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Discussion in 'General Motorcycling Discussion' started by Lucid Mikey, Apr 11, 2015.

  1. Alright first up sorry if this is the wrong spot!

    Currently looking at getting the misses her first motorbike. Still looking atm but trying to figure out finance junk!
    Basically with nrma been approved for up to $8500 which is all good and repayments will be less than will be saved on parking haha. Now only issue we're having is if we spend less than 5000, just wondering if anyone could suggest anything?
    Only solution I've thought of is juggling credit cards with balance transfer, issues being currently dont have a card and fees for cash advance and annual fees can add alot to the equation...

    Any help would be greatly appreciated.
    Cheers, Mikey

  2. My advice is to get her a bike for $2000 and don't go into too much debt. You'd be surprised what u can get if u look around, last year I paid $2k for a ninja 250 for example
  3. I have no issues in spending as little as possible, only financing it haha.
  4. This and save hard for no finance
  5. Instead of buying a bike based on the price being sub $5k, buy a bike based on what fits her and suits her needs.
    That bike for a noob should be well and truly doable for $5k. I think a number of the brand new noob bikes are about that price.
    If you have a pre-approval for $8500 why are you talking about juggling credit cards, cash advances etc for a bike that costs $5k??
    Much of your question is unclear.
  6. Sorry if unclear, I'm saying IF we spend under 5k we cant get finance because the minimum is 5k.
  7. I agree... I bought myself a brand new Ninja 300 under finance and it's only been a month or so since I've had my licence, I'm already thinking about upgrading to a litre bike but I have to wait 10-11 months until I can upgrade.

    I got the finance for five years, I am now kicking myself on why I purchased a brand new first bike over $6k. I should have gotten a second hand learner bike well under five grand.

    The interest on a motorbike finance is higher than a car finance, I think some motorcycle finance company out there are scamming the system. I got a 7% interest rate from Toyota and I ended up getting a 12.9% interest rate from YMF, Yamaha did start with 14.9 and after haggling with them they ended up lowering it to 12.9%. I know It's steep but I had no choice but to go for it because I needed a second vehicle.

    Get your missus a cheap second hand bike that will fit her size and learn off, average female riders takes longer to get the basic concept of motorcycle riding.
    • Disagree Disagree x 1
  8. For a vehicle loan, right?
    Get a holiday/personal loan instead, and spend it on the bike and gear.
    Or apply for a interest free or low interest, (for the first 12/24 months) credit card
  9. $5k may be the minimum for NRMA. Try YMF (Yamaha Motor Finance).... as they will finance $1.5k and above. Not much difference in rates, fixed rate and no monthly admin fees. You can get pre approval online.
  10. Source?
    • Like Like x 2
    • Agree Agree x 2
    • Winner Winner x 2
    • Dislike Dislike x 1
  11. Nope, most personal loans are minimum 5000.
    Thinking of a different approach with ratesetter, basically an unsecured personal loan, borrow 8k(comfortable repayments) and pay back what we dont spend straight away.
    Looked at credit card things but are tricky and you end up paying a large amount on fees.
    Correct me if im wrong but you'd have to get a cash advance on one card (unless buying from a dealer) then transfer to a new card with no interest. Now cash advances come with a fee (2-3% of cash) and most of the balance transfer cards have annual fees so can make it useless with small money amounts. Best I found was virgin 14 months interest free with no fees.
    So lets say for $2000+2%=2020/14months=$144 a month. If I do the personal loan with ratesetter I get the same repayments over 15 months...
    So alot of card swapping junk for a month shorter term.
    Sorry if confusing, my heads fried from it haha
  12. How do you find their rates?
  13. I can see this is going to be fun if you hang around here long enough
    • Agree Agree x 2
    • Funny Funny x 1
  14. Oh my goodness....... you are going to make a lot of friends round here! :)

    Just out of curiosity, how many learners, male and female, have you taught?

    FWIW, my experience of teaching learners is the exact opposite.

    The ladies pay attention and learn, the blokes spend too much time waving their dicks in the air to show what super heroes they are.
    • Like Like x 4
  15. Doesn't need to teach people, he's the Mt Glorious racer. Haven't you heard? He can do 60kmh on a 20kmh corner...
    • Funny Funny x 1
  16. I am having a chuckle at the bagging on the sexist remark but um... HELP :p
  17. If you can pay it off quick you are nearly better off getting a low interest credit card. Avoids all the fees.
  18. As I said in another thread..... Stay Calm.

    Has wifey done her pre-learners?

    Can you afford, without borrowing, a two or three grand motorcycle?

    You REALLY don't want a financed bike....... check out insurance rates, and see.

    To be perfectly honest, and I expect some flak over this, but, I believe that if you can't afford to buy a motorbike, totally wreck it, and, if you want, buy another one, then you can't really afford motorcycling.
    • Agree Agree x 1
  19. have you checked out a westpac flexi loan? its like a credit card without the card. you withdraw as much as you need and pay it back as per the conditions of the loan. they start at 4k but you dont need to withdraw the full amount and only pay interest in what you spend.
  20. Go for a loan you can repay ahead of schedule. Borrow the full amount. Make extra payments or a lump sum.