Career Starter Loan from USAA : Yamaha R6 Forum: R6MessageNet : YZF-R6 Forums

BOOST_junkie · 12-17-2006, 09:45 AM

OK guys approaching that time close to commissioning... Im thinking about getting the 25k loan from USAA.

Things I know... 25k 2% annual payments differed till 90 days after commission...

Any tips? things I should know about? Should I invest or buy a vehicle? Tips? Suggestions? Should I get it?

Did anyone get it? Was it easy to pay off with 2LT pay?

Thanks

sniper · 12-17-2006, 05:21 PM

Never heard of it, but USAA gives out debt like crazy!

CephasGT · 12-17-2006, 05:28 PM

Dude, screw USAA. I'm not saying don't get the money, but not with those assholes. They contract out almost EVERYTHING (motorcycle insurance, mortgages, etc.), and their customer service is absolute shit.

At least in my experience.

sniper · 12-17-2006, 09:29 PM

I love USAA, they have been great to us. My motorcycle insurance is NOT subed out either. Customer service has been the best out of all the CC I have.

You'll be a 1lt in what 18 months? You could easily make the payments on it. Personally, if it were me and I already had a car, I would take the loan and invest it for the year. Shit make it work for you.

fiveninerzero · 12-17-2006, 09:35 PM

Quote:

Originally Posted by sniper

My motorcycle insurance is NOT subed out either.

You definately were grandfathered in. They no longer underwrite motorcycles.

sniper · 12-17-2006, 10:05 PM

Nope! Any policy that was written before they changed stayed USAA. I beleive they sent me a letter after an inquiry.

CephasGT · 12-17-2006, 10:10 PM

Yeah, Progressive handles USAA's MC policies now.

bwcmarine · 12-18-2006, 09:26 PM

I'd say it depends on your situation. If you've got debt (credit cards, car, etc) I'd take it and pay off the higher interest stuff. If you're fairly debt free.. I'd take it and invest. You'll be able to pay that off easy and it's a good deal cause of the low rate. I wish I would have invested a big chunk like that when I started. Trust me, it'll be alot easier to do it now than to wait.....then you get married, by a house, buy a track bike, start a racing habit, get wife pregnant, sell race bike.........

Time value of money!!!!!

didlysquat · 12-19-2006, 02:25 PM

I graduated in 2003 from the CGA and got the same loan you're getting offered. I was an idiot and blew my 24K loan on crap I didn't need. I already had a car, and had very little debt - but spent the money on my first bike, clothes, upgrades to my truck, other crap I didn't need. I've been making $415/month payments for the past 3.5 years - and I have nothing to show for it - and it absolutely sucks.

Trust me, the interest rate they give you is great, take the money, put it in a money market and forget about it for the next few years - DON'T TOUCH IT.

Use the money as a downpayment for a house or other financially mature decision. If you blow it like I did, you'll hate yourself everytime the 22nd of the month rolls around and you have to pay out 1/5 of your paycheck to debt.

It is easy to pay off w/ your pay - especially if you live somewhere w/ a good BAH, and don't have anything other than rent to pay. Just don't blow it.

Boosted98TT · 12-19-2006, 02:43 PM

Quote:

Originally Posted by CephasGT

Dude, screw USAA. I'm not saying don't get the money, but not with those assholes. They contract out almost EVERYTHING (motorcycle insurance, mortgages, etc.), and their customer service is absolute shit.

At least in my experience.

How did everything work out for you as far as getting that $$? Or did nothing happen yet?