $1000 emergency fund is way better than owing somebody $1000 plus interest when you can't afford to pay!

Thanks dude... But I got enough covered that I probably can be unemployed for at least a year.... What I meant was an emergency like on a Sunday, disaster of some sort and my debit cards daily spending is 5K and thats not enough or if I lose my debit card, etc...

[Npeart]

This is how you buy a bike if you have no money or poor credit or both. Have ur girlfriend to add her name to the bike credit card, like Yamaha has their own credit card at 6.9%, purchace the bike with no money down, have the bike registraion only in ur name, not hers, finance the total on the credit card, when the first 3 monthy payments come in the mail, don't pay them, then in that time break up with ur girlfriend, tell her you just used her, you don't love her and stuff like that, then they will bill her for the bike and you get to keep the bike and there is nothing she can do. You ride for free, she pays. Lock the bike up inside a building with a chain and they can't enter the building to repo it. They will only repo it if she doesn't pay and she has to get a court order, she won't do both. she will pay. She still loves you, awwwww how sweet ha ha ha ha.

You should be taken out and flogged immediately.

[onlinesmurf]

Please show me where any credit card company would advise you to do what I mentioned. The people who are best with their money are those who knows how to work the system. Credit cards are a wonderful thing if you know how to use them. For example you get a 5% cash back gas card and pay all your gas on the CC then pay it off in full before the grace period is up. That is a free loan with 5% cashback. What is wrong with this? How would paying cash outright be better than this? I know the knee-jerk reaction is to believe the old myths, like paying cash is always best. It isn't period. In most cases people can't afford a house outright, should they save until they can save the money to pay it outright?

I gave scenarios how you could use a situation to improve your credit score, by using credit and maximizing the effect of having the full cash reserve. Please learn to think critically before you talk about things you don't understand.

The argument of what is bad to spend on is moot. I was talking about maximizing the benefits when you have decided to buy something. Smart people know how to use credit cards to their benefits. Paying out in cash is usually only sensible if it doesn't make it you cash poor afterwards.

Last time I check paying for something straight cash doesn't help your credit. There are many other cheaper (and perhaps more sensible ways to fix your credit also).

The best option is more to save up the money to buy the bike you want (if new). Get financing (regardless of how high APR) then pay it off right away before the first cycle (make sure now prepayment penalty), that will help your credit and doesn't cost you a dime. Even better if you can qualify for one of those 0 for 6 months promotions. This just means you get to hold your money an extra 6 months before paying in full.

Last time I checked you don't need to mess with your credit if you pay for everything with cash. Go read a Dave Ramsey book you dumbarse and stop listening to all those damned lies the credit card companies and banks are telling you.

[King Frog]

I agree with the last poster. Credit cards are NOT bad IF you know how to use them to YOUR benifit. Unfortunately most people don't.

CaSh back is ALWAYS a good deal. As is zero intrest rate. Nothing wrong with outting 5 or 10K on a card while your cash earns 3.9% interest in ING or somewhere else. BUt you HAVE to stay on top of ot it and either set up an auto payment plant that pays off the card during the special rate time or bounce the limit between cards until you have to pay interest exceeding your savings rate.

Insure yourself vs your OWN mistakes ONLY if you can afford to take a total loss. OTherwise Comp and collision is a bargain.

Never buy luxury items on credit and pay interest. NEVER. Go without. When you get your savings account to $5-10K Borrow from yourself, set up payiment plans with 18% interest. You will realize soon not only how people screw up their finaces but how LENDERS get rich.

SAve Save SAve....BE a lender by saving ..not a borrower.

[DieMonkeys]

I agree with the last poster. Credit cards are NOT bad IF you know how to use them to YOUR benifit. Unfortunately most people don't.

Exactly! IF! A big IF! Yes, it will work like that, a "free" loan, sure. However, most people don't pay back during the grace period. If you have the cash laying around go ahead and try playing around with the credit card game, however, what IF there is an accident and you need to spend the money you were going to use to pay back your "free" loan? What IF your car or motorcycle needs that big expensive new part before you need to get back to work on monday? What IF what IF what IF! Don't play with credit cards for they have large, sharp teeth and like to bite!