worth buying a bike brand new on finance?

[damz]

i have been seeing lots of dealers selling bikes on finance with 0% during this winter and was wondering if it is worth taking up these offers?

seen one like £1000 deposit then £199 monthly payments for a few years for a brand new CBR's, this is just a vague example, didn't go into much detail about the offer.

is it worth taking advantage of this?

i should easily be able to pay the monthly payments.

since the dealer owns part of the bike would you have to use an insurance company they want or can you use whatever you want? do they provide warrenty while the bike is still being paid for?

any help would be appreiciated

(also note i tried to do a search but wasnt working for some reason)
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Current Bikes RVF400 - 94
Cars: RX7 FD, Eunos Roadster
Former Bikes: FZR 250R 89, ZX7R 98

[m0l0t0v]

How old are you?

How much do you earn? Monthly? Yearly?

Lots of things we need to know before we can answer.

But most of the time it's a no
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'99 Hornet 600 , VFR 400 NC30 '92 , Kasawamasaki GT 550 , '98 Hornet 600
**\Tarmacsurfer/** said: It's that immaculately manly coiffure of yours isn't it. One glimpse of your virile locks and the punters can't wait to buy whatever it is you suggest, as it might let them be just a little bit like the Adonis that is our very own Molly Doovydoo said: Its not my fault I can't get it up properly, I just wasn't blessed

[Blackwolf]

as well as that can you afford the depreciation?
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Current: Ducati Multistrada 1200s

[Ichy]

[wristjob]

it depends on the small print.
is it 0% for the full term?
are there administration costs?
penalties for missed/late payment?
penalty for paying it off before full term?
does it tie you in to a dealer only service?
if after you know all the answers it still works out cheaper than walking into the dealer with cash and saying "ive got the cash,all you have to do is convince me to buy from you"you can get some very good deals at the moment with real money.
then YOU can decide if its worth it.

[firefox]

suzuki are doing 0% on the gsxr 1000 with a 1 pound depoist, there advertisment is the fastest pound you will ever spend.
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*officer* yes what about it *firefox* i tooted my horn but it refused to move i had to teach it a lesson.

[Dom]

If you buy brand new you take a massive depreciation hit regardless of the finance situation, so it's always seemed to me like a pretty bad idea unless your bank balance features lots of zeros.

[Newbiker0507]

I would never do it.

Credit is the enemy.

[NiteMare]

go on buy it ...

i might get what's left of it in 4 or 5 years time once it ain't worth a stupid amount, preferably get a bigger bike as i'm not so keen on sub 750cc bikes, i don't mind if you crash it as long as you don't destroy it battlescars are fine ....

we must all do what we can to encourage new bike purchasers, or where will i get my bits from
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it ain't broke...

i ain't fixed it enough

[Wafer_Thin_Ham]

Your restriction doesn't end until 2009, so I guess you're under 20. In which case no. Hell no.

Not worth it at such a young age. I've bee tempted myself, but there are sufficiently awesome bikes you can buy second hand for far less money.
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[js]

Do it if you can not pay the installments then just ask Gordon Brown for some cash, he is bailing everyone out at the moment.
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Ducati Hypermotard

[4Stroke]

If you can afford the £199 a month can you afford the insurance, tax, servicing and running costs also?

Things to bare in mind.

[adilxs]

if you need to ask this question, im guessing you cant 'really' afford it.

[Wafer_Thin_Ham]

[thefallenange...]

bought my SV on 0% finance and wish i hadn't.

Cost me £4k and is probably worth £2.8k now but at the time, brand new bike, restrictors included and only had the deposit. Wish i'd bought 2nd hand but it's life and i've learnt for the price of a brand new SV which meant i only lost £600 once i drove it out the show room not £2k for something like a GSXR,CBR etc . . .

And don't buy new in the sports bike market as there's enough weekend warrior bikes around.
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[Psychonaut]

Bought mine on 0% and it will be paid off next June, I have no regrets at all. I know its depreciated but if Id bought the same bike second hand it would have cost me about the same when you add on the interest. Ok if you have the cash ready its different but I wasn't in that position, also no messing around with MOT so you can have the bike as you like it without inspection for 3 years

Just got an email from a dealer 0% 42months to pay on a GSXR1000 (as stated earlier) but for £7700 OTR .
Looks like they're getting desperate, although George White usually offer the same but with extras like better pipes and free kit.
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Prev CBR600RR (06) Orange/Black
CBR1000RR (09) Repsol
Now Ducati 1199 Panigale

[t121anf]

i see no problem with finance, if you can afford it do it.

but, big but. its the term that concerns me. often 0% deals are 4yrs+, do you really want to be riding the same bike in 4yrs time?

when i got my 1st bike i said 1 yr max and i'll be on a supersports, 3 yrs later i now have said bike in the garage along with my new one.

finance over 3yrs to me is ok, beyond that it'll feel like a life time. (taking your age into this, if you are 20, a lot can change between 20 and 24, i bought my 1st house, and sold it (i think) in that time frame).

enter wisely, and you're fine.

Luke, your mate should be able to get out of it, but he may have to pay the remaining interest so he won't save anything but he can end the deal. never seen a loan/finance you can't end early in some way.

[Fawbish]

Fuck finance. Second hand, unsecured loan (deal with the large interest) but at least the money and hence the bike, is yours to do what you want with.


Selling with finance left on term is gay unless its to a trusted mate who lives near you.



If you can afford 200 a month, you can get a 5 grand loan for a lot less per month, and still have some money left over

5 grand will get you a fucking beautiful bike second hand


And also, you wont have to run the bastard in.
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[Kickstart]

Hi

Difficult to say, without knowing the exact deal, what your job situation is like, etc.

If it is finance secured on the bike then that can be a pain, and is also likely to mean that you must have it insured fully comp.

Unsecured loan on 0% is possible, but probably by the manufacturer putting down a hefty deposit for you (instead of cutting the price).

You should be able to get out of pretty much any loan agreement by paying early. The various credit acts limit what they can charge interest on and the penalties for paying off early. A trick that is often used is to get you to pay off all the outstanding interest should you clear the money early, and the trick to avoid that is that you make an extra payment leaving 1~2 months paytments still on the agreement then let those couple of payments come out naturally. Basically find someone who knows their way round the credit laws properly who can advise you and you should be able to clear any loan early with only a nominal penalty.

All the best

Keith
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[4Stroke]

[njd27]

[Psychonaut]

[njd27]

[Biker101]

I'm glad i bought my bike new on finance, it wasn't that expensive so depreciation was less, its only a 2.5 year 0% term and i can pay off at any time which i should be doing sometime next year, also its just nice to have something brand new.

I have thought of selling the bike to get a new car on finance (could afford both but dont want all my wage going out on dd's) but can't bring myself to sell it no matter how little use i get out of it.

Also you can still haggle on the price with 0% deals, i got the bike for £4100 with restrictor and bungs thrown in and the dealer said i could buy any clothing and they could just add it to the 0% finance up to the bikes rrp of £4500.

I would recommend buying new on finance but only if you earn enough, i dont earn a massive wage but also dont pay any bills except sky which is why i probably have more disposable income than most.
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Past: 06 Runner SP50 >>> 01 Varadero XL125 >>> 08 Kwak ER-6f >>> 05 CBR600rr
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[multijoy]