Which motorcycle finance?

[Rhyscarrer]

What's the best finance company to use?

[Gremlin]

None of them, stuff that. If you can't get a bank loan, then you really shouldn't be trying to "afford" the bike.

That said, you shouldn't be purchasing a liability on credit anyway...

[swbarnett]

you shouldn't be purchasing a liability on credit anyway...
In an ideal world this would be true. Some don't have that luxury. Especially when it's their only transport.

Then there's the fact that the repayments plus running costs can add up to less than the cost of public transport. Assuming you can even get it from where you are to where you need to go.

[Maha]

Cash works best for me, but if that is out of the question, as Gremlin said, Bank Loan.

[jim.cox]

If you cant afford to pay cash - you cant afford it.

But if you absolutely have to borrow, start with the bank, MTF are ok, avoid GE Money like the plague they are....

[mossy1200]

If you cant afford to pay cash - you cant afford it.

But if you absolutely have to borrow, start with the bank, MTF are ok, avoid GE Money like the plague they are....

I think banks like to hand out credit cards if its under 5k. Not sure that's very good as most people will operate them at the limit and never repay.

[Ender EnZed]

In an ideal world this would be true. Some don't have that luxury. Especially when it's their only transport.

Then there's the fact that the repayments plus running costs can add up to less than the cost of public transport. Assuming you can even get it from where you are to where you need to go.

http://www.trademe.co.nz/motors/motorbikes/motorbikes/dirt-bikes/auction-729722144.htm

Problem solved.

[Akzle]

I think banks like to hand out credit cards if its under 5k. Not sure that's very good as most people will operate them at the limit and never repay.

what are you talking about? that is fucking excellent for an economoney!

[5150]

http://www.trademe.co.nz/motors/motorbikes/motorbikes/dirt-bikes/auction-729722144.htm

Problem solved.

mmmmmm, I see a potential for a mini café racer right there :shifty:

[Smiff-ta]

What's the best finance company to use?

I have a facility with UDC and can finance bikes if required.

Unless you have property to secure the debt against none of the banks with give you a decent rate. The banks currently are doing unsecured personal loans around 14%-19.5% see here www.interest.co.nz/borrowing/personal-loan

GE & MTF will be starting around 12.99%. But not always keen to lend on bikes. Current Car % rates here www.interest.co.nz/borrowing/car-loan

If you want a quote I am more than happy to provide one. That goes for anyone reading this.

Let me know if you want anymore actual money lending advice. Its my job and has been since 2008

Cheers James

[Akzle]

I have a facility with UDC and can finance bikes if required.

Unless you have property to secure the debt against none of the banks with give you a decent rate. The banks currently are doing unsecured personal loans around 14%-19.5% see here www.interest.co.nz/borrowing/personal-loan

GE & MTF will be starting around 12.99%. But not always keen to lend on bikes. Current Car % rates here www.interest.co.nz/borrowing/car-loan

If you want a quote I am more than happy to provide one. That goes for anyone reading this.

Let me know if you want anymore actual money lending advice. Its my job and has been since 2008

Cheers James

well james, now that you mention it i could do with about 30k at 4%. Muskarah, not that usurious jew shit.
Blew out a bit last weekend...
Secured by my bag of chips and the fact that im fucking impeccable.

[Big Dog]

If you cant afford to pay cash - you cant afford it.

But if you absolutely have to borrow, start with the bank, MTF are ok, avoid GE Money like the plague they are....

Plus 1


Stupid phone / Tapatalk, apologies in advance.

[Big Dog]

I have a facility with UDC and can finance bikes if required.

Unless you have property to secure the debt against none of the banks with give you a decent rate. The banks currently are doing unsecured personal loans around 14%-19.5% see here www.interest.co.nz/borrowing/personal-loan

GE & MTF will be starting around 12.99%. But not always keen to lend on bikes. Current Car % rates here www.interest.co.nz/borrowing/car-loan

If you want a quote I am more than happy to provide one. That goes for anyone reading this.

