Moving Up...

[brianmcewan.co.uk]

Ok, so I'm seriously thinking now about getting a full license and moving up in terms of cc.

I'm on an RS125 at the minute on L plates, its derestricted so it is pretty quick, would probably be faster if I wasn't such a fat bastard.

So anyway I want a naked 600 basically to get me going, was considering a 400 but a lot of work has to go into them to keep them right for most because of the age. An SV650 seems to be the best option at the minute because it seems to be pretty low on insurance according to the e-Bike quote online.

The only problem is that I'm running on a bit of a budget (I'm going to do this in the Spring) I got the RS on finance over 4 years, foolishly bought it brand new. The finance is in and around the guts of £5500. I've had the bike 6 months now and to be honest I've fallen out of love with it due to so many problems which weren't my fault. The finance is with Black Horse and I have around £4700 left to pay off. Is it possible to pay all of this off at once if I got a bank loan?

This is probably a thing most people would keep personal but I just thought I could get some advice as most people have been in a situation similar to it.

If I got a 2nd hand SV in decent nick for about £2500 and insured it for £1000 max for fully comp there is £3500 so looking at a loan of £7000 and saving for the insurance.

Would it be worth it is the ultimate question

I'd be wanting to keep the SV for around 3 years.
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Kawasaki Z1000 '05
Honda Fireblade 954 '03

[wilbur]

On the finance front you need to read the T&C. There may well be a penalty for paying it off early.

[brianmcewan.co.uk]

[dainesefreak]

You could ask Black Horse for a settlement figure, this may include and early repayment fee which is usually a percentage of the interest. It's probably cheaper to pay this off with a personal loan as the % is most likely quite a bit higher than you'd get a loan for. I would find out how much the settlement figure comes out at before doing anything else. You also have to consider if £7000 is a lot to pay for what you are left with. £7K for a £3.5k bike.

[Al]

I reckon you messed up paying 5.5k for a first bike that your already fed up with.

You say that you'd want to keep the SV for 3 years but how do you know your not gonna be bored of that after another 6month/year?

If I was you I'd stick with the RS for another little while, Your gonna lose a lot when you come to sell it anyway, but it won't lose much between selling it now or in another 12 months time.

You could always save up and take your test then save up another £1500 over time and buy a decent bike without getting further into debt

Trust me before I went travelling last year I had to work bloody hard to clear all my debts, that was before I could even begin to start saving to travel. Now I have no debt apart from on going stuff like rent,ect and it feels great.
In 4-5 years time I'm sure you won't want to still be paying for a then knackered SV650.

[dainesefreak]

You used to be able to phone Black Horse and get a settlement figure over the phone. You could do this now and give yourself some idea of where you stand. They may have changed their policy since, it's been a while since I used them.

[G]

[trafficdodger]

Have to agree with G there's alot of logic to what he is saying.

Nige
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Present bike Yamaha R6

[extreme3d]

[brianmcewan.co.uk]

Thanks for the advice lads, G I was thinking about a pointy one, I've seen them only minumum of around 2k

Just looking over what I read again I forgot about selling the bike ffs

That would bring the loan down to about £4000? Which is less than what I am paying at the minute
____________________
Kawasaki Z1000 '05
Honda Fireblade 954 '03

[BorderHooner]

telling you that you were mad to chucky the RS aint gonna help - but it's true.

Personally I think you need to get a small loan - not lloyds, they are rip off as is black horse, look at a loan finder on line for the best rates.

flog the RS privately and settle the remainder of the chucky, if you dont get £4700 for it settle it with part of the small loan.

Buy a bike for £1500 (privately!!! no more dealers) and pay off the loan as quick as possible.

You will get a very good solid worthy machine for £1500 if you do your research. Ok it's gonna be old, perhaps 10 years old but it will be totally functional if you keep your wits about you when looking.

Personally I beliive you should keep the RS and save for a new machine but it seems a shit sandwhich you dont want to chew. My cousin rides a RS, has passed his full cat test but loves it and gets his knee down everywhere - overtaking 600's all over the place in the twisties.

I believe if you aint earned it - it aint yours, this is why I didnt ride til I could afford to buy outright.
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Benelli. Happy as a pig in cacky.

[G]

[wilbur]

The cheapest finance tends to be available to those of us who are the best off. Unsecured loans to young people tend to be VERY expensive. If you have a house then a mortgage is cheapest but it is against the house.

I bought a bike on finance once (with black Horse as it happens). I'd not do it again unless I had too but for some it is the only option available.

Just my 2p

[Stu_666]

When I was looking around at getting my 600 quite a lot of dealers were doing interest free credit (was back in June 2005 so not sure what the situation is now) for three years which wasn't bad.

Was thinking of an SV like you but test rode one and it wasn't really for me. In the end went for a ZX6R which, I know is a more expensive bike and is unfair to compare to the SV, but I thought I'd stick with that longer as I wouldn't get bored with it as quick. Might be worth having a good old buthchers around to see what deals are being offered on different bikes. Also winter is apparently a good time to look as the showrooms are pretty quiet and they're keen to sell.

[Ariel Badger]

Stupid Question from an old plonker
SV?
Side Valve?
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Bikers make great organ donors, get 115 on your licence today.

[dainesefreak]

SV from a Japanese mind who knows, probably something like Sports Value.

[Ariel Badger]

Thanks! I guessed that no one was making side valves any more even though they are great fun to ride. I think the last comercial side valve would have been the LE Velocette that went out of production in 67.
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Bikers make great organ donors, get 115 on your licence today.

[wilbur]

Could be "Simply Vile" just a thought

[king kong]

[Al]

Nope he will be called -Bazza_7k_in_debt

[thefallenange...]

I'm in a similar situation.

I got my CG and my 33bhp License and went bike shopping saturday and nearly took a CB500 for £1500 but would of need finance on insurance and the bike so i'd be paying about £3k so i decided that hanging on until the summer where my insurance will drop and i'll be able to buy either the bike or the insurance straight out.

My advice is if you want to go for the SV650 why not consider a 500 bike or even a CB500 which being a honda should be more reliable.

But whatever you do stay away from finance as much as possible and look for a decent couple of years hack.

[brianmcewan.co.uk]

[Type_Mo]

shop around for insurance mate. I just got a hornet 600, passed test last month, just paid insurance today... £1410 FULLY COMP

Cheapest for TPFT: £955 and for TPO: £710

And that was from 2 - 3 days of calling around when i had spare time
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- Typhoon ?0 - Yamaha DT125R - Aprilia SR125 - Yamaha DT125R - Honda Hornet 600 -

[king kong]

[brianmcewan.co.uk]

I haven't found a price like that for a Hornet yet

But I found TPO for £607?
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Kawasaki Z1000 '05
Honda Fireblade 954 '03