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Bike loans

Discussion in 'Businesses and Service Providers' started by Gurbachen, Mar 7, 2011.

  1. Not sure what the best sub-forum is for this post, so feel free to move it if you want. I'm looking at getting a $10k loan for my first bike (quite possibly a Royal Enfield C5 Military from Eurobrit) and i'm wondering if anyone here has had any good experiences with any loan providers. I don't really know much of anything about anything, especially finance and loans, but the guy at Eurobrit said they have options they can discuss with me, but I thought i'd just ask if there were any particularly good providers in Melbourne. There used to be ads about vehicle loans up to $10k but god knows what that was or if they're still around. Any info would be great.

    P.S. Before anyone whinges about searching the forum first, I did and it was not helpful

  2. It really depends on you and how you want to pay it. Or how you can.

    Personal bank loans are usually the way to go. You can pay them off quicker. But you will be asked for about 13 to 14.99% buying a bike on one. Also has a running cost of about $5 a month. But usually no establishment costs. Depending on your bank.

    Yamaha loans can be as cheap as 9.99% depending if the shop can access them. But you will be hit if you try and pay it out early. You will also have to have the bike fully insured for the term of the loan. Not sure but I think you will also have an establishment cost and a monthly running cost.

    My credit Card is at 10.99% and I can pay it out when ever i like with no penalties or running costs. Going this way you have to have good credit rating and have a strong nature.

    The best thing to do is get a full costing of the loan from them. Including interest, establishment and running costs. Plus principle of course. Like how much in total is this thing going to cost me over the four to five years. And is the bike or your passion going to last that long.

    Cash is king.
  3. credit union loans seem the way to go these days
  4. Your choice of bike really is a beautiful one :) But a 10k loan for your first bike...yeah...seems a bit excessive. You can get a decent bike for half that price and when that arse (there will be one) knocks it over or you come off it, it won't be such a big deal.

    Save the dream looking bike for your second bike if for no other reason that you may change your mind once you've been riding a bit longer. I used to hate the look of naked bikes but now I love them.
  5. I got my bike loan through Alphera Finance which I think is tied to BMW finance, a few bike shops use them. the interest iirc was about 14% but I wasnt as concerned with the interest as I was with the ongoing fees or penalties for paying the loan out early as I intended to have the loan paid off within 12months.
    The loan I got had no ongoing fees and no penalty for paying it out early. Also I could make extra payments via Bpay whenever I liked. When I got it paid off within 12 months I ended up paying about $700 or so in interest on a $12k loan, which I could live with.
  6. Well I had originally intended to get something cheap to crash off a mountain, but i was talked into the belief that i'd just buy a 3-4k bike that i'd just upgrade within a few months or a year, then buying a new bike (eg. Enfield) for 10k, meaning spending a lot more over a short period of time. I was looking at a GV650 or XVS650, but for a decent second hand one it's 7-8k, may as well get brand new for 10k, plus it is gorgeous. It'll be insured of course. It's kind of a once in a lifetime (provided your lifetime is about a year) opportunity, they get an extremely limited number of C5 Military's and to be honest i just really want it because i could mow down SO many nazi's and also dress like Captain America (I am of course just being silly here...or am I?). Uhhh...where was I going with this...oh yeah don't tread on me? no...

    Anyhooo, it's 9.5k ride away, i've only got 4k saved and my stupid job is too inconsistent for me to reliably save for something that doesn't exist in my possession yet. Man I kind of lost the plot on this post
  7. Sure did :p.
    Long as you have either a reasonable credit rating, or proof of the ability to save money, preferrably both, you should be right.

    +1 to bretto
  8. We used a Credit Union for my wifes bike loan. Some good deals can be found by shopping online, but most want security "i.e. car less than 3 years old" or "house" etc. These loans generally have rates between 9%-11% and depending on the union may have a one off fee or ongoing monthly fees. You can also get unsecured loans, however they are higher rates at similar rate zones to Personal loans, 12%-15% depending on provider. You can start here:http://www.canstar.com.au/ - however their advertised rates on the canstar site are not always reflective of the actual rate, so check the actual providers website for more detail. Hope that helps :)
  9. I have been deal with shaun from aussie bike loans, They deal trough yamaha and are great to deal with strongly recomend them
  10. Hi Guys, I am a finance broker. I would be more than happy to point any forum members in the right direction. Generally speaking, car and personal loans are quite expensive. Could look at financiers/options which could save you quite a bit. If anyone want to have a chat about finance shoot me a PM.
  11. I was ****ing retarded and got a personal loan through CBA, dont make the same mistake i did. It was only $5000 but the interest they're charging me is akin to robbery.
  12. Personal loans are not the worst option, but there are certainly more cost effective options. At least it's 5k and not 20k
  13. Haha, thread revival Biker Boy! It's all good fellas, I bought the bike outright with a loan from my room-mates (parents)
  14. I could have tacked it onto the end of my parents mortgage for more than half the interest.

    Ah well, you live and learn. My old man says i should have approached him before getting the loan, but the chances of him providing me with funds to get a road bike were zero. My family views them as death machines.
  15. Not many families that don't feel that way. The first time I ever saw my dad Scared was when I brought my first bike home
  16. Same with me. The chances of them actually supporting it were squat, but they did enjoy saying "Well, if you HAD to we would have helped you out."

    And my dad used to race bikes. Figure that out. :-s
  17. My mother bitched at me about it, but she knew full well I wasn't listening. Dad just thought the bike was cool :p
  18. I extended an existing CBA loan by 8k (already had a little saved) for my bike. I wish I didn't. I'll be carrying the debt w/interest for a while to come. This was just the easiest way for me to get cash together quickly.
  19. It is all based on your spending and how much you can pay. In fact, personal bank loans are mostly the way to go. You may also pay them off more rapidly.
  20. Nice work Sheik