Finance

[pc220]

I am looking at upgrading the bike. Just wondering what finest companies others have dealt with recently and what sort of deals are on offer. Was quoted 14% interest at the dealer , is that good, bad or average.

[h_tron]

its pretty adverage, when i was looking at upgrading i need to use finance and it was going to be at about that percent for a second hand bike, but upon talking to a yamaha dealer found that you can get 4.99% on new yamaha so it ended up costing me only about a grand more then what i was going to spend for a brand new bike:eek:

[Hiflyer]

its pretty adverage, when i was looking at upgrading i need to use finance and it was going to be at about that percent for a second hand bike, but upon talking to a yamaha dealer found that you can get 4.99% on new yamaha so it ended up costing me only about a grand more then what i was going to spend for a brand new bike:eek:

Whaaaa! thats awesome! it'd be almost like extending your mortgage for that interest rate!

[bane]

I am looking at upgrading the bike. Just wondering what finest companies others have dealt with recently and what sort of deals are on offer. Was quoted 14% interest at the dealer , is that good, bad or average.

If the market was "normal", i'd say 14% is pretty good ex dealer - very similar to what a bank would offer, assuming not aligned to mortgage.

However at the moment many a desperate dealer means better deals could be on offer (i.e. 4.99%), so negotiation worth while. Remember the dealer isnt getting these low interest rates, it comes off his bottom line - therefore it's possible a very attractive interest rate will be reflected in a higher purchase price - be well informed on market value.

Lastly, it is the finance rate that is the important figure. this includes all fees (establishment, admin etc). Some low interest rate offers are bogus because you need to pay $100s extra in fees, or have long payback periods - therefore check the total cost of the loan when comparing deals, not just the interest rate!

[AllanB]

Buy a HONDA - 0% for 24 months.

Try the AA - they often do a good rate.

And if you have a personal insurance policy that has been going for a few years you may be able to borrow against that too - if so it will be at a low rate.

What you looking at?

[pc220]

Buy a HONDA - 0% for 24 months.

Try the AA - they often do a good rate.

And if you have a personal insurance policy that has been going for a few years you may be able to borrow against that too - if so it will be at a low rate.

What you looking at?

Thanks for the advice. Looking at a 05 Wee Strom

[DarkLord]

If you want to do it via finance then do it via a bank loan. Mine was only 11% over two years and I got a little cash back because I paid it off early. A friend paid his off via a finance company and he was charged 18% interest. Do the math.

[Fatt Max]

If you want to do it via finance then do it via a bank loan. Mine was only 11% over two years and I got a little cash back because I paid it off early. A friend paid his off via a finance company and he was charged 18% interest. Do the math.

Spot on advice. Have a bit of a mooch around the banks cos they are all cutting the arse out of loan deals now. Darklord IS the Yoda of finance today and no mistake

[p.dath]

...
However at the moment many a desperate dealer means better deals could be on offer (i.e. 4.99%), so negotiation worth while. Remember the dealer isnt getting these low interest rates, it comes off his bottom line - therefore it's possible a very attractive interest rate will be reflected in a higher purchase price - be well informed on market value.
...

In most situations the dealer gets the same amount of money weather you pay cash or not. Paying cash gives you no extra bargaining power.
They simply go to a third party finance company, and the finance company pays the dealer for the bike, and you re-pay the finance company. Simple.

Some finance companies actually pay the dealer a commission for deals. So the dealer can often be better off when you pay via finance.

I'm in IT, and if we have doubts about a companies credit worthiness we often prefer they use finance over any other method of payment. This is because we have a greater certainty of getting paid without issue - and we usually collect an additional commission.
So for us, a customer using finance gives us greater certainty and greater profit.

[Maki]

I am looking at upgrading the bike. Just wondering what finest companies others have dealt with recently and what sort of deals are on offer. Was quoted 14% interest at the dealer , is that good, bad or average.

It's good, for the dealer. Try saving money and forgetting about the "finest" companies.

[pc220]

It's good, for the dealer. Try saving money and forgetting about the "finest" companies.

I wondered how long it would take. Wife see money wife spend money , my savings zero.

[Maki]

I wondered how long it would take. Wife see money wife spend money , my savings zero.

Sorry to hear that. My wife is the saver in our household. When she had saved enough she gave me a bike. :woohoo:
She would never let me borrow a cent to buy one though.

[Dafe]

The AA is doing %12.95 on any vehicle.

You apply through AA, but the loan is with MARAC.

[Coldrider]

Sorry to hear that. My wife is the saver in our household. When she had saved enough she gave me a bike. :woohoo:
She would never let me borrow a cent to buy one though.

Yep, paying interest on depreciating assets (liabilities) fast way of losing money.

