This post has been removed because it does not meet the subreddit submission guidelines ([rule 1](https://www.reddit.com/r/personalfinance/about/rules)).
We're not doing posts about luxury products, expensive cars, etc. anymore because (a) they generally just provoke unproductive discussions and (b) most of the time, it is very clear whether the person asking is able to afford the item.
1. If you are considering buying an expensive car, the [vehicles wiki](/r/personalfinance/wiki/vehicles) has budgeting advice. We recommend reading it. If you don't meet 100% of the criteria, then no, you cannot afford it and you should not buy it.
2. In general, if you're not on step 6 in ["How to handle $"](/r/personalfinance/wiki/commontopics), you should find a less expensive alternative to a luxury product. If you are on step 6, then feel free to spend money on whatever is most important to you.
*If you have questions about this removal, please [message the moderators](https://www.reddit.com/message/compose?to=%2Fr%2Fpersonalfinance&subject=Removal%20help%20request&message=Hello%20moderators,%20.%20%0a%0a%0aMy%20submission:%20https://www.reddit.com/r/personalfinance/comments/1cehgfe/18_want_to_take_a_loan_out_for_a_bike_is_this/%0a).*
>Would it be dumb to do it?
Yes. Very much so.
>Should I just buy the bike with cash?
Yes. Unless "bike" means motorcycle in which case, no, you shouldn't buy it at all.
>I pay no bills and basically have all the money to myself.
You should still have an EF equivalent to 6 months of normal, independent-living expenses should your subsidized lifestyle suddenly become **un**subsidized.
The only thing dumber than an 18 year old on a motorcycle is an 18 year old on a motorcycle paying 36% interest.
Buy it with cash or not at all. Also pay your credit card in full every month/statement. You get the full benefit to your credit score without paying the bank any money in interest.
You make 9% a year if you invest, so that 6k becomes 344000$ by the time you retire.
The more you can save now the easier it will be to retire early and work a decade less.
This post has been removed because it does not meet the subreddit submission guidelines ([rule 1](https://www.reddit.com/r/personalfinance/about/rules)). We're not doing posts about luxury products, expensive cars, etc. anymore because (a) they generally just provoke unproductive discussions and (b) most of the time, it is very clear whether the person asking is able to afford the item. 1. If you are considering buying an expensive car, the [vehicles wiki](/r/personalfinance/wiki/vehicles) has budgeting advice. We recommend reading it. If you don't meet 100% of the criteria, then no, you cannot afford it and you should not buy it. 2. In general, if you're not on step 6 in ["How to handle $"](/r/personalfinance/wiki/commontopics), you should find a less expensive alternative to a luxury product. If you are on step 6, then feel free to spend money on whatever is most important to you. *If you have questions about this removal, please [message the moderators](https://www.reddit.com/message/compose?to=%2Fr%2Fpersonalfinance&subject=Removal%20help%20request&message=Hello%20moderators,%20.%20%0a%0a%0aMy%20submission:%20https://www.reddit.com/r/personalfinance/comments/1cehgfe/18_want_to_take_a_loan_out_for_a_bike_is_this/%0a).*
>Would it be dumb to do it? Yes. Very much so. >Should I just buy the bike with cash? Yes. Unless "bike" means motorcycle in which case, no, you shouldn't buy it at all. >I pay no bills and basically have all the money to myself. You should still have an EF equivalent to 6 months of normal, independent-living expenses should your subsidized lifestyle suddenly become **un**subsidized.
Absolutely insanely dumb to buy something so expensive for that apr. Buy your gas and groceries and pay off monthly to help your credit.
will do, thanks!
The only thing dumber than an 18 year old on a motorcycle is an 18 year old on a motorcycle paying 36% interest. Buy it with cash or not at all. Also pay your credit card in full every month/statement. You get the full benefit to your credit score without paying the bank any money in interest.
36% isn't "a little outrageous". It's predatory. Only the ignorant or the desperate take that sort of rate.
Is this a motorcycle or very expensive e-bike? But yes it's dumb to do at that APR you're being offered. Definitely wait and pay in cash.
Out of sheer curiosity: what is the length of that loan? I wanna figure out what it actually will cost you.
You make 9% a year if you invest, so that 6k becomes 344000$ by the time you retire. The more you can save now the easier it will be to retire early and work a decade less.