14 wr450f financing questions

[mudguy]

It's not that I CANT I just have not tried yet i have a clean slate, I just figured if I have 4-5 grand and get an unsecured load from my bank or credit union for rest, will that not help start to build up credit with it without a co sign?

 

 

Your goal in life should be to make a lot of money, not make a lot of credit. Each month you need to stash away living expenses + emergency funds + retirement funds. The amount you need to save is quite staggering if you do the math on it, unless you plan on dying real early and inexpensively.

 

If you don't have 'emergency funds' and 'retirement funds', then you should focus on improving yourself, getting a good job and building your life, it seems like a big window of time that you have when you are a teenager, and you could always "do it tomorrow", but by age 30 what is left of the window will look really small.

 

I stopped riding when I was a teenager, and started again in my 30s. Glad I did, it gave me time to get an education and a real job, and to afford any dirt bike I want. Wouldn't trade it for all the fun in the world.

 

It's nice waking up in the morning, knowing that you have cash in the bank, good job, no debt. I know a lot of guys who are older than me and still struggling because of bad decisions they made.

 

 

Do you really need a brand new bike? Why not sell both bikes, invest the cash in the stock market, and buy an old $1000 CR250/YZ250/etc? 

[Bazuka Joe]

Your goal in life should be to make a lot of money, not make a lot of credit. Each month you need to stash away living expenses + emergency funds + retirement funds. The amount you need to save is quite staggering if you do the math on it, unless you plan on dying real early and inexpensively.

If you don't have 'emergency funds' and 'retirement funds', then you should focus on improving yourself, getting a good job and building your life, it seems like a big window of time that you have when you are a teenager, and you could always "do it tomorrow", but by age 30 what is left of the window will look really small.

I stopped riding when I was a teenager, and started again in my 30s. Glad I did, it gave me time to get an education and a real job, and to afford any dirt bike I want. Wouldn't trade it for all the fun in the world.

It's nice waking up in the morning, knowing that you have cash in the bank, good job, no debt. I know a lot of guys who are older than me and still struggling because of bad decisions they made.

Do you really need a brand new bike? Why not sell both bikes, invest the cash in the stock market, and buy an old $1000 CR250/YZ250/etc?

Well you need credit to do certain things, and my point was that i could use this to that advantage. For someone who's only 20 years old and has a take home pay if 1800-2100 a month as a starting pay, and just recently got out if prison for something that happened over a year ago and changed my life for the better, I think I'm doing pretty well. I work in the machine shop industry and I have a lot if potential to make a lot more money. I know I need money stashed away for expenses and such, and no I don't need a new bike, but I love to ride and I would like to get a bike I can make street legal and will enjoy for years to come and the wr450 is the perfect bike for me to do that with. I have a bike already just not practical for street use. This is in all honestly some great advice and I appreciate it

[William1]

It's not that I CANT I just have not tried yet i have a clean slate, I just figured if I have 4-5 grand and get an unsecured load from my bank or credit union for rest, will that not help start to build up credit with it without a co sign?

Yes, a small loan like that with no cosigner and unsecured will get you started. Keep in mind, a persons 'credit value' is the amount lenders are will to bet on a person at any one time. Lets say they think you are good for $5K. You yake out a $4K loan, you are still good for an additional gand. The loan is over 2 years. After one year, you apply for a credit card with a $2K limit. You'd be turned down. Why, you have paid of close to 1/2 of the $4K loan, your credit value should be $3K, right? Nope. You have a $4K loan out and on your credit value until it is paid in full.

Does your school offer a course on credit and finance?

[Bazuka Joe]

Yes, a small loan like that with no cosigner and unsecured will get you started. Keep in mind, a persons 'credit value' is the amount lenders are will to bet on a person at any one time. Lets say they think you are good for $5K. You yake out a $4K loan, you are still good for an additional gand. The loan is over 2 years. After one year, you apply for a credit card with a $2K limit. You'd be turned down. Why, you have paid of close to 1/2 of the $4K loan, your credit value should be $3K, right? Nope. You have a $4K loan out and on your credit value until it is paid in full.

