Anybody (youngish) have experience with getting finance

[c_dug]

I'm looking at getting a second hand bike via a dealership, anybody got any idea what my chances are of getting finance?

Not sure why but I can't help thinking that because of my age I wont be able to, or is it just a case of giving them a call and finding out?

Im 19 by the way

c_dug
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I am a bellend, I am a man of constant sorrow, I am a gummy bear, I am a rock.

[Alex A]

Depends on your credit history.

If you've had Credit Cards and always paid the minimum payments and paid them off. If you've cleared overdrafts. If you've financed anything else in the past. Unlikely but if you've kept to mortgage payments. If you've had mobile phone contracts and paid all your bills on time.

Similarly, if you've failed to make payments on those things it can be negative. As can past failed credit applications (for cards or loans).

Also depends on your job. Whether you're permanent, full time, and your salary.

And of course depends on how much you want to borrow
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Current: Ducati Panigale R / Ducati Streetfighter S / Suzuki GSX-R1000 L5

[TomR6]

When I bought the R6(was just 18) I didn't have any credit history, so had to have my mum sign as a guarantor to get finance, along with a 10% deposit.
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2005 Yamaha R6

[waffles]

Are you sure you want finance? Could you not get a loan from your bank instead? When I bought my last car it worked out that a loan would be cheaper by a fair amount.

Dealerships are usually good at giving finance. As has been said before it all depends on your credit history (which you are able to check btw, I think you have to pay for it).

[JP7]

If it's your first attempt at finance, you may not get it, but if you already have things such as a mobile phone contract, store card, credit card or even bike insurance on direct debit, they'll see that you know how to budget and you shouldn't have a problem.

As others have said, you might need a decent deposit or a parent as guarantor. But it's worth applying to see what happens.

If not, try your bank for a loan. They know you better than anyone else and are more likely to agree to lend you money. (At least this was the case pre-recession!)

[c_dug]

Not sure what my credit rating will be like to be honest, got a phone contract and insurance that I have paid off monthly without fail, keep going over my overdraught limit though so dont know it that has an adverse affect on it? Probably does, although it does get payed back at the end of each month.

Loan is probably a better option as I can get enough to cover my insurance in one lump too rather than paying it monthly

c_dug
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I am a bellend, I am a man of constant sorrow, I am a gummy bear, I am a rock.

[P.]

from what ive gathered, i had to either be 21 to get finance on a bike.motor vehicle unless i had someone to guarantee the payments should i fail.

Still parents refused...obviously

[Ste]

You can get a loan or finance when you're 18 without having a guarantor as long as you've not got bad things on your credit rating.

Don't buy on finance, as said above you'll probably get a better rate if you get a bank loan.

Going over your overdraft will have had an adverse affect on your credit rating.

Have a look at the loans on money super market.

[P.]

yea loans are piss easy to get, finance is/was toss when i was 19.

[Alexio]

There are even credit cards out there (which are pretty easy to get) that have special large purchase plans on them which effectively lower the rate of that large purchase to about 8% or something over time, not to mention the initial zero interest rate stuff.

Not that you should do it. You should definitely not do this. I mean, how much money will you end up paying for the privilege? £300? £500? More?

Just save the money and wait for the perfect second hand bargain
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G: With my GSXR I do often effectively use it as a scooter with a clutch in town.
ms51ves3: why does it need 500 miles? Are you teaching it how to be a piston?

[SpicyBlimp]

Bought my bike on finance through a dealer at 19, had bought a few other things on finance before that (all finished and paid at the time).

I was nearly £1500 into an overdraft at the time, and I have no guarantor

For what i'm paying, I wouldn't do it again. Live and learn

[Irezumi aka Reuben]

Only do finance if youre getting a 0% finance deal, otherwise youre probably better off going through a bank and getting a loan.

I'd expect you will need to have a gurantor to get any finance judging by your circumstances anyway.

[c_dug]

Unfortunatly I had a pretty crappy december in bike terms, it got stolen (recovered) but pretty badly smashed up, and then a week ago I managed to come off at ~40mph on a perfectly strait bit of road, so now my bars are twisted and my mirror faces my chest, I have no ignition barrel or steering lock, and I bodged a bicycle brake light on the back because they screwed the electrics up and the tail light doesnt work Add that to the annoying rattle from the engine and the 89,000 miles on the clocks and the bike is pretty ruined!

So saving up and waiting just isn't really going to work.

Im deliberatly looking for something sensible though, thinking about this at the moment, fully comp insurance is only £400 for me, plus they are good for pretty high milage. And the shaft is a bonus in terms of running costs.

c_dug
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I am a bellend, I am a man of constant sorrow, I am a gummy bear, I am a rock.

[G1_]

My bank strongly recommended finance over a loan. But that might have been because in the case of finance the bank can reclaim the car/bike in the case where you cannot repay. Whereas with a loan the money is not connected to any particular asset.

They also seemed adamant that it provided the borrower with some financial security as well.

[Wave2k]

Ive always got small loans to get bikes, its so much better.

never more than 2k though and paid off within a year, never borrow more than you can afford.

I could quite easily get a 1198R or a second hand Porche 911 with a big loan, id be pretty dam poor for 5 years though.

I prefer to have no debt though
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Ducati 1299 Panigale
2009 Corvette C6 z51
RS125->CBR400->RXS100->GSXR750K2->Ducati749S->CBR600RR5->TL1000R->DRz400->RSVR1000->Honda VTR SP1->CBR400->GSXR1000K6->Honda H100->CBR600RR3->Ducati1299

[GSF Jamie 600]

Yeah like they said, they will just take a parent as a guarantour.
Me mate is 19, and just got finance on a £20,000 59plate 2 litre focus, but that a lot of debt if you ask me

[MattHirst]

I'm 20 and i've had 'loads' of stuff on credit/finance

2 phone contracts, credit card, bike and car on finance, catalogue, hein gericke credit thing.

The credit card and catalogue were to try and improve my credit rating which it seemed they did. I got an exceptional rate (to me) on my car back in july.

Anyway, never had a problem getting credit. When i got my first contract vodafone declined me, was very confused as i asked for it on O2 anyway When i got my bike back in march, 1 finance company declined me so went with black horse (which actually gave me a better rate, by about .5% mind you).

Unless you always miss payments etc then i can't imagine you being refused. The finance company may request that you get someone to sign for it as a guarantor.

A guarantor basically means that if they fail to take payment from your bank account then they will take it from whoever signed for you.
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It's all fun and games until someone gets hurt, then it's bloody hilarious!!!

[...]

I'm 19 and can't get finance for shit.

I've never had any credit, so I assume my credit score is blank. I go to get a phone on contract, get declined. Ask for a small loan(£500) from my bank til payday, declined. Tried to buy a mac on finance for work, declined.

I dunno what I did wrong.

[duhawkz]

i would send off for a copy of your credit report from experian and have a look and see if there's anything wrong.

you can get a booklet from the bank with a form in it send it off with a £2 cheque or postal order and your sorted
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"The guy is a worthless cunt and I honestly believe I would be a slightly happier person if he died." - Chris-Red

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[Ste]

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[Alexio]

[nasty]

[t121anf]