How did you buy your bike?

0% finace deal

Just remember that with a finance deal, the finance company own it until you have made the final payment.

This causes problems if you want to change bikes but don't have the cash to settle it - so you end up trading in at less than you would get privately and going through the finance company again and may not get a good deal on the interest.

And you need to insure fully comp cos if you trash it and don't have something for the finance company to reposes, you gonna be in trouble.

Originally Posted by Viney

Split from girlfriend of 4 years, took 50% of the house deposit that was mine, went to Premiers in West Wickham, and said, i'll have one of those please, and i'll pay cash ching ching, ching ching!! Picked up 2 weeks later.

You know they hate people like you don't you

[fizzwheel]

I got a bonus from work 2 years ago that paid for the SV.

The GSXR I took a loan out for secured on my house. The finance monthly payments that the dealer was proposing were ridiculous as was the APR, got a much better deal sorting out my own finance.

The honda I took a loan for and then paid it off 3 months later.
The SV - sold the shares (just before they crashed) and paid outright.

I too have a fear of debt so both bike and the car are paid off and all i pay is running costs. Though I do get quizzical looks when I say that I'm keeping both bikes

Cash all the way for all/any of my toys, be it bikes, skis or holidays, for me doing the finance thing would be a slippery slope I think. I know some people can justify almost anything to themselves (well I can), but I've realised that you can't really claim to deserve or need a toy such as these...as nice as they are to have. Although if it was your only way of getting to work it might be a different matter, but then an old honda cb250 could do that for you.....

Was thinking about upgrading my bike on my return to the UK but have realised there is no real point, I'm still learning a lot, and for an extra 2-3 k (or 100-150% more cash) I'll probably only up the enjoyment by 5-15%

I stole it.

[Lissa]

Cash for both SV's

I saved up & bought my first SV with cash .......wrote it off just before its 1st birthday, lost a sh*t load in the deal with the insurers .......had to save up the difference & paid cash for the current SV . I wouldn't be inclined to get finance at anything other than 0%.

[Red ones]

Originally Posted by thor

What you could do, is make a separate bank account for the value on finance, and then you know you can always pay it back whenever. Also, you'll keep the interest!

Spot the Motley Fool!


I did 0% as I get to keep any interest. If you can defer payment - now theres an option (sadly most dealers don't do it)

The rule should be - don't do finance and keep debt solely for your mortgage (says I the worst in the world at the moment, but improving)

I needed a solution to a new pair of tyres, a service and a new tank for a 5 year old 19,000 mile beast. My solution was get the 0% on a new bike with a new tank and tyres. Then pay for it over a long period - it solved the problem of finding £500 in the short term.
My intention then is to reduce the 0% next time.




If you are not sure whether to pay for a bike, or get 0% AND you have any other debts, the smart solution is simple. Take the 0% and pay off the other debts. Always head your financing towards the lowest possible interest rate!