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Are Suzuki GSX-R's becoming Rare?
- Thread starter -Maverick-
- Start date
-Maverick-
Well-known member
HELOC (Home Equity Line of Credit). You can have up to half the value of your home and just pay monthly interest on what you use. You still get fried in the end, but you can own more. Smart folks use the HELOC to pay off the mortgage.
-Maverick-
Well-known member
Some interesting facts and opinions on Suzuki here... even moreso if they highball the 2017 GSX-R 1000. The retro race crowd seem to want to own one. Interesting strategy from Suzuki. I'm afraid Kawasaki is next in line for the flip flop squid crowd. They've flooded the market. It's inevitable.
I guess I'm smart folks. I did that. Of course I still have HELOC waiting for me to go stupid. Not gonna happen.
-Maverick-
Well-known member
Did the same, then got rid of the HELOC. Only way possible to stick it to a bank.
... But do you own a German Shepherd?
My mortgage is at about 3% right now. Are you saying you can get a HELOC at a rate significantly enough better than that to have that move make any sort of financial sense whatsoever?
I could pay off what's left on our mortgage with our line of credit right now, but with the LOC being at a rate significantly higher than the 3% I'm paying on the mortgage it would make zero sense.
You have to check the numbers lol when I did it LOC was 1 point above prime, much lower than mortgage at the time. YMMV. Also they wanted to charge a penalty to pay off mortgage. But they didn't after arm twisting. How often can you intimidate a bank? It was fun.
I'm all for saving money, just couldn't see how it would work, at least with the mortgage rate I've got. I guess for people paying much higher mortgage rates (which I might question why) and eligible for a good HELOC rate (which seems like it might be somewhat counterintuitive?) it would make sense, but if one was eligible for a very low HELOC rate...why would they be paying a higher mortgage rate to begin with?
And I thought the Aprillas were impressive.
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-Maverick-
Well-known member
With a HELOC you can throw money at it as it comes in. It's not amortized like a mortgage. It's a loan. You pay off your mortgage with the HELOC, then you're left with an open loan on your house that you can pay off as fast as you can roll money in.
That's the point, in your situation it wouldn't work. Times change. I paid my house off in 2006. I was maybe a year into a 5 yr. term @ 6.25% when I became aware of much lower HELOC. They won't give you a HELOC until you have substantial E in your home, which I had.
+1 also if you're strapped you can make minimal payment until your income improves.
rob.neal.564
Member
Not quite sure what you mean by this comment.....are you talking about seeing them on the street or in shops? I see lots of gixxers in my area both street and shops
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Two GSXR's in my garage. House is worth 175% of what I bought it for 3yrs ago. Don't have kids or ex-wives and you'll be the envy of every guy on the street.
Shaman
Well-known member
*ding*
I think you mean DINK ?
(double income no kids)
True. But I wouldn't trade the kids for all the bikes on this forum.
The only gixxer I ever really liked was the one that Roomie has. But, I'm a cruiser guy.
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