Is financing a new or used bike worth it?

[KTM200/stevo0987]

Will be looking at upgrading my 200exc soon and see some good looking bikes around in dealers,
is it worth the hassle or should i just save the full price?
I would consider getting a Yamaha i havn't heard anything about Yamaha Motor Finance so far

[haydes55]

There is a thread about motorbike finance/hire purchase/leasing. Pretty sure it's a sticky thread somewhere

[Big Dog]

Marquee finance companies like Yamaha can be quite good if you read and understand the fine print.
Usually a lot lower finance rate.
Interest rates can even be 0% but you have to ask yourself what is the real cost?
Is it worth the fact I will regularly be skint for the foreseeable future?

I don't think I will ever finance another bike while I still have a viable bike.
Most finance contracts over 2 year in length will sting you 100% extra one way or another.

But this is one of those times you read the documents and you make up your own mind keeping an eye on what it will do to you if you have an unplanned child, want to buy a house, lose your job or have a change in career or other financial change during the length of the term.


I used to finance everything because I was a shit saver and without the have to pay part I had a tendency to spend any leftover money every week going riding instead of actually saving.
Flawed logic but it was my choice.

[caspernz]

Financing is a personal decision. Depends on what's important to you I suppose...

Personally I'm past borrowing money to buy a depreciating toy, so I save before I buy, with cash. My logic is that unless I can pay cash upfront for my next toy...I can't afford it yet.

[Woodman]

Financing is a personal decision. Depends on what's important to you I suppose...

Personally I'm past borrowing money to buy a depreciating toy, so I save before I buy, with cash. My logic is that unless I can pay cash upfront for my next toy...I can't afford it yet.

Very good post^^

[tri boy]

Most finance contracts over 2 year in length will sting you 100% extra one way or another.



Holy shit.:crazy:
Who do you finance through, Arfa Daley incorporated or summit.
Still got ya knee caps?:pinch:

[KTM200/stevo0987]

Marquee finance companies like Yamaha can be quite good if you read and understand the fine print.
Usually a lot lower finance rate.
Interest rates can even be 0% but you have to ask yourself what is the real cost?
Is it worth the fact I will regularly be skint for the foreseeable future?

I don't think I will ever finance another bike while I still have a viable bike.
Most finance contracts over 2 year in length will sting you 100% extra one way or another.

But this is one of those times you read the documents and you make up your own mind keeping an eye on what it will do to you if you have an unplanned child, want to buy a house, lose your job or have a change in career or other financial change during the length of the term.


I used to finance everything because I was a shit saver and without the have to pay part I had a tendency to spend any leftover money every week going riding instead of actually saving.
Flawed logic but it was my choice.


I was only planing to go on a 1-2 year term with as much deposit as i can get, sounds like a bad idea though
I just found a nice second hand yz250 in Whangarei yamaha today as i was having a nosey i didnt find a price on it either

[Crisis management]

I'm with what Casper said, if you haven't got the cash for a toy you can't afford it.
I do realise if you have a job but not house / family responsibilities then how much you spend on toys is different to us mortgage payers, but it's worth thinking through what that long term debt is going to cost you in interest and limited buying power until you pay it off.

I keep reminding myself that the key to happiness is wanting what you have got.

[mossy1200]

Lets say GSX-R600 2015 are on special at 12999 saving 5.5k but I had only 11k cash and trade.

Idd loan the 2k rather than buy a second hand gsxr600.

Each situation is different.

[BMWST?]

its money wasted,but can you put a price on the opportunity?If you can afford it go for it,get the figures first.look at how much it will cost.it will be lots.

[KTM200/stevo0987]

its money wasted,but can you put a price on the opportunity?If you can afford it go for it,get the figures first.look at how much it will cost.it will be lots.


Thanks for the advice guys, im waiting for them to reply with the price on that yz but it looks like i might be saving up for it depends how much its going for

[Gremlin]

Be aware that annual interests can go above 500%: http://www.nzherald.co.nz/business/news/article.cfm?c_id=3&objectid=11308456

If I can't afford it with my own money, I'm not borrowing to get (property excused obviously).

[scott411]

its a persnal decision,

if you are not saving already what the amount of the loan repayment will be, then you can't afford it,

remember when you are looking at the payments, think what it will cost to ride it, because there is few things worse than paying off a bike you can not afford to ride,

and most of the time you wont get a better deal for cash anyway, dealers make money on finance deals,

[FJRider]

Will be looking at upgrading my 200exc soon and see some good looking bikes around in dealers,
is it worth the hassle or should i just save the full price?
I would consider getting a Yamaha i havn't heard anything about Yamaha Motor Finance so far

I think it's cheaper to get a Bank loan and buy in cash. (ofter get a discount by negotiation with the seller) Bank interest rates are usually cheaper than Finance Companies ...

[awa355]

I'm with what Casper said, if you haven't got the cash for a toy you can't afford it.


Without people buying on hp, there probably wouldn't be too many motorcycle, marine, or sports/hobby retail markets that could exist on cash only sales. Agreed, its best to put in as much cash as possible, but sometimes paying a toy off is the only way to have things that give your life some worth.

[caspernz]

Lets say GSX-R600 2015 are on special at 12999 saving 5.5k but I had only 11k cash and trade.

Idd loan the 2k rather than buy a second hand gsxr600.

Each situation is different.

Absolutely correct in the above example. Be a different story if you only had 2k cash and had to borrow the 11k.

And ultimately a very personal decision.