Bike Loan / Hire Purchase

[Musketeer]

How hard is to get one? I was refused credit in the past (unsecured loan/credit card). The main thing at the time was that my 2 credit cards were pretty much maxed out. I'm almost scared to apply for credit as I fear I my application may get declined.

In my opinion my credit history is good.. I've got mortgage since 2007 (never missed a payment - have been overpaying as well), 2 credit card with current balance 15% on one, and about 60% on the other. I had 2 loans in the past that have been settled but still showing in my credit file (never missed a payment).
I have one late payment (I was 2 days late) on one of my credit cards in 2010.

Apart from that no loans, hire purchase, no mobile contracts currently. No Bancrupcies, no CCJs, CIFAS clear, no defaults etc.

Income is fairy low as I work only part time and get about £13k per annum.

I need to borrow maybe £4k.. with probably £1k of my deposit (£500 would be better).
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Current Bike: Yamaha XSR900 Previous bikes: Honda CBR1000RR Fireblade, Kawasaki ZX-6R Ninja, Aprilia RS125 2-stroke

[LockyUK]

should be fine, you have a good payment record and your balances are not using more than 80% of available credit, go for it

[Musketeer]

I will try in April then.. I normally wouldn't go for a loan, but at least once in a life time I'd like to buy something nicer lol

If it doesn't work then I'll go for another "classic" haha
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Current Bike: Yamaha XSR900 Previous bikes: Honda CBR1000RR Fireblade, Kawasaki ZX-6R Ninja, Aprilia RS125 2-stroke

[Aff]

Wouldn't it be better trying to get a 0% credit card with a 4k limit instead?
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Current Bikes:Honda 929RR Fireblade, Honda CD200 Benly (Project), Stomp Z2 140
Electric Bike Project

[Musketeer]

[Aff]

[LockyUK]

[Musketeer]

I've got quite low limits on my cards.. total just over 4k. So getting another 4k card would be a difficult one. Everything because of my low income.

I've got Tesco Credit Card 16.9% APR (I'm using about 15% of my limit) and Barclaycard Simplicity 6.8% APR (I'm using 60% of my limit, by April can probably push it down to 40%). I guess I could also ask for limit increase.. but I really rather not do that.

If I get a loan I will probably close Tesco CC account.
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Current Bike: Yamaha XSR900 Previous bikes: Honda CBR1000RR Fireblade, Kawasaki ZX-6R Ninja, Aprilia RS125 2-stroke

[daemonoid]

Avoid the loans!

Assuming you're borrowing 4k over 2 years that's about £200pm in repayments.

You can get no end of decent bikes in the sub £2k range (my monster 750 was only £1650). Given you already have £1000 and can afford repayments of £200pm then you should easily be able to save the money quickly. If you can't then you're probably best not getting a loan!

I borrowed for a brand new car about 8 years ago, never again. The only loan I take nowadays is credit cards (for convenience) and mortgages...

You'll be a lot richer if you avoid credit!
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current: ducati monster 750
past: hyosung gt250r, bajaj pulsar 180, hyosung gt 125 comet
@thomasgarrard | www.straitjkt.com | www.racingseven.com

[Musketeer]

[Rogerborg]

Why are you over-paying on the mortgage when you've got credit card debt outstanding?

Since you have the money available to over-pay, then can you just increase your mortgage? Tell them it's for home improvements. Every home is better with a bike.
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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

[JP7]

It's worth having a free trial on Experian's CreditExpert (www.creditexpert.co.uk) to have a look at your credit report. It will show you what the lenders are looking at when they decide whether to lend. It will give you an idea of whether you're likely to get a loan before applying for it, as too many applications can go against you.

[t121anf]

[LockyUK]

[Casper]

Is it not better to get a bank loan and pay cash for the bike? It was the case a few years back as the % was lower.

[Musketeer]

[Chalky.]

Buy a thousand pound bike (your deposit money) and save up until you can upgrade.

[j.silvs]

Checkmyfile gives you all 3 scores and shows you why each company scores you different. Don't have to pay more for the score neither.

[daemonoid]

[Musketeer]

Looks like the majority on here is against getting into debt. I was the same until recently... I still have time to think about it. Life is much easier without debt.

Thanks for replies
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Current Bike: Yamaha XSR900 Previous bikes: Honda CBR1000RR Fireblade, Kawasaki ZX-6R Ninja, Aprilia RS125 2-stroke

[Derivative]

[twistedlemon]

[Musketeer]

[Musketeer]

...... double post .....
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Current Bike: Yamaha XSR900 Previous bikes: Honda CBR1000RR Fireblade, Kawasaki ZX-6R Ninja, Aprilia RS125 2-stroke

[Musketeer]