Buying a bike on Finance

[rac3r]

Can you buy second hand bikes on finance? Anyone here bought their bike on finance?

Not sure whether it's worth waiting a few years or just go for it

[dam]

Can you buy second hand bikes on finance? Anyone here bought their bike on finance?

Not sure whether it's worth waiting a few years or just go for it

You sure can!

http://www.ducatiglasgow.co.uk/showroom/used_bikes

[Saint aka ML]

Can you buy second hand bikes on finance? Anyone here bought their bike on finance?

Not sure whether it's worth waiting a few years or just go for it

Try MotoRapido they were doing finance with Black Horse.

I am quite certain they would preffer to seel it on finance as they must be getting a bit of % from that as well.

[tricolore]

Have you considered a loan ? eg £5000 over 5 years is generally £100 a month. With the cash in your pocket you can haggle hard, buy private and you can change the bike when you like, or use the cash for something else rather than declaring outstanding finance on that particular purchase/machine. Some loan companies such as Zopa allow you to make additional payments when you like to shorten the term. Just a thought.................

[neilo]

I hate being in debt, but where I have to buy something on credit I usually apply for a credit card that offers 0% interest on purchases...and then 'tart' the balance and even pay it off earlier... I hate being in a position where other people dictate how much I pay and how long I have to pay it for...

Even at £100 a month for 5yrs, a £5,000 loan will actually cost you OVER £1,000 in charges... Whereas even if you were to 'tart' the balance once or twice over 5yrs e.g. every 15 months, it would cost SO MUCH less...

Look here for some of the latest offers: http://www.moneysavingexpert.com/cards/best-0-credit-cards

[Funkatronic]

find your own finance (ie bank loan), it will likely be cheaper than that offered by a dealership on used bikes
manufacturers like ducati often subsidise new bike sales on credit (eg 0% for 12 months), but for 2nd hand bikes i doubt it very much

[rac3r]

Thanks for the tips guys, I'll look into it :thumbsup:

[Paivi]

Also worth bearing in mind is that if the bike's nicked or written off, the insurance company will only give you what they think the bike is worth, whereas the finance company will want the outstanding balance, so you may end up seriously out of pocket.

[bex]

Being the poor stewdent that I am, I've done both loan and finance in the past. No problems with either. I financed my 796 through lack of other options (I would never have been loaned that amount), but I don't really like finance that much. Loan is probably a bit better as already mentioned, you can search around for lowest interest rates and theres a bit more flexibility on how long you pay back for etc. Check for early settlement fees because thats a real pain if you want to settle up earlier than the agreed date, some companies will chew your arm off.

I had a really good experience with a company called Ratesetter, which is kind of like peer to peer lending; someone wants to invest some money, you effectively borrow from them, and so cutting out the bank. Rates are a bit better than banks for that reason, though not brilliant, but I found them a really pleasant (and really fast) company to deal with unlike some harassing banks.

[J.P]

Peer-topeer lending is very popular for this sort of smaller loan amount. Ratesetter as Bex mentioned but also ZOPA is the other big one.
You never know, you might be borrowing money off of me indirectly ! :)

[Rich V]

I've just gone for the PCP option on my 2009 ZX10r, in a nut shell the bike was £6300, I put down 1k deposit (optional) pay £108 per month for two years then have 3 options, 1 off payment of £3150, give the bike back and walk away or trade in for another bike. The bad points are that I will never own the bike (unless I stump up £3150 at the end) and I am limited to 6000 miles per year but on the plus side £108 a month is sooooo cheap! It works for me because I normally change bikes every 1 1/2 years and have a different bike for work so the ZX10 is normally just track and sunday miles! It's not for everybody but if monthly repayments are of concern then this is the way to go (they are for me because I'm getting used to being a Dad and Mum not earning)!

[utopia]

I hate having debts of any kind and try to avoid them where possible.
So my advice would be to by something cheap....say an early 900 for well under £2k, which will not depreciate much over the couple of years that it might take to save the extra cash for something better.
Then again, what could possibly be better than an original 900 anyway ?

[samieb]

If you finance the bike itself consider GAP Insurance, if the bike should go missing they'll cover the difference between what the Insurance Co offer you and the price you paid originally. Hence being called GAP.

[Capo]

Do banks still lend money?

[neilo]

If you finance the bike itself consider GAP Insurance...

Sometimes dealers offer gap insurance for a reduced fee when you enter a PCP. Certainly worth considering it...it could save you a lot of money in case of an incident.

[Saint aka ML]

I hate having debts of any kind and try to avoid them where possible.
So my advice would be to by something cheap....say an early 900 for well under £2k, which will not depreciate much over the couple of years that it might take to save the extra cash for something better.
Then again, what could possibly be better than an original 900 anyway ?

The way I see it you can not take your debts to your grave.... screw them up like they did us. At the end of the day if you do nto they will still do it in couple of years time, rich greedy people do not learn.