Which motorcycle finance?

[neels]

Easy.

Get credit card from bank A with limit high enough to buy the bike.

Get credit card from bank B with same or higher limit.

Buy bike with credit card A.

Transfer balance from credit card A to credit card B at 0% for a year.

Pay as much as possible off credit card B during the 0% year, then transfer balance to credit card A at 0% for a further year.

Most important bit - Do not use credit cards for anything else.

[G4L4XY]

What's the best finance company to use?

The one that isn't the worst

[sil3nt]

Easy.

Get credit card from bank A with limit high enough to buy the bike.

Get credit card from bank B with same or higher limit.

Buy bike with credit card A.

Transfer balance from credit card A to credit card B at 0% for a year.

Pay as much as possible off credit card B during the 0% year, then transfer balance to credit card A at 0% for a further year.

Most important bit - Do not use credit cards for anything else.

[Tazz]

Easy.

Get credit card from bank A with limit high enough to buy the bike.

Get credit card from bank B with same or higher limit.

Buy bike with credit card A.

Transfer balance from credit card A to credit card B at 0% for a year.

Pay as much as possible off credit card B during the 0% year, then transfer balance to credit card A at 0% for a further year.

Most important bit - Do not use credit cards for anything else.

My step brother did similar to buy a house. By the time they figured out what was going on the title was already in his hand (which banks are not fond of, as they make even more money off you holding that to ransom).
He's since completely fucked up his finances by trying to build a house, but he did pretty well there XD

[jasonu]

What's the best finance company to use?

None. They are all robbers. Save up and pay cash or lower your sights and get a GN250. It will cost stuff all to buy and will run on the smell of an oily rag.

[jasonu]

Easy.

Get credit card from bank A with limit high enough to buy the bike.

Get credit card from bank B with same or higher limit.

Buy bike with credit card A.

Transfer balance from credit card A to credit card B at 0% for a year.

Pay as much as possible off credit card B during the 0% year, then transfer balance to credit card A at 0% for a further year.

Most important bit - Do not use credit cards for anything else.

That doesn't work. When you open CC2 and transfer dept from CCI, the CC2 company will only finance some of the transfer at 0% and the rest at a much higher rate. Dumb Kiwis!!!!!

[Gremlin]

That doesn't work. When you open CC2 and transfer dept from CCI, the CC2 company will only finance some of the transfer at 0% and the rest at a much higher rate. Dumb Kiwis!!!!!

Currently there are a few offering 0% on a balance transfer for 12 months...

https://www.anz.co.nz/personal/credi...140829032526:s (Westpac is another).

Someone I know did this recently, transferring $18k from one bank to another letting the cc build up, and that 18k that would have paid off has been thrown into the mortgage instead. The trick is, you have to be disciplined and pay that balance just before the 12 months is up. Banks rely on you not doing that.

Similar mindset to the bonus interest savings accounts. They know from their data that most are not disciplined enough to qualify, so instead of regular savings @ 2-3%, they aim for 4-5%, and then get 0.1-1%....

[Smiff-ta]

Isn't that a bit like taking betting advice from a bookie?

It would be if it wasn't for the rules around responsible lending (ie loaning money to people that cant afford the repayments)

Consumer finance laws had a big shake up and much fairer now. Especially when it comes to additional payments along the way or early settlement/cancellation.

The credit card idea is good, I have used that in the past, but you do have to be careful around limits and length of time at 0% interest.

[Reckless]

None. They are all robbers. Save up and pay cash or lower your sights and get a GN250. It will cost stuff all to buy and will run on the smell of an oily rag.

+1
save the interest/Payments you would have paid.
Then buy another second hand bargain off someone who cant afford to pay their finance off !!

Then repeat!!

[neels]

That doesn't work. When you open CC2 and transfer dept from CCI, the CC2 company will only finance some of the transfer at 0% and the rest at a much higher rate. Dumb Kiwis!!!!!

All of the balance I transferred is at 0%, it was for renovating a house I sold but I figured the money was better off my mortgage, I'll catch it up before the 12 months is done. Funny thing was the bank I transferred from rang up afterwards, and asked if I wanted to move it back, told them there was no point so to convince me they dropped the rate on the card from 21% to 4.9% as well.

The bank will only transfer up to a maximum percentage of the card limit, so you just need to have a limit high enough that it can take the amount you want.

The main catch is if you keep using the card, anything you pay off it comes off the 0% part, and what you've spent sits at 20+% until you pay all of it off, not a problem if you don't use it for anything else.

[Akzle]

No greater poverty than debt.

Looking back over the 20+ years since finance companies became a regular part of our lives it is little wonder I can't afford to take my children away on holiday like my dad did. Or that the gap between the rich and the poor is expanding so.


Stupid phone / Tapatalk, apologies in advance.

give me your kids. i'll fuck their shit up for heaps cheaper.

My step brother did similar to buy a house. By the time they figured out what was going on the title was already in his hand (which banks are not fond of, as they make even more money off you holding that to ransom).
He's since completely fucked up his finances by trying to build a house, but he did pretty well there XD

ahhhh. title. liens. title.
does he realise, that title is all he "owns"?

[FJRider]

http://www.trademe.co.nz/motors/moto...-729722144.htm

Problem solved.

NOPE ... 24 months to pay $2699 at $34 a week. End result ... $3640 paid after the 24 months.


Interest free ...

(Do the maths yourself)

[BMWST?]

what a bunch of wowsers.I had bikes on HP for years,i just bought the newest one i wanted.I really enjoyed it.It cost me heaps of course but i had nothing else to do with my money at the time.(reasonable job,big cheap flat,no other ties)

[bsasuper]

For a start, if you don't have a savings history you wont get a loan from a reputable business.

My rules are if I don't have 50% of the asking price in cash I keep saving.

Banks don't have the best interest rates, but that depends on your savings history , previous loan history etc.

a good APR at the moment is 11.5%pa for a personal loan.

[swbarnett]

NOPE ... 24 months to pay $2699 at $34 a week. End result ... $3640 paid after the 24 months.


Interest free ...

(Do the maths yourself)

Still, even with running costs it's likely to be cheaper than public transport.