F*cking Bank! (anyone care to help)

[anmolt]

aword of caution.....please look at the risks involved before borrowing...lots of places you can borrow from but once the bike comes in hand you will be spending quite a bit on upkeep....thats y better to always have spare cash as back up when buying a vehicle...never know whats gonna happen.....dun wanna scare you but letting you know the grim realities....ur parents prob dun want u to get a loan for the same reason..not sure....i was dead set against gettin my first bike against their wishes and although it did bring me to the world of bikes...it did cause me a bit of grief.....expenses,engine trouble,etc......good luck newas.........

[anmolt]

i havent read the earlier posts too well..but when u gonna get ur full license???Also insurance will not pay out if you have an accident if you ride it without a full license....and u were talkin abt the few sacrifices...dude its so hard to do that...plus you will wanna put every little resouce tryin to pay opf the loan...that mite mean working more hours,etc...if ur studyin take it frm me u will be hard pressed for time.....newas good luck once again......dun want others to go thru wot i experienced......it sometimes helps to stick with wot we have ...as someone said earlier sometimes good advice is diff to swallow...

[R6_kid:Me]

i spoke to the guy thats been dealing with and he said its nothing personal its that the bank wont take a loan out on $5500 unsecured (as mentioned my mrs myvice they are kinda tight arsed). As i said before if it were are car they would use it as security but their policy does not allow for bikes to be used.

Dont get me wrong about this, i understand where you are all coming from but i just want you all to know that i didnt wake up yesterday and think im gonna take a loan and buy the bike this weekend. It's been in planning for last 3 or so months, i just didnt think about where the money would come from at the time (i was just dreaming about what bike i would get etc)

The only problem that has come up is that my dad decided he doesnt want to gaurantor me for a loan at this current point in time, aside from that everything is pretty kosha.

I understand the fact that bikes do cost a bit to run, i have been in the game for three years now and have backup plans for when i cant use my bike (transport wise etc).

I can easily live without the $150 a fortnight, i've done it many times when i've had to pay for tires, services etc... and i do know that the difference is that it is on going so it will be different but it is within my means of living.

Yes i probably should save up for it myself, but that would put it a year or two off as i am more likely to spend money that is available to me on something i dont need than if i have something i want and am paying it off. The mentality being that if i was saving i would think, oh i can spend $100 i'll just have to wait a lil longer, whereas if its a loan its more like - if i dont pay i lose the bike.

[Morepower]

Mate , good luck . The Banks are Bricks and Mortar Lenders , they have lower rates but need good security, forget them for a bike if you dont own property.
Like White Trash said you could try a mainstream finance co like GE , UDC , Marac etc . They will be very interested in affordability and you will need to demonstrate a reasonable income to outgo ratio to qualify.
From there you can go to the likes of Geneva , Broadlands and a mutitude of other bottom feeders but be prepared to pay big time in interest and fees.

My advice would be to talk to a GOOD broker like finance point (finance point .co.nz) they could find the best deal for you and they get commission from the finance co so it does not cost you.

Dave

[Gremlin]

they get commission from the finance co so it does not cost you.

I may be wrong, but you need to be careful. The finance company might slip in admin costs of the loan, which is how you end up paying the commission on the loan for the broker. But this might have changed.

gareth, I know you love the zx7r (its not hard) but I'll keep it simple, just make sure you don't overstretch yourself. Personally I would not borrow from anything but a normal bank or PSIS. The easier it is to get money, the higher the risk, interest etc. Customers of those institutions do default, and other customers have to keep those companies in the black.

If you have to resort to that, then I would say it is not worth it. I know those bikes aren't one a penny, but there will be more.

Whatever happens, hope everything works out OK.

[inlinefour]

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.

Its the same for all of us. I just waited until I was working again. However I decided to pay my student loan (yea I know I'm a dumb shit if they are going interest free). Over 27K paid to IRD and only 16 and a half for the bike that I really want

[R6_kid:Me]

check this thred

took it for a ride and solved the bank problem for the meantime - i wont be getting it for a while yet... too much of a jump IMO, i did take into account what people had said.

I felt i could handle the GSXR750 i took out last weekend, but the ZX7R was a whole different game, sure it handles nice etc, but when i felt the tension in my arms as she took off i knew i wasnt cut for it yet...

thanks for the input from all people that have replied to the thread, i now have the dubious task of finding something as fun as my 250 but with a higher top end..

[unhingedlizard]

three simple words:

i am gay.

Sorry mean, get a 2stroke