Let me know if you want anymore actual money lending advice. Its my job and has been since 2008

Cheers James

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

On a more serious note: only borrow money when the cost if going without is higher than the true cost of the loan.
Borrow for the shortest term you can afford. You can always refinance bit you don't know how your needs will change over 3 years. Living with a debt you can. No longer afford for 3 months sucks. For 3 years is soul destroying and ultimately leads to more debt. A loan I once took on a bike for 13k ended up costing me 27k after several refinances due to changes in circumstances. Getting out from under that rock meant a year of living on $50 a fortnight in groceries, no meals or coffee out and riding a 110 cc scooter. I still faced another 2 years of this when the GFC came along and saved me.
Had I not been able to volunteer for redundancy I don't honestly know I could have gone on.

Try to borrow on a range where you can still have savings so your loan does not become permanent. At a time that suits kill you loan.

I understand sometimes you must borrow. Please do not borrow for a want.


Stupid phone / Tapatalk, apologies in advance.

[Big Dog]

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.

[swbarnett]

http://www.trademe.co.nz/motors/motorbikes/motorbikes/dirt-bikes/auction-729722144.htm

Problem solved.
Think again. The bike at the time was a CB250 so similar pricing. The repayments and running costs worked out at about half that of public transport.

[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.:lol:
http://img4.wikia.nocookie.net/__cb20120815003916/adventuretimewithfinnandjake/images/8/80/Troll-face-problem.jpg

[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/credit-cards/transfer-balance/?s_kwcid=AL!22!3!25380967343!b!!g!!anz%20balance%2 0transfer&ef_id=UHO8dgAASvwkK@gw:20140829032526: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.
:violin::violin:
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/motorbikes/motorbikes/dirt-bikes/auction-729722144.htm

Problem solved.


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


Interest free ... :killingme

(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 ... :killingme

(Do the maths yourself)
Still, even with running costs it's likely to be cheaper than public transport.

[neels]

Still, even with running costs it's likely to be cheaper than public transport.
And you don't have to sit next to poor people.

[EJK]

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

On road cost of $350 plus maybe loan application fee of $250-ish.

Still, there is no fucking way I'm paying over $4k for a GN, let alone a 125cc!

[swbarnett]

On road cost of $350 plus maybe loan application fee of $250-ish.

Still, there is no fucking way I'm paying over $4k for a GN, let alone a 125cc!
Agreed.

I paid $3,000 for mine new and sold it 2 years and 40,000km later for $2,700. I'm sure I would've saved more than $300 over public transport.

[FJRider]

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

Tied financially to a GN125 for transport ... for two years ... :shutup:

The bus might start looking good ... :facepalm:

[mossy1200]

On road cost of $350 plus maybe loan application fee of $250-ish.

Still, there is no fucking way I'm paying over $4k for a GN, let alone a 125cc!

list price 2700 plus on road 350

But advertised interest free 2 years no deposit $35.00 per week.

104 weeks is $3620.00

I wonder what the remaining $570 covers if its not interest? Some will be paperwork fees. Could the rest be loan protection insurances?

If it is I guess you could opt out of that.

Could it be the first years insurance?



Anyway

http://www.trademe.co.nz/motors/motorbikes/motorbikes/scooters/auction-771921364.htm

Add $400 onroad plates etc. Ride it for a year and sell it for more than it owes you if its still registered.

[swbarnett]

Tied financially to a GN125 for transport ... for two years ... :shutup:

The bus might start looking good ... :facepalm:
This was when I got back into riding after 10 years out. Great little confidence booster. Even took it to Rotorua and around a few times.

I'd rather be riding a GN that not riding at all.

[FJRider]

I wonder what the remaining $570 covers if its not interest? Some will be paperwork fees.

Go to the Trademe site and ask the seller that question ... :shifty:

[mossy1200]

I would say it will be loan protection insurance. Its likely the shop will encourage it for no deposit finance.

How is my $550 gn125 auction going?

http://www.trademe.co.nz/motors/motorbikes/motorbikes/scooters/auction-771921364.htm

Still no bids. That be a cheap way to start. Not very hard to get new plates sorted. Learner or commuter bike for under 1k and your saving bus monies.