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A bike is a luxury item

Discussion in 'General Motorcycling Discussion' started by NJS, Apr 30, 2008.

  1. Got in contact with a lender today that I had seen advertised in two wheels. Made an enquiry about ballon payments and after checking if she could she informed me that they will not do them on bikes because they are a luxury item. Would have done it for a car but no bike. During a period when more and more people are turning to bikes/scooters to save money, it makes no sense.

    Anyway, I just had to whinge to someone.

  2. FARK mate that's ROUGH!

    You can lease a bike tho > even for racing.............!

    My boss sponsers my racing by 'salary sacraficing' how ever nmuch I need from my wages too......so I'm really sponsering myself :evil: but still a GREAT way to lower your taxable income WHILST getting a $1 for $1 spend rate.... ie: normally I'd have to pay tax on that $1 > but since you sacrafice BEFORE tax > all money received is tax free! WOOT
  3. Used to do that a few years ago, bloody brilliant.
    Just pissed off that I figured out how I could afford a new Triumph scrambler, as the balloon option was on their site. Now it's back to the drawing board.

  4. Try a finance company i.e Esanda , i'm sure they stitch something together for you.
  5. Esanda love me, but won't do bikes.
  6. How about buying something cheap without having to borrow, then saving up and buying a better bike cash? Is this too old fashioned?

    It's not your house, you don't have to borrow for it ....

    Anyhow my rule is to NEVER borrow for depreciating assets. That's just my view.
  7. Agree with you totally, but no.
    Life is too short to save, borrow like there's no tomorrow because you never know whats around the corner, and thats a fact.
  9. Life is also too short to spend it all paying off a loan.
  10. Honda Finance currently have an awsome deal going on '07 Fireblades and balloon repayments..

    not sure what bike you chasing though ???
  11. Tiumph Scrambler.
    Have emailed another mob who offered me money once before. Hopefully will have better luck.
  12. I don't even know what a balloon payment option is?! Someone care to explain..?
  13. A balloon payment is a portion of the original value of the motorcycle set offset to be paid at the end of the finance terms.

    IE a vehicle costs $30,000 and you elect a 30% balloon.
    You pay your repayments and interest based upon $30,000 -30%, with the 30% payable at the end of the contract in a lump sum to 'pay it off'.

    ... basically it's a way of reducing immediate repayments on finance; but you'll have to come up with the cash at the end, unless you bought a vehicle that will be worth it's ballon [or more] at the end of the contract so you can sell it to cover the lump sum then enter into a new financial arrangement on another vehicle / not buy another vehicle under finance.
  14. Actually, the interest is calculated on the FULL $ 30,000 ... :(
  15. The OP raises an interesting philosophical matter, aside from the practical. A motorcycle, especially a new one, given the price/practicality ratio, is, indeed, a luxury item. (Unlike 50 years ago when it was necessary transport).

    Perhaps a subject for discussion in a separate thread, come to think of it....
  16. then why would they be advertising in two wheels when that is specifically designed for bikes
  17. To talk to Hornet's question. A bike is by and large a luxury item, unless you use it for your sole transport needs or is required for duties on a farm etc. My brother has a scooter he uses to commute to work and I have a chook chaser for the weekend, mine is a luxury his is not.

    Borrow money, buy a house, get equity, refinance and pay off as fast as you can. Worked for me! :cool: :cool:
  18. Agreed a bike is a luxury item for some people, but then so is a porsche. I would bet that you can have a balloon payment on the car though.
  19. Have you tried Aussie Car Loans? (they'll save you :LOL: )

    They were really helpful for us - and even if they personally can't take on the loan for you, they will source a company for you who will.
  20. They could quite well be the folk who haven't been helpful in the first place.