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ShadowTD

Joined:

Jul 10

Posts: 25

ShadowTD says:

Tempted by finance - opinions pliz

Afternoon all.


I've been riding for three months now and I'm still exceptionally wet behind the ears.  I've done 1600 miles on my 91 GSX-F and it's been some of the greatest fun I've ever had.  I really like the old teapot - she's comfy and seems appropriate for my current skill level.  The biggest drawback is the godawful engine vibes through the bars at 80-90mph (cruising speed) it's bad enough to give me serious pains after 5-10 minutes, and I'm very aware of potential nerve damage.  Plus, the front brakes are nowt special...

I'd planned to buy a new bike after 12 months, given the inevitable off early on.  But Yamaha have now announced the '60 for 60' finance deal on the Divvy (which is joint top of my list along with the ER6-F).  With a £600 deposit and the current OTR price at my local dealer, this is £78 per month, an utter bargain.

I'm sorely tempted.  I can handle the monthly cost quite comfortably, but me and MrsTD are looking to start a family in the next 12 months.  Given I could sell the bike and get out of the finance if it became a problem, does anyone have any thoughts?  On the finance or the bike?

I've got a test ride booked for 10am tomorrow... :)

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  • Posted 5 years ago (20 August 2010 12:34)

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AdieR

Joined:

Apr 08

Posts: 3042

AdieR says:

Buying on finance

Do bear in mind that while the machine is on finance, it belongs to the finance company until the finance is paid - while there is finance outstanding on it, you'll struggle to sell the bike (the finance co can re-possess it from any new "buyer" while there is £ owing on it).

Have a word with your dealer / finance co to see what your get-out clause is.

Your other option of course is to get a nearly new machine (6 / 12 /18 months old) which has had the initial depreciation hit (it'll be cheaper to start with, and lose less value over time).

Hope that helps.

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3pipes

Joined:

Jun 10

Posts: 846

3pipes says:

Cruising at 80 - 90 ....

You will lose your license, long before your payments are finished... problem gone... vibes gone... dont forget rozzers use this forum.:ph43r:

Really cuzzin, only you can deside if riding on credit will suit your situation. but in my experience,  buying it on the drip, cost loads more in the long term. good luck fella. :wink:

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goldenboyfz1

Joined:

Dec 07

Posts: 1112

goldenboyfz1 says:

Finance

I had 2 bikes on finance, a repsol blade and a honda CB1300. I could easily afford the repayments without even noticing it. The recession came and not only did I lose my business...but the bikes went too !!...

Its taken me over a year to get back on my feet....Ive now got a Suzuki TLR..which I love. It only cost 2 grand, but I own it outright.

Whilt the bikes I had on finance were great...I treasure my current bike more as I had to save for it.

Another thing is, that you really do not know whats around the corner....especially with this government !!...

Finally, youve only been riding  a little while. How gutted would you be if you threw your new..." on finance " bike down the road ?...

Just a thought mate.

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philehidiot

Joined:

Feb 09

Posts: 4771

philehidiot says:

finance

Bugger me if I've not been having the same thoughts.


0% finance on a CBR600RR and I can finally afford the insurance. It seems so tempting as the repayments would hardly make a dent once I cancel a couple of other monthly paid things I barely use and take sandwiches to work... those canteen meals add up.

Downsides:
1) I work in the NHS. Is my job secure? I'd hope so but four of those "protected" front line jobs have already gone from around me.
2) Throw it down the road - will the insurance pay out be enough to replace the bike? Unlikely so you'll be paying for a bike you don't have any more, without a like-for-like replacement.
3) It's not yours and you're at the mercy of a finance company and a load of legal jargon you're unlikely to understand.

It's so tempting but there are some serious drawbacks.

EDIT: sometimes they scam you by saying you have 24 months interest free (for example) but the repayments don't pay it off in that time and the interest rate is STOOOOOPPPPID after that 24 months.

[This Reply has been modified by the Author]

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old(ish)git

Joined:

Apr 08

Posts: 9768

old(ish)git says:

I'll have finished...

paying for my er6f next Month.:smile.No probs, and I had a couple of expensive 'fixes' done under warranty (coils and header pipes),something i would not have got on a second-hand bike.BUT I did have enough in the Bank to cover the bike cost in case of any 'tits up' moment.I bought the Kawasaki because they were the ones doing 0% finance when I was looking.And I got the er6f,because it was all I wanted to pay for something that I might have not got on with(it was 3,000 quid less than the Zxr600).Phil, the CBRR 600 will be quite a pricey bike,and I think it's over a long term too. And shadow I reckon  you'll spend at least an equivalent amount on the bike and kit each Month,as you will pay in payments (I did)....but in life everything is a gamble, so pay your money and take your chance.:smile

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ergf

Joined:

Feb 09

Posts: 266

ergf says:

im with oldish

i bought my er6f on Kawasaki's interest free deal, got 6 months left to pay so it has worked out well for me. If you think your job is safe and you can afford the payments then go for it. Alternatively get a bank loan and buy one 12-18 months old it will probably work out cheaper in the long term.

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stevedeejay

Joined:

Aug 09

Posts: 6910

stevedeejay says:

Yeahman

if it's wot ya want n ya can afford the payments why not,go fur it :roll eyes:

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cbrrrryan

Joined:

Nov 06

Posts: 153

cbrrrryan says:

Finance

I bought my 600RR on 0% finance (over 36months), just over 4 years ago. I don't see a problem with it, if you do your sums and can comfortably afford it. Don't forget to add in the running costs of the bike aswell. For instance, Tax, tyres, servicing, insurance, and petrol. Depending upon mileage covered, you're probably looking at another £1000 - £1500 per year, split evenly works out about another £100 per month. Obviously these running costs are going to be roughly the same for most bikes, whether you buy 2nd hand or new. That tempting £78 per month figure now suddenly jumps to about £175.

New bike. You decide.

 

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mrmarklin

Joined:

Apr 10

Posts: 16

mrmarklin says:

There are.........

weights you can put on the end of your handlebars to mitigate the vibrations.  Some of these work quite well to cure harmonic vibrations.

Save money.....................................:tongue:

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fastasfox

Joined:

Jan 08

Posts: 1316

fastasfox says:

Adier

Thats not strictly true,they own the bike up untill you have paid two third of the loan back and after that that have to chase you not the bike for any debt.
If ya got the wonga fella go for it and i can tell ya that buisness is slow for um so ya could even get 0% if ya history is ok n you have a good deposit.

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