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Financing a larger bike whilst on restrictions

Discussion in 'General Motorcycling Discussion' started by port80, Feb 16, 2007.

  1. Sooo... I found the bike I want (SV650s 2006 - 7000kms), get approved for the finance. So I go ahead with the private purchse with the explanation I will be putting the bike into a warehouse (fully insured) until I can ride it as no insurance company will offer me insurance on a registered bike that I cannot legally ride. I cannot get finance (at a decent rate) for an unregistered vehicle. The finance company say that having the bike insured through the warehouse is unacceptable, so I cannot get finance.

    Looks like I have to wait a couple of months to get my upgrade. Has anybody found a better way around this (apart from using cash)?

  2. Could you store it at home and have it insured under your home and contents insurance?

    Call it an "Artwork: Replica Motorcycle Coffee Table" or something :)
  3. The easy way around it the finance company has already agreed in principal to what you are proposing. They have. So you just have to do it in the right order for them.

    Go and pay a security deposit on the motorcycle. Go to shannons take out layup / warehouse insurance on the motorcycle, it should be cheap.

    Get the bike to a scobie lockup. Then go back to you finance company show them the insurance, the recipt for secure 3rd party storage for 3-6mths and requesta a loan of your bikes total less your deposit.

    If you do it in that order or even contact you finance company about that order then you have jumped cleanly through all their hoops!

    The worst comes to the worst and you dont get finance well you can legaly sell the bike and recoupe most of your costs and pay off the bike.

    Noting ventured nothing gained.
  4. Which is one thing I did look at. However even for lay up cover Shannons wont touch me because I haven't had my full license for 12 months.... yes to insure it in lay up condition I need a full license.... :shock:
  5. That's Shannons policy - they won't touch you for insurance until you've held a licence for a while. they also wouldn't touch me becasue I don't store my bike in a locked garage. End of story. Around the back of the house past my Dobermann apparently isn't good enough!

    Anyway - Will anyone cover you for theft only insurance? if you're not going to ride it that should be all the finance company need to cover them. it might be worth offering to provide a stat dec that you won't be using the bike for that period.
  6. I told Shannons that my bike is around the back of the house under cover. They didn't have a problem with that. Although my policy states that it's kept in a locked garage. :?
  7. About financing, have you tried just getting a personal loan?
    Usually its a lower interest rate.

    I was going to finance my cage back then but got out a personal loan, for white goods and electrical..
    Then I bought it.

    Why don't you just wait til your restrictions are over and then buy the bike. You buy it now you know your going to ride it and if your caught and/or crash your stuffed.
  8. Personal loan is 13.xx%, secured loan will be 10.24%.

    I wanted to get this bike because it was exactly what I wanted (and only 7000kms old) at a good price. It's the first bike I have seen since looking (about 4 months). It turns out now that the bike has been withdrawn from sale anyway :(
  9. OK when I bout my hornet in 2006, I was still on restrictions (5 days to go by the way).

    I got a personal loan from my credit union for the amount i needed for the bike. No problems, was all approved, got the cash within 1 week 7 got the bike.

    No, I can't get bike insurance for it. but it IS covered by my house & contents insurance.

    I see no reason why you couldn't do the same if you don't intend to ride it.
  10. Don't buy the bike, you're just being impatient. Don't buy anything until you've test-ridden a whole bunch of bikes, you're shooting yourself in the foot if you do.

  11. wise.
  12. There'll be plenty of other Sv650s around... And as the others pointed out, it's better to spend some time test-riding a number of bikes to see which one clicks with you. :)

    On the other paw, you might end up with my predicament - a list of 10 different bikes to spend time test-riding. It'll be early 2010 before I manage to 'upgrade'! ;)
  13. I'd be doing the exact same thing as you cause I can never wait! So therefor, listen to Loz!! :grin:
  14. I've got a great way....wait till you are off restrictions.
  15. Agreed... and until you have the money as well. Financing anything isn't worth it (besides unavoidable situations!).
  16. Just wait until you can legally ride it before buying. A bike sitting alone in a warehouse is a hate crime (against bikes). And it will depreciate so you're making bad use of your money. You'll get better value for money if you buy a bike you can ride straight away.

    There will be other bargains. Be patient.
  17. An unsecured personal loan from the bank will do the trick! :)
  18. Spot on.. +1
  19. Personal loan.....but I wouldnt get a loan full stop...There is a reason why they will not insure you....and doing it shifty will come back and bit you in the arse when you least expect it....not worth it dude...
  20. A mate of mine bought an brand new R1 on finance without a bike licence. He claimed that he was going to use the bike as an ornament, wasnt going to ride at all and he picked it up from the shop in a van. Of course he rode it and it was never intended to be an ornament.