would you get a loan for a bike?

[drzsta]

just out of interest,

because my last two bikes were on finance and i've finally paid them off now over 200 a month for two years.
but for me it was practical in a sense because im 19, and this years car insurance was £1500 quid haha so i find it easier to pay stuff monthly (although i paid the insurance in one go)

its impossible to save when you get paid shit, then have to pay rent, fuel etc etc.

I think im probably going to take out a small personal loan for my next bike, i know ill pay more in the long run but its just convenient, plus it'll help my credit rating.


i know a couple a people here will only buy what they can afford in cash, but whats the fun in that?

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Current Bikes - BMW S1000RR ‘17 & KTM 690 SMC-R ‘12

[Silver]

I'm far too impatient to pay for anything of that value in cash. As long as you're sensible and don't over-stretch yourself go for the loan.

[woll]

Normally no i wouldn't. But my gas gas was too unreliable so i needed a new bike urgently so i could earn. So i took a loan off my grandma when she offered it. HAte being in debt though
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Current Bike- Suzuki DRZ400 SM K6
Previous bikes - Derbi Senda Xtreme50r, Honda CBR 125, Kawasaki ZZR 250, Yamaha DT125R, Suzuki Bandit 600, Gas gas ec 250, Honda CBR600FW
Damaged spleen, damaged kindey, 2 popped lungs, 2 broken ribs, broken face, broken wrist and 5 back fractures... remember kids walls hurt

[stonesie]

My Sv is on a loan, much cheaper than finance (better interest rate, finance really rapes you dry with that) and it's mine, doesn't belong to some finance company untill that last payment is made so if i decide to sell before the loan is paid it's HPI clear

[Hetzer]

Only if I'm not going to pay for it.
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"There's the horizon! Ride hard, ride fast and cut down all who stand in your way!"

[waffles]

I have just finished paying off my car loan, four years that took me so I would prefer not to take out a loan for a bike. Although if I find one that I really want and don't quite have enough to cover it I would probably go for a loan or finance. Whichever has the lowest interest rate.
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Theory test - 19/8/09, CBT - 11/10/09, MOD 1 - 16/8/10, MOD 2 - 27/10/10
Past rides Yamaha XT125X, Triumph TT600, Honda XR250
Current rides Suzuki GSXR 600, Honda MSX125

[ms51ves3]

Never, because I'm an impeccable saver

[The Shaggy D.A.]

A quick reckon up and over the years my bikes have been : cash, swap, loan, loan, loan, present, cash, cash, cash.

I've no problem in getting another with a loan, depends on what takes my fancy next. It'll probably be cash though.
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Chances are quite high you are not in my Monkeysphere, and I don't care about you. Don't take it personally.
Currently : Royal Enfield 350 Meteor
Previously : CB100N > CB250RS > XJ900F > GT550 > GPZ750R/1000RX > AJS M16 > R100RT > Bullet 500 > CB500 > LS650P > Bullet Electra X & YBR125 > Bullet 350 "Superstar" & YBR125 Custom > Royal Enfield Classic 500 Despatch Limited Edition (28 of 200) & CB Two-Fifty Nighthawk > ER5

[pits]

Loan is the sensible way of paying for something you can't afford, as you only owe the bank money, where as finance you are just lending the bike whilst playing an inflated price to use it until you have paid over it's value.

You can't really sell something with existing finance if you are in the shit, where as with a bank loan you can sell the bike as it is yours to sell.

That said, my own cold hard cash up front every time.

[ryhardcastle]

I'd consider buying a bike on finance tbh. Only if it was a 0% interest offer though.

[Kickstart]

Hi

Generally no worry about getting a loan to buy a bike or car. Just that now I am not that bothered about having something immediately (few other toys already) so I would be inclined to just do without.

All the best

Keith
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Traxpics, track day and racing photographs - Bimota Forum - Bike performance / thrust graphs for choosing gearing

[Renton]

[Billing]

I'd think long and hard, and it would depend entirely on the circumstances at the time, what I'm earning at the time, how much the loan is for, how much the monthly repayments/interest will be, whether I'm in desperate need of the bike (current one goes wrong/stolen) or if it's a bargain at the time.

