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Post by camismom on Oct 4, 2005 14:21:06 GMT -5
We put a deposit/hold on it and test drove it last night and had a blast!  As mentioned in my home addition thread, we have been offered a home equity loan of $20,000.00. What got the ball rolling on this was Andy inquiring about a small loan for a motorcycle. Well, of course you all know the loan company will try to sell a bigger loan since it's more money for them...so out came the offer for this. We talked on it last night and decided why not? The payment will be just under 300.00 a month. We will take 12,000.00 of it to pay off Andy's truck. That payment is just OVER 300.00 so we'll knock the payment down about 25.00 automatically. With the truck being paid off we can drop his insurance to liability and cut that payment IN HALF. We will take 2000.00 to buy the mototcycle..He will use it to drive to and fro work everyday (on days he doesn't have side work that requires the truck) and save boo-koo bucks on gas. We intend to pay off Cami's braces and lose that payment of 99.00 a month. The rest depends on how much the bathroom addition will cost. We figure we'll have about close to 6,000.00 left after doing the above. If the bathroom addition is between 6-8k we can go forward with it (we have 2k in savings we can tinker with if needed)...if not then we'll take 3,000 of that remaining 5,000 and pay off another bill to rid us of another 109.00 a month payment and then put the rest into backhoing and clearing out the rest of our property and extending our back patio.  Either way we are getting something out of this, and decreasing our debt ratio. IF it all pans out...and the loan company is saying they see no reason it won't. and it all began with a motorcycle! ;D ;D ;D |
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Post by finnmom on Oct 4, 2005 14:55:35 GMT -5
Christy, that sound´s great... you´re right, it´s much more economical to take a low intrest loan and pay off the pricey smaller customer loan´s(not sure if that´s the right word for it, but you get what I mean)
I´ve thought the same, we´re planning on remodelling the kitchen, getting a better #2 car and making a little vacation trip...mayby next year... we´ll see.
Good luck to your renovation.
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Post by AnneM on Oct 4, 2005 14:56:24 GMT -5
Christy !! I have to admit I got really confused on the mathematics here but the bottom line is that it sure 'sounds like' a win-win situation so ... Now hang on ... one thing I am still confused on (apart from the maths!! LOL!) is .. yes I understand that Andy will be using the motorcylce when he doesn't need the truck ... but will you be using it at all too ?  Good Luck !! .. The only motorcycle we have ever owned was Sam's when he was 16 and it was a 50cc moped so not exactly a vroooooom vroooooom machine! ;D I tried it ONCE and ended up in a bush!!  I gave up at that point!! ... ;D
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Post by milesofsmiles on Oct 4, 2005 15:07:34 GMT -5
Don't forget you can deduct the interest on your taxes too. Sav'n you money all the time. Miles |
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george3
Member
Neverland, My real home.
Posts: 46
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Post by george3 on Oct 4, 2005 15:28:39 GMT -5
Hi from George,
Sounds really cool that you guys got a bike. I don't know alot about the Georgia highways. Are there some nice riding areas in Georgia? I have a Suzuki DS 650. It's like a dirt bike with street legal stuff on it. It only has one cylinder. I have been riding for thirty-three years. It's one of my favorite things to do. My little dog rides standing up on the gas tank in front of me. He love it.
Happy riding,
George
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sportsmom
Member Emeritus
What lies behind us and what lies before us are tiny matters compared to what lies within us.
Posts: 1,171
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Post by sportsmom on Oct 5, 2005 7:01:39 GMT -5
Christy~~that is GREAT NEWS I love riding motorcycles. Theres nothing like the wind in your face as your driving down the road. Now we can call you our "Motorcycle Momma" ;D Don't forget to save some money out to buy your leather chaps!! |
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Post by camismom on Oct 5, 2005 7:35:39 GMT -5
Well, we got the bike last night! It's an '84 Honda V65 Magna. As old as it is, it's in great condition! It has the driver and passenger seats of course and they are wide and comfy. It even has a back board thingy for the passenger to lean back on. It has two big side saddle bags for carrying junk. We plan to have fun with it this weekend while Cami is at her dad's. We are going to load up the saddle bags with a blanket and some goodies and take a day trip up to Stone Mountain and stay for the laser light show. It's supposed to be nice and cool there this weekend. We figured there won't be enough money to do the bathroom expansion so we decided on plan B. I'll pay off another small loan and we'll use the rest to clear out the rest of our property (about a half acre), expand the back patio, and just re-do the bathroom. The property we want to clear out is the rest of our backyard that butts up to the road behind us. It has really gotten overgrown and Andy spotted a big snake going in and out of the brush a couple times this summer... ... so it really needs to be done. The bathroom I'll just rip down the old walpaper, repaint, replace the old shower door that was broken recently, and put tile in there as well. After all that we will still have about 1200.00 left so we are planning a Gatlinburg, TN camping trip for the weekend of the 15th for Cami's Fall Break! I am exicted! All this and we are decreasing our debts by 258.00 a month...not counting gas savings! Anne, to answer your q...I won't be driving Andy's truck. He has a Ford F150 and I have a Honda CR-V. My Honda is much more gas friendly. On the days he doesn't have sidework he will drive the motorcycle to work. It has a 15 gallon tank and gets 250 miles to the gallon. It cost him $ 15.00 to fill it up last night. His truck has been costing us around $50.00 to fill up lately! George, to answer your q..there are lots of places near our house we can have nice drives. I'm not sure how familiar you are with Pine Mountain, or Warm Springs, GA (remembering old president FDR), but we are just a short drive (3o minutes) from the "mountain" and FDR State Park.... a beautiful place to ride thru in the Fall! We are already "country" dwellers...we just work in the big city of Columbus! ;D ;D Now, if y'all excuse me....I have to go buy my leather coat, chaps, helmet, and doo-rags! ;D ;D ;D ;D ;D |
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sportsmom
Member Emeritus
What lies behind us and what lies before us are tiny matters compared to what lies within us.
Posts: 1,171
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Post by sportsmom on Oct 5, 2005 8:14:29 GMT -5
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Post by finnmom on Oct 5, 2005 8:31:03 GMT -5
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Post by camismom on Oct 5, 2005 8:37:38 GMT -5
Sound´s like a good plan Christy I want to see a pic from you and Andy driving that thing, DRIVE SAFELY ok..I'll try to take a few this weekend when we drive it up to North Georgia. |
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Post by camismom on Oct 5, 2005 8:43:23 GMT -5
;D ;D ;D ;D ;D ;D ;D ;D ;D |
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