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financing bike

Discussion in 'Businesses and Service Providers' started by kurichigo, Jul 22, 2008.

  1. Will any financial institution finance an amount of $3,000? iv been looking around. the smallest amount was 5,000

  2. Sounds like you've done your own homework.

    If you could secure 3k the deal wouldn't be great anyway.
    Is 5k not an option? include gear and maybe insurance? I'm sure you could get a better rate on a larger amount.

    If you can pay 3k back quickly (12 months) have a think about a cheap credit card. The total interest wont kill you.

    Beg or borrow from family maybe?

    Plenty of institutions will throw 10k at you.
  3. Get a credit card, pay the 3K on it, then get another CC with a 6 month 0% Int on Balance transfer deal, and transfer it across. Then cancel original card. Repeat 6 months later.....
  4. And your credit record is noted every time you apply for finance whether you proceed or not. Not great advice
  5. As the CB bloke arranging our refinance told us, if you are applying/canceling finance for the betterment of your financial situation, it will be actually looked upon favourably.
  6. I don't see the problem, for say 3k you should be able to pay it off pretty quickly, 12 months max.

    No one will have problems getting credit, if they have no defaults, with 2 or 3 CC applications noted on their file. As long as their disposable income is appropriate for the finance they are applying for.
  7. what if it was a private sale purchase? id be paying interest on the cash withdrawal of credit card and thats usualy rather high.

    5k would be an option i was quoted roughly 14% from bank. Can anyone recomend a financier that can offer 10%?
  8. Only until you transfer the balance to you other card (0% on bal transfers).

    OK I wouldn't recommend this to anyone who is not disciplined with their money, as you can easily get yourself into trouble if you don't pay it off quickly.
  9. Mate, 3k on CC at 15% is about $450 int over 12 months. Most loan application fees are close to that before you pay any interest.
    If you can pay off your CC in a year it could be the best way to go.

    You wont get anything like 10% on 5k if you can get it at all these days. (I did 12 months ago though)
  10. Laybuy?? :grin: :LOL:
  11. still doesnt solve the problem of 18%+ interest rate on cash withdrawal.
  12. Kurichigo,

    Try www.infochoice.com.au , they are an independent (as far as I know!) company comparing a lot of loan products that are available from most major lenders (interest rate, application fee, minimum amount, exit fee, etc), they also have loan calculators etc. I trust you will find it very useful.

    PS: To go directly to the personal loan section: Click here


  13. thats an excellent site!

    thanks gracebeey
  14. You could always borrow the 5k then pay the extra 2k back into the loan.