If it was a smallish amount (under £1500) and I needed the bike/stupid bargain to pass up I would definitely get one
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'84 TS50X, '91 TZR125, '89 CBR400RR, '91 VFR400R NC30, '98 R1
"Hey copernicus! Why don't you navigate yourself to the back of the line with your feet and stand there with your shit."
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[The Tot]

Yes, I would and have. I foolishly used my student loan on my alpinestars binge and some okay-ish bikes. I was sensible to not blow 3k on a modern, nickable 600 however. But now that I have a job and need to think about the future, probably not. I was always taught the rather stingy philosophy, if you don't have the money, don't buy it, no matter how much of a bargain it may seem Sad, but true. They way I see it is I'm paying £80 quid a month on the liberties I had at uni.
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The Tot 2019 Z1000SX - 2007 R1
Never argue with autism

[The Shaggy D.A.]

[Renton]

[cb1rocket]

i'm already thinking of a new chinese shit on 0% credit card, no interest but then i would never take a loan - hate debts

[27cows]

No. Never have and never would. If I couldn't afford a certain bike I'd make do with something else. I'm a big fan of swapping and buying cheap, always have been. The fact that I like half knackered old crap most other people can't be arsed with is a bonus, I guess
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The RXS100: vehicle of choice for Chuck Norris

[Gerrard]

Cash is always best for me but I suppose it depends on how much you are going to spend?
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Honda Blackbird the great all rounder.
Chillin near Malaga.
Marco Simoncelli 58

[Jodie]

Had a few loans over the years for cars, it's the only way some people can get on the road.

You sound sensible but check things thoroughly first. Last time I looked at loans, the interest rates for under 5k were terrible which is why I got a bike on 0%.

If you want under 2k I'd probably get a credit card with the longest purchase 0% and try to get it paid off within said amount of months, not good if frivolous though but will do wonders also for your credit rating.

Just think it through and look at all options

[kawakid]

The way loan rates are now compared to a few years ago (even though the bank of england interest rate is at an all time low), I would personally save.

The only exception, would be on one of the finance deals, offering 0%APR on a new bike.

But it's what you can afford and justify. Bearing in mind, with a loan you will pay more. Unless the bank of mum & dad can offer you an interest free loan?

Me I'm trying to be totally debt free as soon as possible whilst the mortgage rates are this low.
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I've a twin and a 4.

[Rogerborg]

I only buy with cash in hand, but I'm old, rich and a cheapskate.

That said, if I ever go mental and buy a new bike (can't think why though), then I'd consider taking an insane rate of finance in return for a big discount on the sticker price. Then I'd ride home, get on the phone and pay off the full amount immediately.
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Biking is 1/20th as dangerous as horse riding.
GONE: HN125-8, LF-250B, GPz 305, GPZ 500S, Burgman 400 // RIDING: F650GS (800 twin), Royal Enfield Bullet Electra 500 AVL, Ninja 250R because racebike

[hmmmnz]

i have never done it, but i probably would if
1, it was very low interest .
2, i had a regular paying job (im a sub contractor, so i sometimes get loads of cash in one go, then don't get anything for a couple of months) if i was on the books and couldnt afford to pay for a bike in one foul swoop
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the humans are dead
I kick arse for the lord
Wiring Diagrams BIDNIP it bitches

[DrDonnyBrago]

No.

If I needed to use finance to pay for it then it is probably far too valuable for me to own or I am far too skint to be buying expensive bikes.

[pinkyfloyd]

I got a £1500 loan payable over 3 years because I couldnt get HP on a bike I wanted. I've now since given the bike away (The guy that gave me the loan free of the GSXR was given it to get his wife on the road) and still paying off the loan, have another 3 months to go.

I now run around on a bigger bike I saved for months to own. Lesson learnt me thinks.
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