OK, here is my dilemma. I have glorious credit though many banks appear to have the set seductiveness rate for personal loans around 15%. If I financial the bike with the motorcycle loan my payments will be reduction though I have to have full coverage upon the bike that is about $280 some-more per month. I’m usually seeking to outlay around 6K. Give me a little ideas.
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{ 6 comments… read them below or add one }
$280 a month for insurance on a motorcycle????????No way!!!!!!!!!!! Your post is non-sense.
If you have other collateral, use that instead of the motorcycle. Otherwise your either going to have to pay for the insurance (which is a sound financial decision) or pay the higher interest rate. It makes more sense to take the lower rate and pay for the insurance.
Good luck
Shop around for insurance for better rate. Considering you may (I hope not) need insurance in case something happens to it, it may be a better choice to spend money on insurance than on personal loan interest.
I would suggest a home equity loan, but the interest is NOT tax-deductible b/c it isn’t used to improve the home.
There is NO best way…there is simply the right and wrong way !
IF you finance ANY vehicle… the law requires YOU to have full coverage on it so the lender gets his cut when you crash it!
The laws are simple and in place only due to idiots before us screwing over their lenders due to accidents.
Do what the law says and you will not have any troubles!
Good Luck !
: )
Beware of CPA’s who give advice contradicting the tax code. If you take the home equity loan and your tax preparer assumes that your mortage interest reporting form (1098) is properly deduct able, and you volunteer no further info, it will be written off if you file a Schedule A. If you are audited, the write off WILL be disallowed.