F*cking Bank! (anyone care to help)

**R6_kid:Me** · 27th July 2005, 14:26

ok heres the story...

I want to loan/borrow $5500 so i can pick me up a ZX7R. However because i am a student and ONLY bring in $305p/w i cant get the loan unless i have security (apparently you cant use bikes as security

) so therefore they wont give me the loan. The reason i am going unsecured is that i know my parents dont want me getting a loan...

I am completely dead set on getting this bike if it looks okay when i check it on the weekend.

***edit***
got some good info from a few people. thanks for the help.

cheers guys.

**Beemer** · 27th July 2005, 14:59

[QUOTE=gareth_d]ok heres the story...

I want to lend $5500 so i can pick me up a ZX7R. QUOTE]

If you want to LEND $5500 I can send you MY bank account details. However, if you want to BORROW $5500 I'm afraid I can't help you!

**Quasievil** · 27th July 2005, 15:01

Hey yeah I will guarantor for you yeah sure why not

Sorry mate I feel for you, try a money lender but watch the interest rates finance rates etc

**Marmoot** · 27th July 2005, 15:06

I believe in fate....
if it's not meant to be, maybe it's better to be left alone for the mean time.

Nothing wrong in working hard for a few more months and see if the situation changes....
(yeah, I know it's hard.....)

**R6_kid:Me** · 27th July 2005, 15:07

yeh its a bitch. It wasnt such a problem two weeks ago when the bike was worth $8500, i was borrowing $5500 then paying the other $3000 when i sold my bike. I also had a decnt $600 in the bank. However i since purchased a helmet, new front tyre and had my steering head replaced - there goes $600... so now im a liability!

**R6_kid:Me** · 27th July 2005, 15:10

Originally Posted by Marmoot

I believe in fate....
if it's not meant to be, maybe it's better to be left alone for the mean time.

Nothing wrong in working hard for a few more months and see if the situation changes....
(yeah, I know it's hard.....)

its not fate, its my dad. Whenever he has been involved in me getting bikes it has eventually turned to shit... whenever i go out on a limb it all turns out fine.

I've been on my learners/restricted for 3 years now and its just starting to piss me off... i will have my full in a month once i've done the DDC and im starting to reach the edge of the ZXR's capability (im not knee down as i dont have leathers) but i am frequently within the last 3-5mm of my tire on rides.

**Lou Girardin** · 27th July 2005, 15:17

Apart from the fact that a loan guarantor carries the can if you default. (Not something a lot of strangers will do), are you actually able to get finance on a 750 when you don't have a full licence?
Finance co's require the bike to be insured. Insurance co's don't want unlicenced riders riding the bikes they insure.

**R6_kid:Me** · 27th July 2005, 15:34

im checking the bike over on sunday. Money would just be to purchase it up front... i wouldnt ride it til i had my full.

I see what you mean tho. It is really all pretty anal from my point of view... they dont want it going wrong, but even if i lose my working income i still get more than the minimum payment per f/night from the government as student allowance. That is minimum payment for $5500 over 3 years is like $90. So i'd still be left with $200 every fortnight.

Personally i dont want to go that way... and there is a 99% likeliness it wont. I have been in constant employment for the last 2 years as a student short of being in hospital from an accident there is no reason why i couldnt make payments.

**placidfemme** · 27th July 2005, 15:44

Hey

I don't usually encourage or give people advise on how to get themselves into debt (from personal experience debt is bad).

Anyway... If your try unsecured you could always go through a finance company, GE Money is alright, they lent me money to buy my bike and they use the vehicle your buying as the security for the loan... so no need to own a car or house or whatever...

The interest is a killer... but that gives you one more option...

**justsomeguy** · 27th July 2005, 15:49

Hi mate - saw you on Symonds street today at bout 10:30ish :spudwave:

How long till you finish uni??

When you are a student and for up to one year after you graduate ASB give you a graduate loan....... they gave me one to buy a cage...... this was an unsecured loan.

If you find another job - maybe just for the time being and boost your income perhaps that may make them give you a loan. Once you get the loan, you may stop that job if you wish.

Have you tried wearing something decent (church going clothes) putting on you most geekish look and going and physically visiting a personal banker and genuinely telling them how you got to travel to uni - how your current bike is very un reliable and that you want to buy another one as you can't afford any other transport..........

Just something to think about.

**Beemer** · 27th July 2005, 15:56

Originally Posted by justsomeguy

Have you tried wearing something decent (church going clothes) putting on you most geekish look and going and physically visiting a personal banker and genuinely telling them how you got to travel to uni - how your current bike is very un reliable and that you want to buy another one as you can't afford any other transport..........

Just something to think about.

Good luck - when I was a journalism student I wanted a loan to buy a computer and the bank wouldn't lend me $2000! I had been banking with them since I was 17 (and I was in my 30s then) and they refused to lend me the money. It was pathetic, I had a $5000 limit on my VISA (but didn't want the high interest rates) but I couldn't get $2000. In the end my father, who at the time had quite a bit of money invested with them, rang them and said if they wouldn't lend me the money, he would have to lend it to me. He said if he had to dip into his investment to draw out $2000, he may as well draw out the whole lot and take it elsewhere. Within five minutes I had my money - "are you sure $2000 is enough?" Greasers! I came into some money
a few years later and had HUGE delight going into the National Bank and paying off my VISA and loan and closing all my accounts - and telling them I was changing banks because of the crap treatment I'd had from them over the years!

**kenepurus_FINEST** · 27th July 2005, 16:06

you get 300 bucks a week on a student allowance?

**justsomeguy** · 27th July 2005, 16:11

I sort of had a decent income at that time and I was approved for a 6K loan pretty much immediately......

I think it has more to do with the mood of the person you are dealing with and how friendly the meeting is rather than the rules of the bank.....

The interest rate was 7.15% and it was a reducing term loan with no security, they even insured the car for me- this was May 2004.

Gareth - do they know that the bike is worth 8K+ and that you are personally financing the other 3k??

Which bank have you approached?? If you can't get a loan from a big bank with a reducing term interest rate of say about 7-8% you would be better off waiting till you had saved the money.

**Sniper** · 27th July 2005, 16:11

My personal opinion is wait a while. Its a great chance but I think you are making a hasty desition and you have no full license and I seriously doubt the bike will sit in a garge somewhere waiting to be ridden. Just wait mate, another oppertunity will come by. We all know how exciting it is when something comes along like this, but believe me, you are going to regret it if you go for it now