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Do you have finance, who through, and weekly/monthly payment

Discussion in 'General Motorcycling Discussion' started by kyro_02, May 21, 2007.

  1. If you don't want to let anyone know, just don't reply in this thread with "i don't think i should tell you' or anything, just don't reply. simple :p :p

    Ok, here is my situation...

    I had a car, it died, i got rid of it.(well i've had 5 cars before that anyway)
    I sit my bike test, pass, get a bike, it died
    I have no means of transport at the moment, I also do not have a job because I have no transport !!!, now I am thinking if I went through finance and grantour(SP??) I'm not sure how it's spelled, but anyway.. if I go through finance with my old lady for a $5k-ish bike, inc reg/insurance through a bike shop of my choice, providing they do financing....

    Alright, now I don't have a job; but that doesn't mean I'm unable to make payments... but I do plan on getting a job as soon as I get a means of transport, other then public...

    My course will involve me possibly going to south melbourne to do my security guard course.. so it goes for 2 weeks+ -- and my uncle has a job for me, so he said lol.

    Now, I have a car license, but I also have my bike license... the thing is I do not want to lose my bike license if I get a car, because I have under a year to go for my P's, and the bike L's written test doesn't go down to well for me, unfortunently.

    How much a week(or month) do you pay for your finance, and who did you go through. Feel free NOT to reply if you do not want to disclose any information..

    example: My brother went to harvey normam, saw a computer he liked.. got finance through GE (yup bad taste apparently), but it was a $2k loan(it was under, but lets round it off a bit).. his re payments are from $55 a month to $90 a month, it fluctuates a bit.

    Also add your opinions.
  2. Look at any loan calculator and it will tell you that on an average $6,000 loan your repayments are going to be around the $70 a month mark @ 10% interest.

    You can do better on the interest rate if you go see a bank and you actually have a job.

    Without a job, they deem you to be high risk and will make you pay more.

    Which is idiotic. The more cash you have the less interest you pay. Should be the other way around.

    Next election vote for me, I'll make it so :p

    Ask our resident finance Guru Miss_DJ, she's into finance and shes got grouse norks :p

    what??????? you couldn't see it coming??
  3. cheers exactly the reply i wanted, im happy to repay up to $150 a month easy, so thats not a worry, i will speak with my old lady if she will go finance for me... if not it'll ask the old man :p

  4. Get a credit card with low interest rate and low cash advance rate. Buy bike on that card. Next, get a credit card with low transfer balance rate. You can get some like 0% for 6 months (for eg. anz low rate mastercard). Transfer the balance to that credit card. Chop up the first credit card and close account. Repeat in 6 months. You win, bank is ... :twisted:

    The repayments would be around $100 per month. And very little interest/fees paid.

    EDIT: Go to infochoice to research all the different credit cards.
  5. I'm with Yamaha Motor Finance/Australian Motor Finance. I don't know which is under which, all may papers say a different thing.

    I pay $212 a month.

    Bike was $5,000 then you've got compulsory full comp insurance for two years, $2,000. & they threw in money for my gear, which you probably don't need. & loan insurance, worked out to be around $8,000, for three years.

    I had defults & they didn't care, though, it was only one, & it was paid two years ago. & at that time I was a low income earner, as in less than $32,000 a year.

    The only thing is is diret debited. Which is draining. I'd rather salary sacrifice.
  6. For my first bike I borrowed $5000 and paid it back ina year at $100/week.
    That was just a personal loan from the Commonwealth Bank.
  7. cheers, well, 1 down, 4 to go.. lol .. I asked the ol' man and he was like; "if I could, I would get a loan for myself to fix my car." - he use to be bankrupt, not anymore; earns $600 pw, but they still refused, buts thats ok.
  8. 10k loan at fixed 8.9%. roughly $105 a fortnight repayments. (cant remember over how many years)

    no early termination fees, if paid off early, only a $99 admin fee for start up.

    australian national credit union,

    go with a credit union they do great deals. the lack of emplyment though is a worry.
  9. The criteria for my first job was : have to be able to catch public transport to get to-and-from it.

    6 months later I bought my Hilux.

    Job :arrow: vehicle: is the best way to do things, dude :)
  10. yeh i know it would but when i finish my security guard course i will do patrols and static so the vehicle is supplied to me. and besides; i want to atleast get my p's so i get it outta the way and what ever happens after that in terms of a vehicle happens.
  11. After reading the amounts you guys are paying I'm ashamed to say that my credit rating was so shot from my younger days I'm having to pay $167 p/w on a 10k loan over 2 x years. Ouch!
  12. a week????
  13. I have a credit card that is waaaaay cheaper than that! To pay my credit card off in 2yrs from a $10,000 balance would require $108pw.
  14. Damn, something is seriously wrong somewhere when a credit card works out cheaper than a loan! BTW I just saw an ad for Suzuki-UK, they offer a deal on Vstrom 650: 0% finance, three years to repay (the amount is 5,649 pounds) and a deposit of 99 pounds.

    Now, compare it to the deal Yamaha Australia offers: over 10% interest (I can't remember how much over, exactly, but it was definitely more than 10%), and that was only for selected models: the last year's FZ1 and FZ6, the ones that got trashed in every review so badly they couldn't get rid of them for free... and they still are doing you a 'favour' with a loan of more than 10% interest rate.

    As for the original poster, mate - get a postie for about 1,200 so you can get that job, then save for a real bike... if you then leave the postie in the ditch it will still work out cheaper than paying off the loans from those rip-off merchants.
  15. Your security guard course goes for two weeks. Surely it won't kill you to catch public transport for that time, get your job with your uncle with car supplied and then start earning to buy a bike?

    I don't think anyone will lend you money if you don't have any earning capacity.
  16. if i wanted a postie i'd keep my cbx250 lol :p i had enough trouble getting to 100kmh against wind(which is almost all the time) :( - only real time i could get to real speeds was still weather or going with the wind :]

    so if i can get something half decent, even a cbr250rr second hand cheapy, my mate is selling for $3,500(no reg of course) with slight ferring damage due to a car reversing. but needs fork seals etc. so it might turn out more expensive to get back on road.

    will see what happens in the coming days
  17. What you need is a GPX250 with rego and RWC that can be had for around $3000, not a CBR250 with no rego and no RWC which could mean a huge money hole like your CBX250. I think if you had probably spent the money you used to buy the CBX on a CT110 you would probably be on the road now riding around.
  18. Thanks for the plug vic :wink: :p

    Kyro, as vic mentioned, i work in finance and do a fair few personal/car/bike loans etc. Your issue is your lack of means to repay the debt.
    Think about it for a sec, would you lend money to someone who doesnt have a job?

    Also lenders will only take a Centrelink income as long as its permanent i.e. Disability pension, Age pension etc (not Newstart, Youth Allowance etc)
    Even, then its tough.

    Also most lenders wont even look at you until you've been in your job for at least 3 months!
    Regardless if you have a guarantor or not, if you're not employed there is no chance that i know of.

    Sorry for the bad news mate, but all i can suggest is that you find employment quick smart and PM me when you want to get a loan.


    P.S - VIC, What are norks? :? :wink:
  19. I used to have fiance, but now she's wife. Weekly or monthly is none of your business, and the payments seem never-ending.

    Oh, finance...
  20. These days many credit cards are just under to just over 10% (9.75-10.75%).

    If you still paying 15+%, ring ya bank for better rate, otherwise transfer the
    balance to any of the financial institutions who can offer something better.

    Mate thats great offer.. if youre disciplined with ya money. If not, it'll end
    up being the biggest mistake you ever make.