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Getting a loan

Discussion in 'Businesses and Service Providers' at netrider.net.au started by Gremlin85, Apr 19, 2007.

  1. I'm currently looking around to find a good place to get a loan (lets say around $7,000) to get myself a bike and gear. I have no idea where to start or what to do , i dont have many assets (i live with family and im on a pension) so im assuming getting a loan would be extra hard in my case , especially without paying an arm and a leg for it , yet i desperately need the loan otherwise i will never be able to afford a bike

    Does anyone have any advice or pointers they could share? Any recomendations for good companies or how to go about getting a loan and what to look for ect? any help at all would be appreciated!


     
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  2. saving a good deposit might help
     
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  3. My wife and I (Pension and carer) got our last loan through esanda. They were 1% lower on the rates and offered the same deals that the banks did as well and they don't mind leaning to people on a pension.

    So far we have had loans through Commonwealth (wont deal with them after being with them for amost 20 years), Discovery Credit (great if you are working but wont loan to pensioners), ANZ ( Dealt once with them, and never again) and now esanda.

    I expect great cusotmer service from someone that get my business and so far only Discovery and Esanda have come close. But everyone has different expirences with each bank (my dad swears by the commonwealth).

    My advice would be ring/talk to a few banks and see what they have to say. Take the information home and compare them and select the one that suits your needs.
     
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  4. http://moneymanager.com.au/tools/compare/personalloans.html

    try this calc, pay attention to the entry + exit fees..
    Some times, just getting a cash advance on your credit card is good, as you avoid any type of fees.

    Virgin and Bank west give 6 months interest free for new customers when they transfer their balance to them. That is, you buy the lot on your old credit card, become a new customer with virgin, then transfer the lot to virgin and pay nothing for 6 months....
    Good luck and make sure you avoid the easy credit trap!!!
     
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  5. I got my bike through Member's Equity and they were fantastic and gosh darn quick about it. Dead easy application too from memory.
     
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  6. On a pension.....what's wrong with spending $2k and getting a good bike?

    Regards, Andrew.
     
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  7. the fact i only get $500 a fortnight to spred between bills and other essentials like food ect , all up im lucky to get $50 a week to cover everything else i might need including going out ect, so the only real option is a loan

    i already know ill be paying interest out of my a$$ for a loan , but its the only real option , and that im going to have to cut back in everything to cover the loan repayments but IMO it's worth it

    a main reason im not going to be just splashing out on the cheapest thing is that i will be stuck with it until the loan has ben repayed so i want something i like and has some decent performance ect so i can get a few extra years out of enjoying it after im off my P's , So its gotta be decent and in decent shape,im looking at a CBR 250RR or other simmilar sports 250 thats faired and i can grow into, i like the look and style of them compared to the other standard options for a first bike, i know the argument buy a shit bike for your first bike but i just dont want to take that route and upgrade as soon as i can because its reallly not an option for me cost wise! i also know a fully faired bike will cost more to fix after a drop but im prepared to live with scraped fairings ect until i can afford to fix it

    i also dont have a car (nor want one) so the bike will be my main form of transport , so there are a lot of reasons i dont want a random $2grand bike id rather spend around $5-6 grand for a bike i can keep for the next 4 or 5 years and then sell off and upgrade



    but thanks for the help guys , ive been looking around at banks ect im just a babe in the woods when it comes to getting a loan and dont wanna be ripped off more than usual by the banks because of that!!
     
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  9. My friend, you are on a very very very tight budget, are you sure you can afford a bike?

    My $2000 scooter had a flat tire a year ago. cost about $75 then. One year down the track, the head of the screw that hold the exhaust got cut off. The mech could not take the remaining screw off, as the person that changed the tire had tighten the screw too much. They opened the engine, + gaskets ++ ends up $250+.. for a flat tire..

    It is not just the fairings, bikes cost money to run no matter what..
    Now we all feel for you and have the same love for bikes as you have, but maybe you need to chill out for a couple of months, and start working on a budget and save money first... just a thought....
    t
     
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  10. dont spend 7 grand on a cbr250 it not worth it.
    i hope u r willing to service it urself

    To make things cheaper get on of the alternative bikes FZR 250 (reportably faster than the honda equvalant) XZr-250 as they are not as popular the price isnt as inflated

    while the specs r indentical

    +calculate running costs oil tyres fuel repairs tools
     
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  11. Mate no way am i intending to spend that much on a cbr im just using that bike as an example of the type of bike im looking at and as for bikes ive already been looking at the FZR ect ect, a large chunk of the money is going on some good gear and insurance and some in reserve for tyres and other things that will be needed over time

    i only used 7 grand as a rough estimate i assure you i have been working it out for a long while now none of that is an issue , the issue is the loan itself

    and yes im on a tight budget i was only using fairings as an example because it is so often cited , by no means was it all i thought about

    as for the 'save money' , if i hadnt of thought i could afford it in the long run i wouldnt have progressed to the point of seriously looking for loans but its the only real option and one im going to continue with , i can cover about $200 a month in loan repayments if i cut back with some things and still have enough to get by (such as $120 a month on foxtel , with a bike ill be home a lot less so it wont be much of a sacrifice) its a worthy trade off IMO , so the real issue is in finding a loan that doesnt have too many hidden costs and over the top interest rates and will lend to a pensioner , the other things have been worked out and are still being worked on ;)
     
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  12. if you have to insure the bike for the term of the loan over 4 or 5 years you will find it will probably be to expensive as i cant see your premium being under 1300 a year so you could end up paying aroung 20 grand by the time you have paid it all of and at the end you might only have a bike worth 3500 doesnt really seem worth it
     
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  13. Avoid the FZR unless you find one that runs perfect, and even then be wary. The carburettors are #$%^% of things to fix when they wear out, and they wear out very quickly.

