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Discussion in 'Businesses and Service Providers' started by Guest, Mar 15, 2006.

  1. Hey all,

    I'm curious to know which of you have financed your bike and if so what interest rate you got?
    I got a secured Motorcycle Loan through AMC or AMF cant remember what it was called and I have to pay some STUPID amount of interest on it, so i'm going to re-finance and was just wondering how others went about financing, what type of loan and what sort of interest rate they got.

    If anyone has a financier they can recommend?

  2. ANZ, unsecured personal loan, can't remember the rate exactly, but it was about 11-12%. Borrowed heaps more than we needed and paid off credit card bill, loans from parents etc. 5 year term, but plan to pay it in 2-3 years...

    Might not be the best rate out there, but much prefer going through a traditional bank rather than a 'finance company' just for all the hassles and info you have to give them etc...
  3. Apply for a bankwest credit card with interest rate of 8.99%. Once you purchase your bike, cut the credit card to avoid using it again and pay off your loan that way. More info found here
  4. I'm interested in using Commonwealth Bank for a personal loan, Has anybody got any information on them :grin:
  5. It depends on a few things ie:

    How much do you want to borrow, your income, serviceability, secured, un-secured, preference etc...
  6. ALso, as Firefling said, Bankwest have the lowest rate going at the moment (Credit card)
    Much cheaper than a personal loan however, you need to be disciplined in making the regular monthly repayments.
    The trap with credit cards is people keep it at its limit rather than paying it off which is over 80% of the population.

    If you're disciplined with your money, go with Bankwest credit card, but if you know deep down within yourself you cant control your spending, go get a personal loan...

  7. ...Wiping my arse.


    Sorry, couldn't resist.
    I don't like Commbank if you hadn't guessed.

  8. Don't. I just had the biggest shitfight with them. Was going to get my loan from them, ended up telling them (quite loudly in the Martin Place branch) to 'stick their loan and their bloody bank up their arse!!". Ended up closing my account and won't ever deal them again.
  9. I got my loan through the Commonwealth. I don't bank with them normally but they had the best deal at the time and they fell over themselves to get my loan done quick. Not a huge sum though ($5000).
  10. Unfortunately I already have a loan, so i'll have to pay off my loan first... Can't pay a loan by credit card.
  11. Gday lidonit,

    My mortgage bought me my bike... being well ahead, I took advantage of redraw - but upped my repayment a while to cover the bike amount in a comfortable (shortish) amount of time. No set up/ establishment fees, no radical charges... nice and simple all round.

    A bit of experience I'd like to share though...

    I had a bad experience with a car finance company once. They quoted me a certain interest rate which was pretty low compared to others and so I went with them and went into their office to seal the deal.

    The loan contract paperwork however was one that did not list the interest rate, but showed the interest charges instead. This is apparently legal... My alarm bells were ringing, but I didn't listen...

    I queried the guy to his face and he assured me that the interest rate was as quoted. Well it wasn't. It took 2 seconds on excel a bit later to show me that the interest rate was 5% higher than quoted!!!!

    The guy laughed in my face when I rang him straight up. His word against mine. He had a signed contract. I made official complaint to the finance company he was an agent for, but it fell on deaf ears.

    What I should have done was taken the contract home, read it, reviewed it and then returned it signed by registered mail... or even used a pc there to check the figures myself.


    My credit union have no fuss, simple personal loan contracts that have minimum repayments that are not fixed. IMO they're the best kind of loans, coz if you can repay more, you do and you don't attract a penalty.

    Finance companies like AGC and most banks have fixed term car/personal loans that lock you into 3, 4, or 5yrs, paying a fixed amount and charge penalties if you pay the loan out sooner - l don't like those contracts at all!

    Not sure I've helped, but good luck with it.


  12. Cheers Rob, sound advice appreciate it. I guess i'll probably stick with mine for this year... Pay off as much as I can, then sell my 250 and pay off the loan, with a bit of luck (after I pay the $250 early termination fee you mentioned) I will then do something similar as you to get my next bike.

    Thanks again.
  13. This is a big pitfall for new players using thier mortgage to buy cars/bikes etc and it ends up costing you twice as much for finance if you do not up the payment to match your new spending.

    Suprising how many people finance bikes etc...
  14. I just bought my ute like this, bankwest wasn't quite the cheapest (lots of fees and a variable rate that is currently 12.99%, even thought they still advertise the 8.99%), it works out better with HSBC or Virgin.

    If you make the repayments it is fine, but miss even a couple and your screwed. And cutting the card in half is a really good idea.
  15. Hey Jimmy..., right on. If you redraw to finance something then it only makes plain sense that you up the repayment for a period of time to get you back to the point you were at.

    If you took out a separate loan, you'd be paying that off as well as your mortgage right?!?

    One possible bonus is that if you can sustain the extra payment, then you might as well keep the repayment at that level anyway and once you got back to where you were... you'll knock off your mortgage just that bit quicker.


  16. Fortunately, I think i'm one of those few people who are good with money.. I get paid monthly, so everything gets knocked over on payday. I always pay extra an extra weeks repayments on EVERYTHING even if it is only $50 bucks, I hate owing money but love the feeling of paying something off.

    I would ideally like to have one loan for my car and bike as this would save dicking around with multiple facilities. On top of rent, bills and living (going out etc etc), I have about $1000 to pay on Car (700) & Bike (300).
  17. $1000 per month in vehicle repayments?
  18. Just investigating some financing options and found a bit of a gotcha with this plan. As long as you purchase the bike on the bankwest lite Mastercard you are getting away with an 8.99% interest rate but if you took out a cash advance against the card then you are paying 20.24% p.a.