Using my Student Overdraft on a Ninja?

[TheDonUK]

Ahah i hear you say, who would be so foolish to do such a thing?

Well i have to say i have been thinking about it, I have managed to cover my accomodation fees for this year, and the majority of my tuition fees are covered due to me being poor, I have also started a new part time job delivering pizza's (lol.. i know...).

I badly need a new bike, and being a student i now have the option of upto £2750 interest free overdraft/ or go down the loan route...

Being that this would seemingly be free credit and assuming i can stay in employment during the year, i should be able to make enough to cover the debt long before my first year is up.

BTW we are talking in the region of £1500 for a ZX6R (Will wait till end of nov for best prices if needs be...) and around £500 for insurance, will likely be able to get that a bit lower if i ring around, but i am thinking of a total of 2K.

I am well accustomed to living frugaly, i dont spend alot of drink or "going out" in the traditional sense and i dont mind eating tesco value beans , as loing as i have a bike im happy, a Ninja 600 and i would be over the moon...

My question is am i being stupid considering this? should i continue riding my POS GS500 untill it eventually and enevitably packs up and save untill i have the money to buy a ninja or vice versa as i have described?

Advice? Personal Experience?

[benc]

yes your being very stupid but thats how i brought my zx7r with my student loan, and it was so worth it!

[Rookie]

Do it, I'm doing exactly the same only getting a Thunderace. I assume you're using a Halifax student bank account, or RBS? With my tuiton fee and maintenance loan, along with £50+ p/w from my job at the SU and £350 p/m from parental support, I've got more than enough. I might not be able to go out as much, but I'd rather spend it on a bike than on beer.

[ram_doom]

Mate, take the oppertunity whilst its there
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TL1000s, KDX200

[JonB]

I wouldn't do it, but it's entirely up to you.
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Be careful whose advice you buy, but, be patient with those who supply it. Advice is a form of nostalgia, dispensing it is a way of fishing the past from the disposal, wiping it off, painting over the ugly parts and recycling it for more than it?s worth.

[TheDonUK]

Can i ask why not Jon B?

My mind is doing a perfect job of showing me all the benefits, can someone point out the dangers of doing this?

I hear banks can call in the overdraft at any time? is this true? or will i have it for the duration of my course (at least 3 years)

And yes i applied with Halifax

[JonB]

You're gonna be in enough debt as it is from uni.

I only use my overdraft as an emergency fund. You don't know what it around the corner.

Also you are quite naive to think that insurance in Bristol on a ZX6R is only gonna be £500 and that the Kawasaki that is only £1500 is never gonna blow up.

I just wouldn't do it if I already owned a bike that works.
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Be careful whose advice you buy, but, be patient with those who supply it. Advice is a form of nostalgia, dispensing it is a way of fishing the past from the disposal, wiping it off, painting over the ugly parts and recycling it for more than it?s worth.

[TheDonUK]

Im in Uxbridge, I have got quotes for a ZX6R's for around 500 (i just turned 21 and now have 2 years ncb) and im sure i can get it down a bit...

As for the debt, as i said i worked hard for two years so i wouldent be in as much debt as everyone else...

As for the blowing up, yes that does worry me, am i being too optimistic looking for a ZX6R in the depths of winter for £1500? I dont need a perfect 0 milage example, just something that is safe and reliable.

Also my current bike will not pass its MOT (due christmas time ish), The exhaust is held on with a can of stella and some jubilee clips, the piston rings are badly worn it goes through about a litre of oil every 200 miles, no speedo, and many other bad things not to mention i want something with a bit more power.

Would i be better of using my student loan than my overdraft to do this (assuming i do)?

[quacker_boy]

[pwntifex]

I know of four guys who pulled together and bought a speedboat down at Hull uni.
Do it!
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the warped one: This is a follow up from the thread 'my willy hurts'

[Wafer_Thin_Ham]

I wouldn't personally do it. your choice mate. Give it a whirl if that's what you want.

