Buying a 02 WR426

[RedBull]

ok im new here so dont get mad at me (ive noticed some ppl get a lil pissed when someone post a new topic) but hey like i said its new so help me learn. ok with that outa the way and back to the topic im gonna buy a 02Wr426 somtime b4 christmas. Im only in high school with no "real" job so im wondering how i should pay 4 it i got 2,000 for a down payment but i was told too keep it and use it for the payments (ive got no problum getting the money for a monthly payment) or should i put the 2,000 for a down payment. so what did you all do to get your bike like how did you pay for it?? any help would be greatly appresiated (by the way i cant spell 4 s%!t)

thanks ?

[kev426]

when i got my bike i put 0$ down. used the money i had for a down to get some new gear and goodies for the bike. where in socal are you?

[Rich_in_Orlando]

Redbull:

1. New topics are always welcomed--it's the same old questions asked over and over again that seem to irritate.

2. Your down payment vs gear question is kind of like me asking you what my favorite color should be. It depends on your personal financial situation. You definitely should have basic riding gear. At the very least, get boots, helmet, knee/chin guards, gloves, and goggles before you ride. If you shop around, you can find all that for around $300. They won't be top of the line, but they'll do. Fancy riding pants and a jersey can wait if you're short of cash. A chest protector, elbow pads, and a personal hydration system (e.g. camelback) are also a very good idea and will make your rides much more enjoyable. Why not use some of the money for a down payment and some for the gear?

3. Please don't abbreviate "for" with "4", capitalize your "I" when refering to yourself, and please figure out proper punctuation. It gives me Benny flashbacks to see posts written like that. (and they are difficult to read)

Have fun with your future bike. ?

[rwcfrank]

I'm not sure if your stuck on a WR vs YZ but you cant get the 0 down low interest on the WR jst the YZ...

[Herman]

Rich makes a valid point in regard to answering your personal financial question. If you won't have a problem making the monthly payments, then purchase the gear you need and anything else you "need" with the cash...and use the rest for the down payment. There's no sense in saving the money to make payments (that incur interest), unless of course your investing your cash in a profitable investment...but I don't think that's the case. Bottom line: pay the bike off as quickly as you can without suffering undue hardship.

Peace

[RedBull]

well I only got 2000 from the bike I just sold and I got all the riding gear nessesary. Im just wondering if thier is ANY advantage to putting money down then not.. And I live in the south san deigo area.

[Herman]

Advantages: 1) you'll pay less interest in the long run, 2) the bike will be paid off quicker, and 3) you won't have the extra cash burning a hole in your pocket

Disadvantage: you won't have the extra cash burning a hole in your pocket

[RedBull]

sorry but, what are the advanteges to? down payment or no down payment? ?

[MN_Kevin]

Bull Man,

A higher down payment will yield LOWER monthly payments, less interest paid by the time the bike is paid off, and (if possible) a SHORTER finance period.

Great example: You buy a house, say ~$200,000. Over a 30 year loan, GENERALLY this ammounts to $2000/month over 30 years. The total paid OUT OF YOUR POCKET is $720,000.00!!!!!!!!!!!!! ?

The higher the downpayment and/or shorter finance period (10/15/20/25 years) can DRASTICALLY cut your interest paid.

Another example: I paid $143K for my house here in New Hampshire (30 year loan). By me paying an extra $121.00 per month, over and above my $1450.00 normal house payment, I have cut over 7 years off of my 30 year loan (a total of >$120,000.00 !!).

On any loan, you pay a giant portion of the interest first. This is how the banks ensure they make a profit. After the first year of $1450.00/month payments, something like $8.57 went to paying off the $143,000.00 of my initial loan, (not really, but for humor sake, I threw in a REALLY low amount, but it is true). This is called the "Principle". All the other money I paid ("interest")went to the bank president, his yacht, mulitple owned homes, etc.

So more money down, lower payments, shorter loan period (THIS IS CRITICAL), means 10 years down the road, you will have more money in your pocket.

[Dan_Lorenze]

Redbull, It's nice to see a young dude interested in a WR, are you sure this bike will fit your needs best? Not to stereotype a high school student but when I was your age me and my friends all rode tracks and really did'nt do a whole lot of trail riding or long distant rides and would prefer a super light motocycle to rip on. But if you're not into the whole motocross thing and enjoy all types of riding I could'nt recommend the WR highly enough. They're awsome!!

As far as your finacial situation, in my opinion I would get as much money together as possible and put it all down on the new bike. You'll have time to get all the extra goodies down the road, just get the damn bike!!! Also by financing your motorcycle it will do wonders for your credit and thats a good thing!!! Just make your payment on time always!!!! Best of luck!!! Maybe for graduation your parents or a distant relative will pay off you bike for you. ? Wouldnt that be ?