Im bored so im posting stuff, feel free to post what you want

James

James

Staff member
MY-BLUE-BEAST:
motorcycle loan from my banker. $8000 for the ride, $170 a month for 2 years is all so I figured why not haha. Plus it's my dream machine
Click to expand...

MY-BLUE-BEAST:
not sure on that just yet, im going to get the full story from my loan office Monday morning. I might as well man, 19 and I need to build some good credit and this is a good way to do it.
Click to expand...
Major :facepalm: :picard: etc..

An $8000 loan for 2 years at 5% is $350 a month and will cost you a total of $8,423. The question should be, can I afford a $8,423 item and not can I afford a $350 per month payment.

You'll also need to carry full coverage (collision and comprehensive) on the bike since the bank will have a lien on it, which means more $$$.

MY-BLUE-BEAST:
I got a good job, making $1000 take home soon to be $1200, and im already paying insurance on my truck and my WR, but that's for street riding, im thinking I might drop the 450s insurance and put it towards the Vegas. But we will see, paying stuff off and not missing payments is a good way for credit. I'll first get the full story and go from there.
Click to expand...
If you're only making $1000 (net) a month....that's just ludacris to even consider tying up half your income in a toy. Yes it's a toy and if you tell yourself anything different you're only lying to yourself.

However if it's $1000 a week, that's very reasonable. But I'd advise you to set aside 20-40% of your income as that'll come in handy later in life. Like Dave Ramsey says "If you will live like no one else, later you can live like no one else."
 
James

James

Staff member
The easiest (and cheapest) way to start building credit is by getting a low limit credit card. AND keeping your debt to credit ratio very low, this is key. I can't stress that enough.

Debt to credit ratio is the ratio between your credit limit and how much you spent/charged. Lets say that you get a card with a $250 limit and you charge $25 to it in one month. Your debt to credit ratio would be 10%.

By keeping your debt to credit ratio low it shows lenders that you're responsible. Basically you have credit available to you but are responsible enough to not use it and rack up debt.

I remember that a few years ago Equifax said that the average debt to credit ratio for people with over 800 scores was 7%. Last I checked my score was a 787 and my credit card debt to credit ratio a 1.6%.

BTW NEVER carry a balance, you build credit by your payment history, not by carrying a balance.
 
MY-BLUE-BEAST

MY-BLUE-BEAST

James:
How much does that change the feel of the grip?
Click to expand...


Makes it feel a little bigger, but its an all around good grip, really cool to use.

And as far as the bike goes, i decided to wait, it wouldnt be a $350 a month it would be $170 with a 5% over 4 years, thats what they said they could do for me i can easily afford that. the only thing i couldnt afford was a down payment since i have no credit the payment was what was ludicris $1200 DOWN PAYMENT!! screw that :smirk:. Im actually thinking about buying Lynn's suzuki off him for $150, i did all the work on it so it works fin, but just gives me something to ride while i wait. Its actually a nice bike.
 
williamsb27

williamsb27

James:
The easiest (and cheapest) way to start building credit is by getting a low limit credit card. AND keeping your debt to credit ratio very low, this is key. I can't stress that enough.

Debt to credit ratio is the ratio between your credit limit and how much you spent/charged. Lets say that you get a card with a $250 limit and you charge $25 to it in one month. Your debt to credit ratio would be 10%.

By keeping your debt to credit ratio low it shows lenders that you're responsible. Basically you have credit available to you but are responsible enough to not use it and rack up debt.

I remember that a few years ago Equifax said that the average debt to credit ratio for people with over 800 scores was 7%. Last I checked my score was a 787 and my credit card debt to credit ratio a 1.6%.

BTW NEVER carry a balance, you build credit by your payment history, not by carrying a balance.
Click to expand...

Your speaking the truth :thumb: I did this exact thing, except I haven't used the card yet, a bonus is that I can only use it on military exchange stores, so it keeps me from getting trigger happy.
 
James

James

Staff member
MY-BLUE-BEAST:
And as far as the bike goes, i decided to wait, it wouldnt be a $350 a month it would be $170 with a 5% over 4 years, thats what they said they could do for me i can easily afford that. the only thing i couldnt afford was a down payment since i have no credit the payment was what was ludicris $1200 DOWN PAYMENT!!
Click to expand...
Ahh yes 4 years would make it $170, originally you said 2 years.

4 years at $170 and a $1,200 down payment puts the final price at around $10k. Always and I mean ALWAYS look at your total payment. :thumb:


Good to see that you're putting it on the back burner.
 
MY-BLUE-BEAST

MY-BLUE-BEAST

James:
Ahh yes 4 years would make it $170, originally you said 2 years.

4 years at $170 and a $1,200 down payment puts the final price at around $10k. Always and I mean ALWAYS look at your total payment. :thumb:


Good to see that you're putting it on the back burner.
Click to expand...

Yeah i figured it all out yesterday. Im actually buying my buddy lynn's 1980 suzuki GS450L. $150 for the bike cruises it for a month or two, save gas in the old suburban and build a little credit and then see how much I could sell it for. cruise it until i sell it and put the money in a savings account. Im actually getting both my dirtbikes ready for summer so i need to save the cash for that. Im also going to vegas in may 4-7 (guess what thats for :thumb:) so i need to save money for that.
 
williamsb27

williamsb27

I would say 4 semesters of 4 classes at 3 credit hours a piece, which would equal two years. May be different depending on the college and what the degree calls for.
 
MY-BLUE-BEAST

MY-BLUE-BEAST

WATCH AND TELL ME WHAT YOU THINK :thumb:

We may not be amazing riders but I think we can get some cool footage

I want to know what you think we should hav ein our videos to make them as good as possible

 
Top