[Ben]

Currently thinking about a loan, rather than finance, for buying my next bike..
Anybody have any suggestions/advice on this? lol

The best loan rates I can find is
Borrow £3500
APR = 12.9%
Term = 48 months
Repay = £4400

The finance I have now on my bike is
Bought bike for = £2199
APR = 22.5%
Interest Rate = 13.35%
Term = 30 months
Repay = £2912

Statistically, the loan route looks like a better road to go down..

But what are the chances of actually getting a loan, aged 18, only been in my new job for a month at £12000 annum (insert sad face here), however I have been paying finance since I was 16 for my 50cc, which I paid off within a year, and now on my 125 which will also be paid off before april at the latest.

I was thinking a loan might be better, to buy the bike outright (this way I'm not limited to dealer-only purchases, and I could buy private aswell), and pay for a years insurance on top.

 

[Scott Murphy]

Currently thinking about a loan, rather than finance, for buying my next bike..
Anybody have any suggestions/advice on this? lol

The best loan rates I can find is
Borrow £3500
APR = 12.9%
Term = 48 months
Repay = £4400

The finance I have now on my bike is
Bought bike for = £2199
APR = 22.5%
Interest Rate = 13.35%
Term = 30 months
Repay = £2912

Statistically, the loan route looks like a better road to go down..

But what are the chances of actually getting a loan, aged 18, only been in my new job for a month at £12000 annum (insert sad face here), however I have been paying finance since I was 16 for my 50cc, which I paid off within a year, and now on my 125 which will also be paid off before april at the latest.

I was thinking a loan might be better, to buy the bike outright (this way I'm not limited to dealer-only purchases, and I could buy private aswell), and pay for a years insurance on top.

The loan seems like the best option if you are going private sale... I bought mine in full from dealer new but if i had to go finance route i would have taken a loan out rather than the finance through dealer.

 

[Benji]

What's the maximum you can afford to spend on repayments a month?

 

[MrAndy979]

i would go for the loan. for the fact when i go private u can save at least a grand for a bike thats done only 200 miles on it!!

 

[Fisher]

OOOH OOOH OOOH!!!

Get a credit card.
Use pay pal to send yourself CASH (maxing the limit on the card).

Then get another credit card, with an introductory 0% transfer for x number of months / years.
Transfer the balance of the first card to the second card...

Voila. Instant 0% finance loan.
Probably wont give you as MUCH as you require, but you should be able to get something...

 

[D-Drz]

OOOH OOOH OOOH!!!

Get a credit card.
Use pay pal to send yourself CASH (maxing the limit on the card).

Then get another credit card, with an introductory 0% transfer for x number of months / years.
Transfer the balance of the first card to the second card...

Voila. Instant 0% finance loan.
Probably wont give you as MUCH as you require, but you should be able to get something...

HUH!? Dumb that down please to explain to me lol

 

[D-Drz]

Also my advice is, and I have always lived by it to this date.. If you cant afford it dont by it.

simply work hard to get enough money. I use to wash cars even on cold days etc I use to peoples gardens. There wasn't anything I'd do for a tenner usually got more than that because I put 100% in everything I do and I believe if you do that good things happen to you in return

 

[Fisher]

You get two credit cards.

You use PayPal to max that card out, by sending it to yourself.
You now have a PayPal with money in, that can be deposited in to your BANK account.

You then use the second credit card, to do a 0% balance transfer.
This pays off the first credit card, and allows you to make 0% re-payments for up to 2 years on the second card.

 

[Omar]

I know what you saying fisher

 

[Scott Murphy]

Also my advice is, and I have always lived by it to this date.. If you cant afford it dont by it.

simply work hard to get enough money. I use to wash cars even on cold days etc I use to peoples gardens. There wasn't anything I'd do for a tenner usually got more than that because I put 100% in everything I do and I believe if you do that good things happen to you in return

I am usually the same bug I got compensation for a woman jumping a red light a breaking my shoulder which paid fit my bike and insurance and my gear. I do not like loans unless I am desperate.

Sent from my iPhone using Forum Runner

 

[D-Drz]

You get two credit cards.

You use PayPal to max that card out, by sending it to yourself.
You now have a PayPal with money in, that can be deposited in to your BANK account.

You then use the second credit card, to do a 0% balance transfer.
This pays off the first credit card, and allows you to make 0% re-payments for up to 2 years on the second card.

I get ya but why what ya mean 0% repayment on second card? dont you still have to pay back on the other card you used to pay of first

 

[Fisher]

I get ya but why what ya mean 0% repayment on second card? dont you still have to pay back on the other card you used to pay of first

Yes, but many credit cards give you 0% interest when you transfer the balance from one card to the new card.

It's their way of attracting new customers...
But so long as you pay it off before that period runs out, then you get 0% finance.

Essentially you COULD just keep transferring the balance from card to card to card.... but it will eventually catch up and catch you out if you aren't careful.

 

[D-Drz]

Yes, but many credit cards give you 0% interest when you transfer the balance from one card to the new card.

It's their way of attracting new customers...
But so long as you pay it off before that period runs out, then you get 0% finance.

Essentially you COULD just keep transferring the balance from card to card to card.... but it will eventually catch up and catch you out if you aren't careful.

Simply just dont get loans

 

[Ben]

Haha, credit card trick seems too complicated

I'm an impatient person, so I'd rather get the loan and get the bike next month, rather than wait til like May when I could have the money from working. Either way, finance or loan, it'll be paid off within 10 months at the most.

 

[D-Drz]

My point is, its all about self control. Once you get into the habit/ or even realising that you can just simply use plastic to buy a card and 'pay later' you start to loose self control and start depending on it. Also me knowing that i will be paying more than bike is worth by end of interest. I would have rather worked for the money and pay it straight no need to worry about keeping up with payments etc

 

[D-Drz]

Saying that if you can keep up with payments it would help you with your credit rating. Which is one thing that people say its a good thing to have one. But this is why I pay insurance monthly as well as mobile bill etc. Keeping up to date with monthly payments etc help your credit rating! Soooo When I aim to get a mortgage I hope its all good

 

[Fisher]

Or, if you want credit rating:

Get a credit card.
Withdraw cash.
DONT SPEND CASH.
Pay cash back.
= instant increased credit rating

 

[D-Drz]

Or, if you want credit rating:

Get a credit card.
Withdraw cash.
DONT SPEND CASH.
Pay cash back.
= instant increased credit rating

That doesn't exist in my eyes I withdraw cash... I spend cash!

LOL, This is why I have more than one account to transfer money to one and I wont spend it! Because A) I cant be asked to go withdraw and B) I leave card in my draw so i don't take it out and around with me

 

[muddyfunster]

Cashflow is king at the end of the day, if you can't be sensible then you shouldn't be using credit cards. however i have pretty much paid everything from a wedding to a brand new car on 0% credit cards....it's all good. Even paying balance transffer fees is cheaper than the loan APR's i would have paid.

Anyway nice one on the Paypal thing Fisher, never considered doing that!:MexWave:

 

[Benji]

Or, if you want credit rating:

Get a credit card.
Withdraw cash.
DONT SPEND CASH.
Pay cash back.
= instant increased credit rating

Most credit cards charge you for withdrawing cash.