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Shaun25

Joined:

Mar 12

Posts: 42

Shaun25 says:

Finance Question

Hi All!

Ive got my mod 1 and 2 in late april and when/if i pass id like to get an ER6-N.

My question is, i currently have a bike on finance from a dealer (£2400) and have paid off a years worth of finance. When i get round to upgrading, would it be worth paying off the rest of the finance before trading in? Or will they add it to the new bike? Ive got enough savings to pay off what remains.

Cheers :)

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  • Posted 3 years ago (31 March 2012 16:53)

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jaffa90

Joined:

Mar 09

Posts: 8936

jaffa90 says:

finance

Don`t know Shaun,you have a contract with a time limit,if you break a contract they may charge you the full ammount to pay it off now.Your finance dealer will have more idea.I have heard of a transfer for upgrading and continuing but it`s in the small print about extra charges.

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Shaun25

Joined:

Mar 12

Posts: 42

Shaun25 says:

Cheers Jaffa

I had a feeling that would be the case, i need to dig out the smallprint. Looks like i need to take a trip to town next week and ask them.

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bryfor59

Joined:

Feb 09

Posts: 316

bryfor59 says:

finance

The dealer will clear off your old loan and transfer the balance to any new loan, I personally now never use dealers HP finance.

I found it was normally cheaper to take a bank or supermarket loan, Tesco, Sainsbury's etc (shop around for rates/monthly payments though, its amazing the difference between some) its normally easier to clear this type of loan off if needed/wanted, with generally lesser penalties in doing so (also the bike belongs to you not the finance company).

Again purely from a personal preference point of view, I would not use my own capital if I can easily afford the monthly payments on a loan, the theory being that building a decent level of savings is not easy nowadays but if you already have it, you then have access to it if ever needed, and you know you could use this cash to clear off the loan in any case should the shit hit the fan the future. Just my thoughts

:tongue: 

[This Reply has been modified by the Author]

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Shaun25

Joined:

Mar 12

Posts: 42

Shaun25 says:

Thanks Bry,

Thats what i hoped was the case. Theres a 0%APR over 3 years offer with kawasaki, the best my bank can do over 36 monts is 29%APR.

Might just use part of my savings on the deposit to cut down payments.

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bryfor59

Joined:

Feb 09

Posts: 316

bryfor59 says:

Finance

Fair point Shaun, you aint gonna get much better than 0% ha ha, enjoy your new bike when you get it mate, keep shiny side up, Cheers

:wink:

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