Here's the scoop...
I have two paid-as-agreed, never late auto loans (just over a year old) and some credit cards with small balances. My scores in the siggy are current. We rent (LOW rent), so no mortgage payment.
I accepted a position with my current employer in Jan. It pays FAR better than the old position...yearly gross $80,000. However, that new position is 90 miles from our home and putting gas in my truck is killing us (wife drives auto #2...KIA Sedona van). I have calculated that riding a motorcycle in the spring, summer and fall months will save us $3,300 a year...even with motorcycle payment factored in...and I could be home FIVE days a week instead of having to stay in the city a couple days a week.
I would like to buy a Honda Shadow or something else that has decent power (headwinds here SUCK), yet gets 55-60 MPG. Would I do better to finance straight through Honda Financial or another dealer, or would I do better going through my credit union...which gave me an unsecured CC already?
Your thoughts and feedback are appreciated in advance!
@CreditCrusader wrote:Here's the scoop...
I have two paid-as-agreed, never late auto loans (just over a year old) and some credit cards with small balances. My scores in the siggy are current. We rent (LOW rent), so no mortgage payment.
I accepted a position with my current employer in Jan. It pays FAR better than the old position...yearly gross $80,000. However, that new position is 90 miles from our home and putting gas in my truck is killing us (wife drives auto #2...KIA Sedona van). I have calculated that riding a motorcycle in the spring, summer and fall months will save us $3,300 a year...even with motorcycle payment factored in...and I could be home FIVE days a week instead of having to stay in the city a couple days a week.
I would like to buy a Honda Shadow or something else that has decent power (headwinds here SUCK), yet gets 55-60 MPG. Would I do better to finance straight through Honda Financial or another dealer, or would I do better going through my credit union...which gave me an unsecured CC already?
Your thoughts and feedback are appreciated in advance!
I know it's not an AMEX question, but bump 
@Repo-ed wrote:Sounds like you just really want a motorcycle.
I say, get it.
Yeah, not really. As per this part of my post, there is actually a financial reason I am looking into this:
I accepted a position with my current employer in Jan. It pays FAR better than the old position; yearly gross $80,000. However, that new position is 90 miles from our home and putting gas in my truck is killing us (wife drives auto #2: KIA Sedona van). I have calculated that riding a motorcycle in the spring, summer and fall months will save us $3,300 a year - even with motorcycle payment factored in - and I could be home FIVE days a week instead of having to stay in the city a couple days a week.
I do appreciate the reply - only one I have gotten all day, but I really need some insight from anyone who has any. I don't want to apply for credit in vain.
@Anonymous wrote:
@CreditCrusader wrote:
@Repo-ed wrote:Sounds like you just really want a motorcycle.
I say, get it.
Yeah, not really. As per this part of my post, there is actually a financial reason I am looking into this:
I accepted a position with my current employer in Jan. It pays FAR better than the old position; yearly gross $80,000. However, that new position is 90 miles from our home and putting gas in my truck is killing us (wife drives auto #2: KIA Sedona van). I have calculated that riding a motorcycle in the spring, summer and fall months will save us $3,300 a year - even with motorcycle payment factored in - and I could be home FIVE days a week instead of having to stay in the city a couple days a week.
I do appreciate the reply - only one I have gotten all day, but I really need some insight from anyone who has any. I don't want to apply for credit in vain.
I actually agree a little on this. If saving money on your commute is your main goal, why not trade in your truck and get a car with 35-40 MPG? This way you won't have two vehicle payments and not have to drive your truck to work during inclement weather. Seems like a better solution to the problem to me.
If you really just want a motorcycle, though, I can sympathize. I would love to have one but the wife won't let me, and she shouldn't, because I might kill myself, ha!
That was what I loooked into at first, but I'm far too early into my auto loan. It would make my payment too much for a single vehicle...and even though 35-40 mpg is better than my truck, it pales in comparison to the 60 a motorcycle gets. Plus, I already have the endorsement on my license, so I'm a skilled rider. It would be an easy transition.
The bigger question here is CU v. Honda financial. It seems CU is the answer all around.
At highway speeds, motorcycles can suffer unless it is geared really long. I've only ever owned supersports, never touring or cruisers, which are probably geared better for highway cruising. I average 46 mpg in my bike 
but a shadow may be able to approach 60 on the highway, as long as you keep your speeds below 65 or so.
My personal opinion, if you don't actually want the bike, and are actually doing this for purely financial reasons, is to get a scooter. 100+ mpg and would in all likelihood be cheaper, as well as cheaper insurance.
Starting Score: EQ: 665 - TU: 687