Does your school offer a course on credit and finance?

Don't go to school right now. Trying to figure out if staying in the machine shop industry is what I want to do then I would probably go to school for CNC programming. I've decided not to buy a wr450, you guys talked me out if it lol I'm just going to make my kx250f a supermoto to cruise around on occasionally. I know it's not an ideal street machine but it's the bike I have and it's a fresh motor as of 6 hours ago. Not to mention I'll only have to spend 2k tops which I. An make my winter project.

I'm going to just get a credit card and use is for necessities like gas and living expenses and pay in full every month and just start putting around 1200 a month in the bank

[beezer]

If I were you Bazuka I would take a loan out and get a brand new bike and ride the wheels off the thing.

 

I wouldn't listen to any of the old lady's posting here.

 

You're only young once.

[Bazuka Joe]

If I were you Bazuka I would take a loan out and get a brand new bike and ride the wheels off the thing.

I wouldn't listen to any of the old lady's posting here.

You're only young once.

Haha well that's true ! But they also do have valid points. I will buy a new one if I wanted to save up the money, this original post was really about trying to build credit with that loan which really isn't practical. Besides how many SWEET looking kx250f supermotos do you see on the street?!? Lol I've already rebuild the motor might as well sink more money into it haha

[mudguy]

Don't go to school right now. Trying to figure out if staying in the machine shop industry is what I want to do then I would probably go to school for CNC programming. I've decided not to buy a wr450, you guys talked me out if it lol I'm just going to make my kx250f a supermoto to cruise around on occasionally. I know it's not an ideal street machine but it's the bike I have and it's a fresh motor as of 6 hours ago. Not to mention I'll only have to spend 2k tops which I. An make my winter project.

I'm going to just get a credit card and use is for necessities like gas and living expenses and pay in full every month and just start putting around 1200 a month in the bank

 

Sounds like you got it all under control then, good to hear. You only live once, but honestly you'll have the same fun memories whether or not you have a brand new bike or not. If you have the right attitude you'll do great whichever path you pick.

 

Machine shop industry probably won't make you rich working for someone else, but you should be able to translate those skills, especially CNC and 3D design to a lot of other jobs. 

 

Lots of development going into 3d printing right now, they have printers which can print titanium and other hard to work metals:

http://www.3ders.org/articles/20131103-first-3d-printed-custom-titanium-eyewear.html

[Bazuka Joe]

Sounds like you got it all under control then, good to hear. You only live once, but honestly you'll have the same fun memories whether or not you have a brand new bike or not. If you have the right attitude you'll do great whichever path you pick.

Machine shop industry probably won't make you rich working for someone else, but you should be able to translate those skills, especially CNC and 3D design to a lot of other jobs.

Lots of development going into 3d printing right now, they have printers which can print titanium and other hard to work metals:

http://www.3ders.org/articles/20131103-first-3d-printed-custom-titanium-eyewear.html

I'd eventually like to start my own business with my old man, he's been doing this all his life and if I could learn programming, all you need is a few machines to get things rolling. Being rich would be nice but I would be content living comfortably I'm just trying to learn as much as I can before I choose what I want to go to school for

[grayracer513]

Just don't try to start a business in California.

 

In as much as securing a loan per se will not accomplish your credit building goals, if Yamaha will offer you their own financing, take them up on it.  I did this when I bought my son's brand new YZ450 in '06.  At that time, they had a 6 month interest free deal which in reality amounted to nothing more than a credit card with a grace period.  That enabled me to drop a substantial down payment on the bike and blow off any payments until after his 250F sold, so it was just that convenient for me.  His old bike sold in a couple months, and I paid the card off without spending a dime of interest.

 

Even though that will not show as a long term pattern of payment, it will still be listed as "pays as agreed" on your credit rating.  It won't build it up as far as other stuff would, but it will still be a positive.

 

Remember this, however: Interest that you don't pay is the same as making that money tax free.