F*cking Bank! (anyone care to help)

[750Y]

i feel for ya mate. good taste too i might add 8-)
take a deep breath & walk away.
chain,sprockets,tyres,rego & service can cost well over a grand.
i suggest you sit down & itemise the cost of everything involved. at worst You might get a shock at best you will get a real picture of what it's gonna take to keep that baby on the road($$).
ring the bike shops & price up everything from servicing to chain lube.
best luck whatever way You go.

[R6_kid:Me]

Also, it is about how much your assets are worth as well as what you earn.
If you want a $5500 personal unsecured loan and you only have $400 worth of assets, you can forget it.

i've got my current bike worth $3500, a vespa worth $1000 in its current state, and a 'mint' plate collection well in excess of $5000 (but i aint selling it). The ZXR needs to stay till i have the new bike, the vespa will then be my commuting vehicle when it is on the road....

to 750Y, i have already thought about that , i have been in the game long enough and been to shops and gone holy shit you want $XXX just for tires! In reality it will become more of a weekend rider/pride and joy thing as it isnt quite the commuting bike the lil 250 is .

[Ramius]

i've got my current bike worth $3500, a vespa worth $1000 in its current state, and a 'mint' plate collection well in excess of $5000 (but i aint selling it). The ZXR needs to stay till i have the new bike, the vespa will then be my commuting vehicle when it is on the road....

to 750Y, i have already thought about that , i have been in the game long enough and been to shops and gone holy shit you want $XXX just for tires! In reality it will become more of a weekend rider/pride and joy thing as it isnt quite the commuting bike the lil 250 is .

You need to have 1000's more in assets than you want for your loan. They want to know that if they liquidated you, the assets woould be enough to cover them + a lot. Remember, an item is only worth what someone will pay for it. I would say, IMHO, personal assets should be about 20k for a $5000 loan.

[Ramius]

i've got my current bike worth $3500, a vespa worth $1000 in its current state, and a 'mint' plate collection well in excess of $5000 (but i aint selling it). The ZXR needs to stay till i have the new bike, the vespa will then be my commuting vehicle when it is on the road....

to 750Y, i have already thought about that , i have been in the game long enough and been to shops and gone holy shit you want $XXX just for tires! In reality it will become more of a weekend rider/pride and joy thing as it isnt quite the commuting bike the lil 250 is .

PS Assets weren't all that I mentioned.

[R6_kid:Me]

true. Im going to check out what national bank says (recommended by a friend in same situation) apparently they will use the bike as security too.

The only reason i am going for a loan is that i havent had my shit sorted out enough in the past to save my earnings (partying etc), but have now reached the point - as early in my life as it may be - to understand i should have saved.

unfortunately the desire is still there, i have however layed out my income and possible income from holiday work (conservative) and can see that if i sold the ZXR the loan would be gone rather quickly (a year or so). All it takes is a few sacrifices - like less drinking when partying, not buying food at uni, not buying pies when i gas up, etc. its the stupid little things you dont need that add up the end of the day.

[Dafe]

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.

You wouldn't ride it till you had your full? Congratulations, cos you're the only person in this country that would sit there looking at it in the garage until your full licence arrived.

Do you realise, you have just asked everybody if they would be prepared to wear the costs of this bike should something go wrong? What if you crash and die after a few weeks, you want some sucker on here to be financially liable for you and the bike? Dude, nobody is stupid enough to guarantor that! Not even if you paid them.

Also, It sounds to me like your dad is a good guy, and it does seem to be a case of parents with the best advice once again. Don't blame the banks either, It's not the banks fault you don't earn enough. The bank has to protect it's financial interest too.

Sounds to me like you shouldn't bother with the bike anyway. The way your going on about using up the full spread of your tyre, thats a good thing if its done on the track but I guess you ride like that on the public roads, which would make you a poor rider, one that is more likely to crash and incur some guarantor the cost of a ZXR7 because you're too poor to pay for it and your parents won't have any part of it, nor the bank and you'll probably be doing all this whilst on an illegal licence while saying that you won't ride it until your full arrives!!!

I think you should concerntrate on your education first and foremost. If you do that then you will be able to purchase any bike you want soon enough.

[stevedee]

Um and what about insuring it? after you've bought it. Not cheap.

spd:-)

[wkid_one]

Looking at the wrong option - banks hate things that move and depreciate as security - go to a finance company who specialise in vehicles (UDC, GE, Marac etc) who understand this type of security.

