Motorcycle Finance help?!?

[ackadappa]

Hi.. i am thinking of getting a bike on finance as i dont have a huge budget up front. I can afford monthly payments and im wondering what the pros and cons of finance are.
Any help, tips. Advice would be appreciated.
Cheers lads/lasses
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When life brings you down... kick it in the face!

[SQL]

cons are if you get ill or lose your job you can't sell the bike to pay it off.

Get a credit card, buy outright with that, pay off the CC

[reed]

[Radis]

Look at the Yamaha finance deals - you can get 0% through Blackhorse over 36 months at the moment.

Cons
- it will take 36 months to have finished buying the thing and you may well want to change bike before then
- Haggling on the price is a bit more awkward with the dealer
- you have to accept the depreciation on a new bike
Pros
- you get a brand new bike for a small deposit (minimum £99 IIRC) and fair monthly payments.
- price may not be negotiable but extras are easy. I got a rear hugger, heated grips, top box and rack, scott oiler, tank pad and R&G crash bungs added to my XJ6 all within the price

[ScaredyCat]

[clancy]

Aslong as you have job security it's fine

Only issue with a minimal deposit is the amount they add on to the total finance, a 5k bike with nearly no deposit might cost you 7k in total etc

Just check your happy with the finance package before signing
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KLX 300r

[totalllama82]

[Derivative]

Standard sarcastic anti-finance post inc:

Cons:

You'll almost certainly spend far more than you would have if you paid up front, hence you'll end up poorer. This is because you're thinking about what will be 'affordable' on a monthly basis, rather than what is actually a sensible amount of your total wealth to spend.

More difficult to manage your finances as you have ongoing liabilities that can't really be put on hold - the bike will not be worth as much as your outstanding loan until it's nearly all paid off.

If it's not 0% then you're paying for someone else to make money purely based on their existing wealth.

Pros:

You get a shiny toy without having to use any willpower.

I own shares in banks. Cheers!

YOLO.

[waffles]

So long as you know that you can pay off the full amount should you lose your job or at least be able to keep up with repayments while you find another one, then there are no problems with getting a bike on finance. There are some good deals around at the moment with 0% finance and free accessories.

If I didn't have my car on finance already I would consider getting a brand new bike that way
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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

[ackadappa]

Cheers for the help.. i will choose a bike then decide whether to save or go down the finance route
Thanks
____________________
When life brings you down... kick it in the face!