Bike Finance

I've been out for a ride on a new bike today, I think, a very expensive new bike! I love the bike, it's so fast but well mannered, comfortable and would put a massive grin on anyones face. So when I took it back to the dealer we got to the inevitable discussion on price. Now I've always said after owning a sports car I'll never buy a car on finance again, I hate the constant payment comming out of my bank. I can just afford the bike if I haggle a bit more but I'm really finding it difficult to justify spending ALL my savings on a motorcycle. There is the option of finance which works out as my bike as a deposit plus £200 a month, then at the end a ballon payment of about £5000 to own the bike or hand it back or apparently there should be some value left on the bike to use as a deposit on my next bike.

So the question really is...what do you guys and girls do? Do you buy a bike outright or more importantly if you had the cash would you buy it outright? Would you save the money in the bank and give them the £200 each month. Would you sack it all and just stick with the SV . Your thought please

Erm...how long are you paying £200 a month for??? PLUS a £5000 payment to own the bike? That doesn't sound like finance to me, that sounds like a lease, which I would steer clear of, personally.

I bought my brand new CBR on finance, 0% over two years. Works out about £250 a month and at then end of the two years the bike is mine...

That does sound high tbh, some dealers are offering low rate finance.
I had a loan for mine cos it was cheaper from my bank.
I could have just about bought mine but left my account low and not much fall back money if things go pear shaped.
I pay £150 month for £4500.

[fizzwheel]

If I had the cash I'd buy with that and not take the finance.

We were in the local Yamaha dealer the other weekend and they were doing 0% finance on certain models. So shop around and see what you can find.

Originally Posted by Milky Bar Kid

Erm...how long are you paying £200 a month for??? PLUS a £5000 payment to own the bike? That doesn't sound like finance to me, that sounds like a lease, which I would steer clear of, personally.

I bought my brand new CBR on finance, 0% over two years. Works out about £250 a month and at then end of the two years the bike is mine...

It is a three year deal, I think it's like a car finance deal, is it called PCP where there is a ballon payment at the end?

Originally Posted by specialone

That does sound high tbh, some dealers are offering low rate finance.
I had a loan for mine cos it was cheaper from my bank.
I could have just about bought mine but left my account low and not much fall back money if things go pear shaped.
I pay £150 month for £4500.

It's a ....dare I say it BMW () dealer so no low rate lones!!

[BoltonSte]

If you are going to do finance (I did on thr St3, but they gave me what I payed for my SV 2 years before as the px rate) then go on money saving expert thingy and see what's availible. I got mine through the Co-op for 1/2 the rate of the dealer. It balanced out that I financed a larger % than initially planned, but this 1. Kept more of my savings, 2. Still saved me a boatload of interest compared to the dealer.

Just do the sums and see if you can comfotably afford it, and look at all you options.

BTW, the dealer tried telling me that I'd never get the rate I did, his other half works in a bank and they don't offer that rate etc. etc.

Ste

Originally Posted by svste

If you are going to do finance (I did on thr St3, but they gave me what I payed for my SV 2 years before as the px rate) then go on money saving expert thingy and see what's availible. I got mine through the Co-op for 1/2 the rate of the dealer. It balanced out that I financed a larger % than initially planned, but this 1. Kept more of my savings, 2. Still saved me a boatload of interest compared to the dealer.

Just do the sums and see if you can comfotably afford it, and look at all you options.

BTW, the dealer tried telling me that I'd never get the rate I did, his other half works in a bank and they don't offer that rate etc. etc.

Ste

I was just doing that as you replied. £250 to borrow £8000 over three years. Heavy interest rate, about 7.8%. It's sooo annoying because all my money is in an ISA and I get £20 a month interest about 3%. Robbing banking *******s

I got my SV on finance 0% over three years. £102 a month.
I had the money to buy outright, but id rather not empty me bank tbh, but if you have the money, and still have some left over, id buy straight out, because i dont really trust the lease schemes tbh.

[BoltonSte]

Originally Posted by Bunks

I was just doing that as you replied. £250 to borrow £8000 over three years. Heavy interest rate, about 7.8%. It's sooo annoying because all my money is in an ISA and I get £20 a month interest about 3%. Robbing banking *******s

what's the BMW rate? ~15% I'd think.

Ste