The worst that can happen is you can't afford to pay off the overdraft and they take it back and nuke your credit rating.

What's wrong with getting a 0% finance deal with a dealer??
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[colin1]

the danger is if you break it and cant afford to fix it

the other danger is you injuring yourself

i may have mistaken you for someone else but havnt you had some pretty serious crashes not that long ago ?

if so, might not be a good idea

definitely dont do 0% finance with a dealer on a new bike, then you really will be broke
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colin1 is officially faster than god

[stinkwheel]

[TheDonUK]

I will get a pic of the stella exhaust...

Dont want a new bike, i do too much mileage...

I had a crash recently on a diesel spill, i would hazard a guess and say most of us would have gone down on it... I think i am ready for a 600 now, 1 year on a 125, 1 year on a 500...

Funny stinkwheel

And yes for a time there was serous consideration for a Bandit, SV650 etc... But now i am 21 and have 2 years ncb 600 sports bikes are available to me insurance wise... And i am at the point where i want a bike i can be proud of when i look at it... not just a cheap conveyance... I want something that stirs the blood as well as emotions when i look at it and ride it.

[iCraig]

I'd say don't do it, I work for a debt collection company and the amount of student debt we deal with is unreal.

Just buy something with your own money like a hack maybe and when you've graduated and in a decent job buy yourself something even nicer!

Or you might find if you buy the Ninja now when you graduate, you may be filing for bankruptcy or something!

[Rookie]

Remember when you use a student bank account overdraft, it's interest free for 3 years. I don't know know about him, but if it's not amounting interest I think I'll have more than enough time to pay it back before they start charging me through the nose.

Even if I didn't want a bike, I'd take the lot and put it in a high interest account.

[TheDonUK]

Thats the thing i would essentially have 3 years to pay off the 2k, interest free,

And the fact i am in a slightly different position to most regarding haveing my accomodation and tuition fees paid is why i am considering putting the bike on credit...

The thing is i am realy fuckin done with riding a hack... last night i took my girlfriend to the west end for a meal, and upon returning to the bike it just wouldent start, i got it going aftere about 15 mins of standing around... but its things like that im fuckin sick off... i have done the hack thing, i want something nice for once in my life...

Thanks for all the opinions though keep em coming... I havent decided yet, giving it thought... asking everyone i know...

[Kickstart]

Hi

Can see it both ways. It would be nice to have a decent bike in your position. And it sounds like you can afford it.

However there are the expenses of a bike. Not sure how much work you can do yourself, but realistically you could easily buy a ZX6R that looks decent and yet which needs similar work to your current bike 6 months down the line (probably easy enough to sort yourself but extra expense). Kawasaki exhaust systems are not know for their long life properties.

All the best

Keith
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[TheDonUK]

I say a ninja because if i were to choose an ideal 600 it would be it... but really im not picky... Any sports 600 for the right price in the right condition...

[NSR Mick]

[pwntifex]

[Stevie B]

I'd have spent it on english lessons, lol [/quote]
You missed the 'your'.[/quote]


No he didn't.
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Past: Katana 50, NSR125RR, FZR600r, CB-1 Present: TRX850

[pwntifex]

[TheShaggyDA]

And you all missed the capital 'E' for English.
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Current: CB500 Previous: CB100N, CB250RS, XJ900F, GT550, GPZ750R/1000RX, AJS M16, R100RT, Enfield Bullet

[i:6e3bfc7581]But still I fear and still I dare not laugh at the madman...[/i:6e3bfc7581]

[iCraig]

TheDonUK, you need to get a better more reliable hack then!
And what makes you think a £1500 Ninja 600 is going to be more reliable?

Also remember to factor in like the cost of tyres, they'll cost more and need replacing more often on a sports bike. Also during the winter months is it a good idea to ride a fully faired bike?

Also do you have a contingency fund if you do get this bike if something goes wrong in your life or if the bike needs repairing?

Let your head rule not your heart!