GE Money Finance

[Karma]

Hey guys,

Looking at trading up my bike fairly soon and decided that I'll get a better deal if I buy and sell privately as opposed to going to a dealer. This means however that I've got to arrange my own finance

I've been checking the listings on TradeMe and it seems that GE Money have been advertising on there for finance deals, and quoted roughly $200 a month over a 5 year period for $8000, which doesn't seem too bad.

I'm gonna chat with the bank tomorrow and see if they can sort me out, but wondered if anyone has had experience with GE, good or bad?

[Fat Tony]

One tip... don't borrow over a longer period than you think you're going to have the bike.

[xwhatsit]

One tip... don't borrow over a longer period than you think you're going to have the bike.

Lol, and we should trust a guy called `Fat Tony' with a mobster avatar on matters of money lending?

[Fat Tony]

Lol, and we should trust a guy called `Fat Tony' with a mobster avatar on matters of money lending?

Hmmmm... you have a point

But yes, lol

[Hillbilly]

Hey guys,

I'm gonna chat with the bank tomorrow and see if they can sort me out, but wondered if anyone has had experience with GE, good or bad?

I'm a Broker for GE Money, here in OZ, and thy're great to deal with. If you know you've got a clean credit history, then go to the bank as they'll be able to offer a better finance rate. If you've had a few "hiccups" then GE are the ones to see. If you've had a little more colourful history, PM me and I'll telll you who to see regarding non-conforming lenders.

NOTE: The "Finance Rate" is what's important, not the interest rate. That's because it's the real cost of the loan which takes into account fees etc. Also, what's quoted on websites etc are just "examples". You have to consider whether you'll need a deposit, and if so how much.

When dealing with AGC in NZ, now owned by GE, they required a 25% deposit on any car/bike/boat loans.

[MacD]

I've been checking the listings on TradeMe and it seems that GE Money have been advertising on there for finance deals, and quoted roughly $200 a month over a 5 year period for $8000, which doesn't seem too bad.

Maybe I'm missing something but $200 * 12 * 5 = $12000

So you end up paying back 50% more than the initial loan amount.

Seriously, save for a larger deposit, borrow as little as possible, and pay it back as fast as possible.

Brought to you by my Scots ancestors

[Edbear]

GE are always trying to get me to take out their loans but the Interest rates are among the highest anywhere. Lots of people want to give you money - for a fee...

Bank is always best. If the Bank turns you down, you should question whether you can really afford what you want.

Buying vehicles on tick is hard going as the vehicle usually depreciates at about the same rate as your payments, (assuming you keep it in good nick), and you always wind up paying around a third more than the cost of the vehicle in interest. It will be worth about what you owe, or a bit less, in otherwords so you'll never have actual equity in the bike, it's a lose/lose situation. A mate found out the hard way when he found he couldn't afford to keep the bike, his settlement figure was higher than the resale value and of course it wasn't as easy to sell it as he'd thought it would be. IN the end he's decided to keep it and refinance the balance. Of course it means he's paying even more in interest. So his $16k bike will end up costing him well over $20K and it's now worth about $11k.

I haven't upgraded my bike as I'm waiting until I have the cash to do so. It's a toy rather than a necessity. But then I'm an old fart, so over the keen enthusiasm of youth. Also got a lot of other financial doings that take priority.

Don't mean to rain on your parade, but you need to be realistic and decide to take the hit financially if it's really what you want. Just my 2c.

[jetboy]

i was with GE for a while, fuckin useless. now they put all thier calls straight to india first regardless of what you want so if you can put up with Apu then all good.
Used to work for a bank and they almost always offer lower interest and are more flexible should you miss a payment for whatever reason. My advice is to go to a bank first (or save up and dont get a loan at all)

[ManDownUnder]

Bank Loan = good, finance house = sharks
Bank Loan = good, finance house = sharks
Bank Loan = good, finance house = sharks
Bank Loan = good, finance house = sharks
Bank Loan = good, finance house = sharks
Bank Loan = good, finance house = sharks
Bank Loan = good, finance house = sharks
Bank Loan = good, finance house = sharks
Bank Loan = good, finance house = sharks
Bank Loan = good, finance house = sharks
Bank Loan = good, finance house = sharks
Bank Loan = good, finance house = sharks
Bank Loan = good, finance house = sharks

(there's a pattern hidden in the above message, your mission, should you choose to accept it...)

[Laava]

If you have to borrow money from 'the mob' to buy a bike, how are you going to afford insurance, gear etc? Sounds like you should stick with what you got and save up . Not what you want to hear I know, but I have lost count of the number of people I know paying off bikes and cars that they no longer even have! Maybe Fat Tony is your best option here!

[Lias]

Someone tell me how to get a better loan rate from my bank :-) I have a hugearse personal loan from them and the interest is just about loan shark rates (18%!)

Any of the major banks do unsecured loans with low interest rates for people with uber good credit ratings lol?

[skelstar]

I went for a loan at GE as the bank wouldnt give me a loan on a motorbike as they consider it unsecured. Ridiculous.

When I rang GE they knew I was an exemplorary (sp) customer and said $xx of dollars per month which stood for prox 30% interest rate. I told them that was ludicrous (sp) so they came back with something VERY significantly better.

Pays to ask eh?

[bistard]

I am a Business Manager at a car yard & deal with most of the Finance companies,on a daily basis,If you PM me the figures I will work out some figures for you,to compare,
if you gave any questions,PM me

[Fat Tony]

Maybe Fat Tony is your best option here!

"Louie, get the money"

[placidfemme]

Hey guys,

Looking at trading up my bike fairly soon and decided that I'll get a better deal if I buy and sell privately as opposed to going to a dealer. This means however that I've got to arrange my own finance

I've been checking the listings on TradeMe and it seems that GE Money have been advertising on there for finance deals, and quoted roughly $200 a month over a 5 year period for $8000, which doesn't seem too bad.

I'm gonna chat with the bank tomorrow and see if they can sort me out, but wondered if anyone has had experience with GE, good or bad?

Don't do it!!!!!!!!!!!!!!!

Seriously... go to a bank, get a loan and then with the cash in hand go buy a bike... there will always be good deals out there... GE has very high interest rates... Sam and I used them for about a year or two... and its just stupid crazy...

Just as an example... Sam and I borrowed $7000, and then reconsolodated (sp) our debts with BNZ bank and borrows nearly 3 times that amount and our payments to BNZ are LESS for THREE times the amount than what we were paying GE... also our giant loan from BNZ was unsecured... GE used both our bikes as security and then once the bike is paid off it take ages to get those lazy fuckers to release your bike as security... After Sam and I paid our GE loan in full it took them months to release our bikes... stupid fuckers...