Financing a racebike?

[Ivan]

Hey how do you guys go about getting finance for a race bike with no plates etc?

And whatare some good finance companys?

[Benk]

Hey how do you guys go about getting finance for a race bike with no plates etc?

And whatare some good finance companys?

I just got a personal loan from the bank. I think it was roughly the same interest rate (or a bit lower), but I can pay it off sooner without getting penalties. Others will know more. I just saw a bike, and bought it. Sorted the boring shit later

[MIXONE]

I've always gone by the mantra of "If you can't afford to crash it you can't race it".

[Ivan]

I just got a personal loan from the bank. I think it was roughly the same interest rate (or a bit lower), but I can pay it off sooner without getting penalties. Others will know more. I just saw a bike, and bought it. Sorted the boring shit later

Yeah Thats what I am trying at the momment. Except I have 1500 left to pay on my existing loan and now they saying its a debt consolidation loan and its being a pain to try get the money now.

I just tryed GE on trademe and see what they will do.

[Benk]

I've always gone by the mantra of "If you can't afford to crash it you can't race it".

Fortnightly repayments free up my cash flow, rather than coming up with one lump sum in 3 years time. I think its a pretty wise move. Business wise I mean.

[scracha]

I just tryed GE on trademe and see what they will do.

Go see your bank manger. I wouldn't touch GE with a barge-pole. Banks like giving loans, that's how they stay in business. If the bank ain't giving you a loan then it's probably for a good reason...

To be honest, if I can't buy it I don't race it.

[Str8 Jacket]

Yep. Stay away from GE!!!

[Skunk]

Yep, GE is a smelly big stinkhole.

[mossy1200]

Yep. Stay away from GE!!!

Agree.Just had interest free hp on computer with Harvey Normans(GE Finance) and paid it off but they were pain even then sending us credit cards we never asked for and when you read their terms they charge 20 odd percent.
You can get mastercard that charges less if you have the will power not to keep spending on it.(around 13%).
Bike finance companies wont touch uninsured bikes so in race bikes would be out.It is a condition that you keep the bike insured fully during their hp term.

Banks will lend unsecured loans if you have good credit history and stable income.

Or better still race a postclassic that you paid cash for.

[Toast]

Yeah personal loan via the bank is good, esp if you have a car to secure it against (they won't secure against bikes, and unsecured is of course much higher interest)

I'm with the rest though...you're better off taking time out from racing and saving. Spend that time getting fit, following other (free ) pursuits and then coming back when you've saved the dough

[ready4whatever]

I've had 3 loans, 2 from ASB and 1 from MTF. I'd stay with the bank.
Ahh finance.. the only way I went from having nothing one day to a 325 HP wrx the next day

[KS34]

I'm with the rest though...you're better off taking time out from racing and saving. Spend that time getting fit, following other (free ) pursuits and then coming back when you've saved the dough

Great advice! try looking for a good big sponsor (easier said than done) but get money behind you. Good Luck

[Marknz]

I'm with the rest though...you're better off taking time out from racing and saving. Spend that time getting fit, following other (free ) pursuits and then coming back when you've saved the dough

What he said... it seems like a great idea at the time Ivan, and we all want to be doing it 'now' (especially when you've got 'the bug'), but you really will be better off if you can wait awhile and save the cash to buy a bike. Work hard, save while you can, and it'll seem like more of an achievement when you finally get what you want.

[Ivan]

I am dealing with the bank at the momment I have a perfect credit history, I am on a really good payed job I have a bike but its not myne what I race and I want something thats my own as I dont think it is fair taking from dad for so many years so I want to put back in I see a nice cheap bike allready to go I really really hope I can get it

[R6_kid:Me]

Spend that time getting fit, following other (free ) pursuits and then coming back when you've saved the dough

That means staying away from women other than your mother.