[rideon]

Just upgraded myself recently. Best deal we found was a low interest rate credit card from ASB bank. NO set up fees, NO application fees, NO compulsary insurance deals & only 12% int. On a 4K loan was cheaper by about $50/mnth over 2 years. ASB we found very helpful. Other banks do low int credit cards too. Worth a look if youre not looking for too much $$

[bane]

In most situations the dealer gets the same amount of money weather you pay cash or not. Paying cash gives you no extra bargaining power.
They simply go to a third party finance company, and the finance company pays the dealer for the bike, and you re-pay the finance company. Simple.
.

agree. But the point I was trying to make is if you are being offered low interest or interest free terms, someone is paying for the cost of financing - usually the dealer, which comes of his bottom line.

I realise that sometimes fiinance companies will offer dealers very attractive rates to get people signed up, but usually discount finance offers are a cost for the dealer. If however he can sign you up at the std rate with the "preferred" finance company, the commission is usually a good money spinner.

[Coldrider]

Dealer never loses money, they get recourse payments from finanance companies. Intersest free ala harvey norman deals based on the fact a fair percentage of purchases don't pay off the loans within the period, finance companies make their money out of this.
Some car manufactures return profits as available finance as there is a greater IRR, than divesting to shareholders.

[Insanity_rules]

Sorry to hear that. My wife is the saver in our household. When she had saved enough she gave me a bike. :woohoo:
She would never let me borrow a cent to buy one though.


Mine too snap! Mrs Insanity comes from a finance back ground and has a strict "toys are purchased with cash" rule. I tried to explain that the Ducati is the only thing stopping me going postal thus is an essential but she didn't buy it for a second, go figure?

[mnkyboy]

Mine too snap! Mrs Insanity comes from a finance back ground and has a strict "toys are purchased with cash" rule. I tried to explain that the Ducati is the only thing stopping me going postal thus is an essential but she didn't buy it for a second, go figure?

Fortunatly my misses brought that arguement:girlfight:

[ready4whatever]

Sounds like my old man and my mum. she spends he saves = nobody saves. the GF wonders why i wont propose

[imdying]

I cannot believe that you didn't negotiate the rules before you guys got married... FFS guys, you're going to be stuck with her indoors for considerably longer than you're likely to keep any motorcycle.

[mister.koz]

I just told m'lady this is my passion, my money and thus my decision. She wanted to know what the fuss was about, so i took her for a spin on the back of the 10r... So now i i get my way and i am getting her a bike + leathers :)

Hard to complain really....

[Maki]

I cannot believe that you didn't negotiate the rules before you guys got married... FFS guys, you're going to be stuck with her indoors for considerably longer than you're likely to keep any motorcycle.

Love is blind. Do you marry someone because you love them or because you can negotiate "the rules"?

[imdying]

Love is blind. Do you marry someone because you love them or because you can negotiate "the rules"?Who the heck would get married without making sure both parties were on the same page??!? The desire for kids, travel, housing, etc, are all important things to discuss before committing to spend the rest of your life with somebody, and I admit I have just assumed that most people do... So why not money and how it will be spent??!? I don't believe anyone with even a teeny tiny amount of foresight would forget to have that discussion before tying the knot, nobody is that retarded, surely?

[Maki]

Who the heck would get married without making sure both parties were on the same page??!? The desire for kids, travel, housing, etc, are all important things to discuss before committing to spend the rest of your life with somebody, and I admit I have just assumed that most people do... So why not money and how it will be spent??!? I don't believe anyone with even a teeny tiny amount of foresight would forget to have that discussion before tying the knot, nobody is that retarded, surely?

I guess I have a more romantic view of marriage...

There is something to what you say though, I would never have fallen in love with someone someone brainless and irresponsible and then married them. If you do that any discussions and negotiations beforehand are going to be useless anyway. In that case you are going to end up getting screwed one way or another...

[imdying]

I guess I have a more romantic view of marriage...Discussing with a girl how you're going to spend the rest of your life can be romantic, it's not all what type of school do you like and who's paying the mortgage! :love:

/edit: I mean, you must've talked about your dreams yeah? I don't know about you, but mine include a lot of custom made motorcycles, cool helmets and leathers, etc etc! And she well knows that! :2thumbsup

["D" FZ1]

We are doing 4.99% finance again at the moment through Yamaha Motor Finance. What sort of bike are you looking for?

[Insanity_rules]

I cannot believe that you didn't negotiate the rules before you guys got married... FFS guys, you're going to be stuck with her indoors for considerably longer than you're likely to keep any motorcycle.

I knew what I was getting into, happily so. Bought my bike for cash and all. Yay!

[Zuki lover]

Think bike shops can pretty much come up with good deals - just keep shopping around. Good luck :)