    CBR engine rebuilds are expensive. If you buy one, make sure the engine is perfect, then use very good oil regularly.
     
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  14. Members Equity weren't bad with price, I used them too. Pissed me off at the end though, after charging me repeatedly with pissy little interest charges AFTER I'd finalised payment for the loan. I think I still owe them $0.01, 12 months after paying the loan off. Wankers. :p

    This time went with ANZ, as they're my standard bank. Only need a short-term loan (3 months), so the higher rates & charges didn't bother me as much as it would for a full-term loan. Must say, it was quick - 30 minutes in my lunch break and I had a bank cheque in my hand, another couple of minutes on the phone and it was linked to my Internet banking. 30 minute loan approval & getting the funds?! Bloody brilliant! :grin:
     
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  15. If you are intending to get a loan for the bike then you will find that a condition of the loan will be that you get and keep comprehensive insurance on the bike.

    For a new rider with a sports 250 that will be at least $1000 a year.

    I would strongly suggest looking at something like a GPX250 (which you can buy in excellent 2nd hand condition for about $4000).

    The insurance will be less (as little as half as much as the CBR250RR) and that will mean that your budget of $7000 over the 5 years of a standard loan will be $4000 for an excellent GPX250 and 5 lots of $500 ($2500) for the insurance versus $6000 for a rough CBR250RR and 5 lots of $1000 a year for the insurance (oops busted budget!).

    Don't be tempted to pay the insurance for only the first year either... if you have an accident and the bikes written off then the loan company will expect the loan to be paid out in full (yes that means you won't be able to just keep paying the installments... as they will say that the security for the loan ie the bike doesn't actually exist anymore).

    Other bikes more suitable to your budget would include the CB250, the Virago, the Spada and the ZZR250.

    *edit* I've just noticed that you are in New South Wales, this means you have a much greater choice of bikes available to you than just 250's.

    A much better long term choice would be a low kms GS500 Suzuki (or similar) and you won't grow out of a mid sized bike anywhere near as fast as you will out of a 250.
     
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  16. Not meaning to be rude but if I've read this correctly you seriously need to re-evaluate your need vs wants. $40 a week on TV when you are tight for money? What is this world coming to?

    :roll:
     
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  17. Let's not judge Gremlin yet, you could be right but if, for example, Gremlin is on a pension for physical reasons that prevent leaving the house (car drove over pelvis or something) then $40 per week on TV is a prescription to stave off boredom-induced-insanity. If that were me I'd be spending that on TV or secondhand books or DVD rentals for sure. Besides, its good value for money if you can do nothing else for 16 hours a day.
     
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  18. Thanks Hotcam , i dont have a Physical disability (my pensions for having Aspergers and ADHD) however i help take care of my mother who had back surgery (had to have part of a disc removed because it was pressing on a nerve) , so im stuck at home a whole hell of alot helping out since she cant really carry anything heavy, cant bend down to pick something up and some days she cant even get out of bed , but now my younger brothers getting to an age where he can help out a lot so it makes it easier on me , so i can get a bike and go out more and not have to worry so much about how my mothers doing , because my mothers also on a pension aswell because she obviously cannot fall back on the option of borrowing money from the family for a bike and then paying it back because we simply dont have it , the loans the only option open to me

    Lets just say without having the foxtel and internet and the amount of time im stuck at home id go stir crazy , sometimes when shes bad of i barely leave the house for a few weeks (maybe get to go out once a week) , then sometimes shes okay and ic an go out alot , it all depends but yeah foxtel helps keep my sanity , but i can replace that with a bike even if its just for a hour long cruise where id normally spend watching tv , ive had to put off a lot of things because of the family situation so getting this bike now that i can really means a lot
     
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  19. Hey All

    I work for ANZ and have worked at Esanda ( a wholly owned offshoot of ANZ ).
    Anyone after finance, contact me and I can put you in touch with an Esanda rep who will look after you. IE: Going rate on NEW bike $15k about 12 -13%....can get u a rate of 9 - 10%.

    Please Please Please, NEVER take dealer finance.....they bump the rates up...go through the provider direct and negotiate the rate. Even if the finance company deals with the dealer ie they sell Esanda /GE/ etc...tell the provider directly you will give it to them in writing that you want to deal with the Finance provider direct!!!

    Cheers

    David
     
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  20. As an additional thought, Miss_dj is a finance broker (mortgage, various other loans), so might be worth having a chat to her. She's in Melb, so not sure how much that would be relevant.
     
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