Financing a bike

[McJim]

If he's buying a 250 then it doesn't depreciate (much to the fury of the buying market...i.e. me)

15 year old 250 cc bike "that'll be 5 Grand
10 year old 250 cc bike "that'll be 5 Grand
5 year old 250 cc bike "That'll be 5 Grand
2 year old 250 bike "That'll be 5 Grand plus 240 orc coz it's just off the boat from good ol' Nippon"
Brand New GN 250 - $3,300

Wish we could drive 400cc bikes - not coz their faster but you stand a fair chance of paying a fair price!

[crazybigal]

try GE, if you have good credit and something to secure the loan with you can get 13% if you haggle with them.
I had a car loan with AA 12.45% it got sold onto GE for some reason.
Give the bike dealer a shot, you may be lucky! car dealers get like $500 for signing you up so its prob the same with bikes. you just have to twist some arms!
or what about using a credit card? some are down to 7% and there is no setup fees and all that crap! you may have to put it on another higher intrset card first, then swap the lot over to a low intrest one. westpac and anz are doing them.

Thanks everyone.
Some good advice
I will go and do the check the repaymenst thing

I have good credit.

Is MTF motor trade finance?

I think I have had a bike through them before.

Could try to sell the wife of course

[crazybigal]

250 bikes are the only vehicle asset that dosnt depreciate!
dealers asking 5 grand for 20 year old bikes still!
fzr's zxr's rgv all those aging heaps!
and then there is the bigest pile of crap the new gsx250!
people paid 6k for them and are selling them 2 years later for near on what they paid for it!
250cc bike = free motoring!

I dont mean to be a wowser, but borrowing big dollars on a depreciating asset is possibly the worst thing you can do with your money. If you tried to sell the bike in 1-2 years time you could actually end up owing more than its worth.

Still, new bikes are real purdeee. And it is your money to do with what you like, after all.

[wysper]

Withe the value of a (new) bike diving the moment its out the door, while you are paying way more than the cash (advertised )price, you may decide it may smarter to buy near new/privately, or wait a bit longer. Hope this helps.

Finally....................what bike do you want to buy????

more great tips.. thanks shafty.

I know the price will drop.
I know that I can get almost the same thing a few thousand k's old for a few thousand dollars less.
BUT I am pretty sure I am only going to buy new once, and it might as well be now.

I am looking at an XTX660.

I know it is a financially bad descision - but my history it to keep a bike for over 5 years before even thinking of selling, so in that respect I reckon I would get my moneys worth.

But I will definately investigate finance rates as opposed to interest rates.


I WANNA NEW BIKE

[Slingshot]

As already mentioned, it's not so much about the interest rate...but the way it's calculated.

If you're comparing companies, ask for the weekly payment over a set term for a set amount...then you can compare apples with apples. Or ask them to provide the total cost of finance.

You mentioned the credit card through NBNZ, have a look at the other banks...eg. ANZ, they've just released a Low Rate card at 12.9%.

Also, if you've got a mortgage, you may be able to get a top-up...my advice here is when you're paying it back set up auto payments to pay back an amount similar to what you'd pay per week through a finance company, that way you will have paid the bike off in a couple of years rather than the life of your mortgage.

[Timber020]

Dont finance if you can avoid it, you end up paying so much more for a bike thats worth so much less. Buy a bike you can afford and save for the bike that you want. Financing something like this can put you back years financially.

[Ghost Lemur]

I'm going with the bank option.

Was just saving to pay cash, but my perfect bike sprung up and I couldn't refuse. Obviously bank is always a better option than loan company/sharks.

If you've got to pay interest you might as well build a reputation where it matters. Banks have the real financial ability (home loans, etc), so might as well build the good relationship with them.

[wysper]

Hey Ghost

I hope your signature wasnt the formula used to calculate your loan repayments!

[Turtle]

more great tips.. thanks shafty.

I know the price will drop.
I know that I can get almost the same thing a few thousand k's old for a few thousand dollars less.
BUT I am pretty sure I am only going to buy new once, and it might as well be now.

I am looking at an XTX660.

I know it is a financially bad descision - but my history it to keep a bike for over 5 years before even thinking of selling, so in that respect I reckon I would get my moneys worth.

But I will definately investigate finance rates as opposed to interest rates.


I WANNA NEW BIKE

I run a bike shop near by & we use MTF who are pretty flexible and have reasonable rates.PM me if you like and I may can give you some figures or answer some questions for you....good luck

[Ruralman]

Dont finance if you can avoid it, you end up paying so much more for a bike thats worth so much less. Buy a bike you can afford and save for the bike that you want. Financing something like this can put you back years financially.

I agree. If you haven't yet got a morgage there's probably a lot of things you will want to save up for (eg house deposits) in the next few years. There is a very wise saying that goes - buy the cheapest vehicle your ego will allow you to drive, that fits the purpose you need/want it for.
A cheaper second hand bike will actually give you the same buzz if you choose carefully, and you'll ride in the knowledge that the "investment" in the bike is guilt free because its not holding you back from getting on with life and building appreciating assets.

[The_Dover]

fuck that.

you only live once and if you're gonna die it may as well be at 250km/h on a shiney new gixxer thou.

even if a new bike costs you 5 large over 4 years, isn't the pleasure you get in that time worth it?

or would you rather scrimp and save for 4 years and then go but a bike as a cash purchase? and with little or no incentive to get full cover if you then go and throw the fucker down the road you are gonna be crying like a blues fan come play off time.

if you have a steady income and a fairly predictable and planned future then do the numbers and follow your hard on.

[Coyote]

In my totally unexpert opinion, go to a bank. Ghost Lemur is dead right, also finance companies can go belly up and you'll find your bike is being sold at Turners EDIT: OAB pointed out this to be bullshit, fair enough. Western Bay Finance is the perfect example, you've seen their adverts and they seem like a good option, but they were millions of dollars in debt and went under. Although, I have a question: Can you get your finance deal with one company moved to another if the one you were with happened to go bunkrupt?

My parents have said if I can save up for a hefty deposit, they can put the rest of the bike onto their mortgage and I'll pay them back. Makes the bigger goals a bit more realistic (like a VTR1000 SP1)

[cowpoos]

fuck that.

you only live once and if you're gonna die it may as well be at 250km/h on a shiney new gixxer thou.

even if a new bike costs you 5 large over 4 years, isn't the pleasure you get in that time worth it?

or would you rather scrimp and save for 4 years and then go but a bike as a cash purchase? and with little or no incentive to get full cover if you then go and throw the fucker down the road you are gonna be crying like a blues fan come play off time.

if you have a steady income and a fairly predictable and planned future then do the numbers and follow your hard on.

thats right.......but your still a ghey fat cunt.......and where the fuck is my tui,packet of smokes and bottle of deoderent?

[mikey]

just do it.
fuk the free world.
vote george bush.

[Ruralman]

fuck that.

you only live once and if you're gonna die it may as well be at 250km/h on a shiney new gixxer thou.

even if a new bike costs you 5 large over 4 years, isn't the pleasure you get in that time worth it?

or would you rather scrimp and save for 4 years and then go but a bike as a cash purchase? and with little or no incentive to get full cover if you then go and throw the fucker down the road you are gonna be crying like a blues fan come play off time.

if you have a steady income and a fairly predictable and planned future then do the numbers and follow your hard on.

Not suggesting he doesn't buy something now - if he wanted a gixer thou (which he doesn't) then rather than buy a new one why not start with a bloody good second hand one and let some other mug take the big 1st years depreciation??