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Funding a motorbike....

Discussion in 'General Motorcycling Discussion' at netrider.net.au started by speedysnaill, Mar 30, 2007.

  1. Hey guys! Got a financial question for you all...

    Does anyone know of an institute that aren't tight with their loans? Most places I talk to want a backer or someone to share the loan with - I don't have someone I can ask to do either, so I'm kinda stuck, but still itching to get a bike. Can anyone help me out? (I'm in SA btw)

    Cheers!


     
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  2. If you cant save, why would a lender feel secure in lending you money?

    Those that are less strict in their requirements often have higher interest
    rates.

    Your parents cant get a small loan for you; or be guarantor?
     
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  3. Where are you form?

    Edit: yeah i just looked at your intro and well if you were in Sydney/nsw i might have been able to help you get a bike for cheap.
     
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  4. The only way is Saving or getting a Loan!

    Put a little away each week and you will get there eventually!

    Unless you win the lottery :LOL:
     
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  5. :)

    Some lenders have specific loans for students (many of those require guarnators though), just asking if there's an avenue I'm unaware of. I'm pretty savvy with how loans and banks work, hence me asking if anyone can recommend something that will suit my needs.

    I'm in Adelaide.

    And no, parents are not even aware that I have my license. I'm not hiding anything, but I know they won't help me out even if I did ask. Hence me saying that I don't have anyone for a guarantor or to have a partner loan with.
     
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  6. Give the NAB a try. Go the NAB first choice.. Another option is GE Money, who these days have very competitive rates.. We have RACV finance here, not sure what you have there, but they love giving money out.. They just hate when you pay it back in a week (long story :grin: ) Someone will do it.. Just make sure they arent charging 18% interest or something crazy like that. You should be able to get an unsecured personal loan with 11.5% - 13.5% interest rate from a bank. Finance companies are more flexible with lending money, and interest rates vary from 9% - 12% for a secured loan, therefore they will use the bike for security and possibly some assets.. Just be careful and dont get sucked in to something that will cost you heaps in the end. Hope this helps, good luck.. :grin:
     
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  7. Does your uni offer any personal loans?
    When I went to uni they offered up to $5k personal loans for whatever reason... never needed it so don't know if a guarantor was needed or what not. But I was aware that the loan was an option.
     
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  8. Try applying with the NAB, they take your case on specifically, and you wont _neccessarily_ need a guarantor. Unlikely, but it can't hurt to try.

    Other then that, get another job and a credit card. DO NOT BUY A BIKE WITH YOUR CREDIT CARD, REGARDLESS OF YOUR LIMIT. Use your credit card for a while, but making sure you can pay it off. This will give you a credit rating, and thus no need for a guarantor (so long as your credit rating is good). The only problem is that your credit history has to show you will be able to make good on your loan.

    Ask friends if they know of jobs going, I'm working at a nightclub/strip club in townsville because a friends cousin needed a replacement for one night. The work isn't great, but when i work in the strip club i enjoy it :p (pbly more then i should)

    The commonwealth also offer a student loan up to $5000, and i think they are slightly more lenient. Worst comes to worst, sell some of the things you don't use to a pawn broker, things like jewelry you dont wear, electrical stuff you dont use. Things that you won't miss. Use this moreso as a last resort to top up your funds if you find something you like just out of your range.
     
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  9. Then you can't afford to borrow money and only a fool would lend it to you. You need to find more income first
    I'd say and then decide whether to save it up or use it to pay off a loan.

    Sorry!
     
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  10. a fool or a a wise person who knows that there'll be a LOT of intrest accrued before the repayments are over.

    loans are dumb for this type of thing. keep saving. oh and, im at uni too, i know what the depressing financial situaion feels like
     
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  11. Even if you do get a loan, and the bank uses the bike as security, they will force you to get full comp insurance, which for someone of your age will be considerable. You might want to get quotes off a few companies so you know exactly what you will be up for. You will need to ask about "full comprehensive" and "third party".

    Cost of insurance over a couple years, could be more than the bike is worth.

    Good luck.
     
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  12. Probably most of us were once where you are mate. It won't be easy to borrow money. They always want to know how they will get it back from you, plus more.
     
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  13. damn sceptics

    Wow, some useful posts, and then there are those people that are far too sceptic to even bother replying.

    Seriously guys, if you're not going to be useful, please try not to parent me. I asked if anyone knew of any banks that may be able to help me - a simple question, yes? With the risk of offending people, I'm going to ask if you would all please stick to the topic at hand. My financial situation is well known to me, and I know what I can and can't afford. It was a direct question, and was not intended for open interpretation.

    Thanks to those people who actually gave me USEFUL information. To those of you who gave me your opinion, I appreciate your scepticism, very entertaining :). For those of you who still want to comment, while the scepticism certainly keeps me on my toes, I would honestly prefer it if you would refrain from opinion-based comments and answer the question that I originally posted.

    Cheers! :grin:
     
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  14. Dude, you said yourself
    so if you cant save .........you can't repay, if you can't repay no one is going to lend you any $$. Because they look at your DISPOSABLE income you need to cut back or make more $$ simple. :)
     
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  15. Re: damn sceptics

    Well take more care in the choice of words you use/what you say.

    :roll:

    You couldve just said..

    & you wouldnt have got 1/2 the responce types you got.
     
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  16. Re: damn sceptics

    Firstly - be a little careful about attitude when responding to posts on a public forum. Asking for advice in this medium you are going to get responses that may not meet your specific requirements but you are getting responses from people genuinely willing to share their own experience in an effort to help you, whether you feel it is too "parental" or not. Take what you need, and just ignore the rest, otherwise you'll quickly find people won't want to help you at all.

    Ok is this opinion or advice? You be the judge. You state you can't earn to save, but simply meet expenses. The bummer about loans is you still have to be able to pay them off. I took out some university loans to buy music gear early on in my uni days and regretted it because it became a problem to repay them. Assess how much you really need - what are your expectations? As long as you aren't aiming too high you can get a simple learner's bike for minimal outlay. There are a multitude of cash paying jobs you could take on in your semester break that could enable you to quickly generate enough funds to buy a basic bike. If you're hungry enough to get the bike you should be able to do it if you sacrifice your free time to take on enough work to get there.

    To answer your question directly - unless you can prove you are able to make repayments on a loan, or can get someone to act as guarantor (which you say you can't) then you won't get a loan except from sharks that you really shouldn't get involved with. You've already answered your own question - you've done your research and can't get anyone to make the loan to you. Your only real option at this point is to bust your butt to earn the money yourself, or sell off any existing assets you already have.

    Not the magic bullet answer you are after, but thats the reality of it.
     
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  17. righto

    Point taken, post has been edited - now, will people stop giving their 'opinions' of my financial situation and answer the ACTUAL question? That would be greatly appreciated.
     
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  18. Good work. :wink:

    MissDJ may be able to offer advice. Shes a broker.

    https://netrider.net.au/forums/profile.php?mode=viewprofile&u=3748
     
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  19. Pity you took the logical replies personally but the truth is if you can't fund a loan you won't get one! You don't have enough to save which means your disposable income = zero? Or maybe you do have something you could give up i.e. smokes, drink, drugs, movies, takeaways etc! Ya have to decide what floats your boat more or get an additional income stream! Not one of the above replies was a personal attack just good advice!
     
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