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Financing My Bike... The Hard Way

Discussion in 'General Motorcycling Discussion' started by Legendarylvl1, Nov 8, 2012.

  1. Hi guys, not sure if this belongs here but I checked out all the other sub topics and couldn't see anything that was dedicated to beginner financial problems. So here goes.

    I'm currently a uni student working part time. I've saved enough money to purchase a brand new bike without financing but lo and behold my sister decided to have her wedding this December, and as a wedding present, I've chosen to give her my life savings.

    The problem arises from the fact that I must get a bike by Early next year, and seeing as I now have no cash, the only real option to me seems to be financing.

    Of course being a full time student and all I have no credit history, does anyone know what my options are at this point?

    Or was my love of bikes never meant to be:(
  2. Good on you for taking care of your sister....being a student and accepting this perhaps you should simply save a smaller amount again and buy a older second hand bike that you won't be afraid of making mistakes on and you won't lose much if any money when it comes time to sell the bike onto the next owner?
  3. It's always a challenge to get finance and one to avoid if possible.
    My suggestion would be to try dealer finance as your 1st option. The finance will be a secured loan meaning if you default on the loan they will take your bike.
    Don't try and apply for many loans try once and if you get knocked back wait 6 months or so before trying again. Multiply applications may strike a negative result against you.
    Make sure you can make the repayments so when your looking for the bike ask what the weekly, monthly repayments are. Remember you need to budget running costs like fuel, rego and insurance as well.
    Bring pay slips with you if you go down this path and also show your bank statement with savings in there before you give it to you sister. This shows proof to service the loan.
    These tips may help you are but not guaranteed. Dealer finance is more expensive but sometimes a good place to start. Also explain to the business manger(who will make your finance application) all savings history. Even ask then what are your chances? IF they think its low don't take the risk and apply.
  4. Give her half your life saving, buy a second hand bike.

    Or, get a credit card with a small limit, use it & pay it off, build up a credit history, save a deposit & you shouldn't have any trouble getting finance in a year or so.

    First option is better though :) Bitches be taking half of everything for the rest of your life anyway, might as well get used to it.
    • Like Like x 4
  5. Seems weird to give away everything you've saved and then go into debt and cop interest payments. MV had a good suggestion - minus the last paragraph.
    • Like Like x 1
  6. Who the hell gets that kind of gift from their brother for simply getting married? You want to get rid of her that badly? What's the deal? Bridezilla in the making? No goats around to trade her for instead?
    • Like Like x 2
  7. My sister is pretty much my best friend. I just think I owe it to her

    I think mv had some good advice! Thanks a lot ill take that into consideration
    • Like Like x 1
  8. #8 Wayned, Nov 8, 2012
    Last edited: Nov 8, 2012
    I suggest that when you are ready to get a bike, get married and see if your sister buys you one as a wedding present.
    • Like Like x 3
  9. Apply for finance BEFORE you give away your savings.
  10. Make sure you can make extra payments of loose change etc any time you want. You will be surprised how much coinage a milo tin will hold, and how heavy it can be.
    Plus less interest is always a good thing.
  11. Buy her a motorbike then borrow it?

    Seriously, if you're keen to get on two wheels ASAP, get a second-hand postie and then work up from there. They are very cheap to run so you won't be throwing your money away on running costs while you save for what you really want.
  12. Wow, you're making me feel bad. The present I gave my sister for her wedding, was me flying up there to be present at their wedding :D

    Do you really want to waste your money on financing a bike? Do you really want to buy a new bike as your first bike? Now that the exams are almost over, you should have plenty time to work and save all the earned money. Don't forget that once the bike is there, you will have running costs as well. It's not the buying of the bike in itself that is the most expensive about this hobby. It's everything else that goes with it.
    • Like Like x 1
  13. Just get yourself on a second hand banger, your just on your lams anyway you can buy a new shiny shiny when its worth it. Brand new learner bikes are pretty shit, compromised, underengineered and overpriced. The only people who buy them are fools who are worried about realiability, in reality bikes have barely changed in the past 25 years and old bikes are extremely reliable.

    for 2-3k you should be able to pick up a decent second hand run about, then in a year or so you can get the funds together and upgrade or just keep saving till your off your lams and get something awesome.

    giving your life savings to your sister is a bit intense no matter how close you are, surely she wants you to live a prosperous life just as much as you want her too, i cant imagine she would be that worse off or mad if you kept a few k for yourself.

    I know my sisters would feel bad if i gave them everything ive ever saved because she got married, shit what are you going to do if they break up and her husband takes all your cash.
  14. I admire your desire to help out your sister, my brothers can fcuk off but if I'd ever had a sister, I would've been the same. Which of you is older? Is your money crucial to the wedding or is it just for extra flowers or some frippery? Suppose it's a bit late now, but I probably would've offered half or something too. She's employed isn't she?
  15. My sister is older by 8 years. Not really crucial but I'd like to do something special for her, she's basically been a second mother/best friend all my life
  16. Wow thanks for all the advice everyone! You guys are pretty darn awesome. I think I'll just get a second hand beat me down when the time comes, and I'll look at more reviews for the bikes. I hope I can look back in a few years time and see clearly that this was the starting point of an epic journey:)
    • Like Like x 1
  17. Well there's doing something special and then there's being practical, but good on you for helping out anyway. You can always make more money
  18. I hear your Sister is cashed up.
    Get a loan from her.
    • Like Like x 6
  19. Call a dealer and ask to speak to a finance person ,call 3 or 4 dealers see what they say about their finance.....over the phone they will give you the info you need and advise ,don't do this in person with a salesman looking over your shoulder and them pressuring you to get a dealer loan on a bike they just showed you.