Next issue is income - which you can do little about.....pm me if you want more info - I work in finance.

[R6_kid:Me]

You wouldn't ride it till you had your full? Congratulations, cos you're the only person in this country that would sit there looking at it in the garage until your full licence arrived.

Its due in the next 3 weeks, if i got the bike this weekend i couldnt get it til next weekend at the very earliest... my old man would have the keys til i got my licence.

Do you realise, you have just asked everybody if they would be prepared to wear the costs of this bike should something go wrong? What if you crash and die after a few weeks, you want some sucker on here to be financially liable for you and the bike? Dude, nobody is stupid enough to guarantor that! Not even if you paid them.

i said somewhere a little while back, maybe in the edit of the first post that asking for that was stupid, i was just pissed off and a bit desperate... i see the light now.

Sounds to me like you shouldn't bother with the bike anyway. The way your going on about using up the full spread of your tyre, thats a good thing if its done on the track but I guess you ride like that on the public roads, which would make you a poor rider, one that is more likely to crash

how does using your whole tire make you a poor rider if you can do it on public roads... i dont go knee down and its within the limits of the bike, i take corners, i am a conservative rider compared to quite a few people i've met at seen on rides. If i was doing this at 160kmh through corners then yes you are right... if im doing it at 80kmh through a 45kmh corner (within the limits of the bike and my skill) then how is it unsafe - i have not crashed due to my own fault, partly because i dont intend to die on a bike due to my own stupidity.

I think you should concerntrate on your education first and foremost. If you do that then you will be able to purchase any bike you want soon enough.

thanks for concern re. my education... i am studying hard... i just want to enjoy my weekend riding a bit more (dont we all)

[R6_kid:Me]

Looking at the wrong option - banks hate things that move and depreciate as security - go to a finance company who specialise in vehicles (UDC, GE, Marac etc) who understand this type of security.

Next issue is income - which you can do little about.....pm me if you want more info - I work in finance.

that did cross my mind, it is potentially an $8000-9000 (shop price) bike for $5500...

cheers for the help, will be in contact soon...

as for the insurance thing - my ZXR has full comp insurance at just over a dollar a day. They are aware of one previous accident caused by a driver doing a u-turn in front of me...

[wkid_one]

You don't need to purchase it from a dealer - they will still fund private purchases.....provided a suitable invoice is created (which they usually take care of anyway) to ensure clear title passes with the purchase.

[R6_kid:Me]

lol, ok - i was just saying that its real/potential value is more than i'd be paying for it

i am aware of the invoice as a precaution that should be done with all private sales to protect yourself should anything go pear shaped. I figured finance co's would do the same...

cheers again

[wkid_one]

The invoice does little to protect you - you need to ensure you have clear title - ie, no one/company has an interest in the bike over and above the person selling it. The invoice does nothing to confirm this....and is in actuality only there to confirm the price, the sellor and the buyor. Clear title is a seperate issue all together. I can produce an invoice today to sell you the building in which my company is working - just becuase you pay it - doesn't mean you own it. A financier/company/person lying behind this with money outstanding and/or an unsatisfied charge on the PPSR takes precedent over the cash transactio - waving an invoice at them won't let you keep the keys to your newly purchased bike.

The invoice has more to do with the ability to ensure, once clear title is established, who the legal entity is who has purchased the assets, and who is able to claim any GST etc back from the transaction (the person/entity to whom the original invoice is made out to)

Worth doing a PPSR Search on the bike to make sure it isn't tied up with any other parties other than the person selling it. Vin and/or rego - chassis number is useless.

[Biff]

I know I'm going to sound like your dad, but I know that if my 5 year old kid wanted to borow money I'd be concerned. But you're not 5 and I'm not your dad. So let's forget I even thought of even considering that I am and you're not as a reason as to why I would say....If you can't afford it, and the bank doesn't think you can afford it, then the odds are that you probably can't afford it. So it's not meant to be - yet.

Now where did I put my slippers and pipe?

[Zapf]

gareth_d, sounds like you are dead set about doing it.... and if you are before you put pen on paper tell me about it. For the love of the world I and many of US wants you to do it in the best way possible.

I hav a big stubbon head just like you, it can be your greatest advantage or your biggest downfall. And I am just too fakken nice to not care about it. so PLEASE before u put pen to paper and sign some silly document that will seal your faith for the next few year.... THINK about it.

Usually the best advice are the hardest to swollow..