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Holy s*%* my loan got approved!

Discussion in 'General Motorcycling Discussion' started by judas, Oct 21, 2005.

  1. Well its certainly a shock for me. I've only had my job a month and a half and every bank i have tried have knocked me back as im not a full time employee yet.

    Well one night i was bored and headed over to the National banks website and filled out the online application form thinking absolutely nothing is going to get approved and just doing it from boredom than for anything else. Well today im sitting in the lunchroom at work and my supervisor comes to me with his phone and says, "its jo from the national bank on the phone for you". At first i thought he was kidding, then he said it again and said 'no seriously, its the bank for you'. 5 minutes later my loan is approved and im ready to go!

    Time to go down to A1 motorcycles and talk to my mate that works there and buy my machine!

    I havent been able to stop smiling all day.


  2. National love giving out money. They are very good when it comes to lending. I know a few people who have had financial troubles and the national has been willing to help them out..
  3. nice one mate, how much did they approve you for? what are you considering getting?
  4. i got approved for $7000

    Im looking at a CBR250RR in black, i just love those bikes. Not a fan of the nakeds and the CBR just felt 'right' when i sat on it.

    The gear that ive chosen is -

    Helmet - KBC VR-1 black chrome
    Jacket - Joe Rocket Speedmaster
    Pants - Draggins
    Boots - Alpinestars GPS3'S
    Gloves - Alpinestars - GP pros
  5. Congrats Judas...it's a great feeling, isn't it? :D
  6. nice one, are you getting insurance? you wouldn't want to throw the bike down the road and have to keep paying it off for the next year or two
  7. ill definately be getting third party insurance. Im not to keen on paying 2-3k a year full comp for a bike thats worth 5 grand. It would be wise to take out full comp insurance but all my biking friends have said for your first bike, third party is fine but when you upgrade its smart to fully insure your new beast.
  8. The RACV insure bikes based on your car rating??
  9. I'd use the little change you have left on a riders course too, all that gear is great but it'd be better if you lessen the chance of relying on it in the first place
  10. Not quite.

    They work out your rating based on how many years you've had a licence and how many at fault incidents you've had.
  11. You might want to check the terms of the loan. Is it a secured or unsecured loan? If the bank are expecting the bike to be used as security then you will be required to have full comp as a condition of the loan.
  12. I picked one up through the week, dead sexy helmet! Everyone keeps commenting on how it will look when it gets scratched, I say scratches are like scars, wear them with pride ;)

    $299 from an Elizabeth street bike shop (Aprilia dealer, can't remember their name but they're right next to PS), ordered it on Wednesday, they had it for me on Thursday and were great to deal with.

    (Picked up a pair of Joe Rocket gloves at the same time).

  13. 3rd party insurance on a fully financed bike?

    Wow. If you stack it and write it off, you're stuck paying off the loan. And believe me it happens, specially with first bikes.

    Long as you realise that.
  14. 2-3k for comp? geez.....makes me glad i got my cb250 with $300 for comp.

    cbr250 nice though i'd much rather have that....but the insurance......"sigh"
  15. Congrats on the loan approval :)

    Loz is right, and your friends are giving bad advice :)
    There's a saying that goes, "if you can't afford to insure it, you can't afford to ride it". What happens if you bin it and do $3,000 damage to get it back on the road (never mind how it looks)? I'll bet you don't have the $3k, so your left with no bike/transport, a bike that would be hard to sell, and loan repayments.

    I suggest you consider strongly the repucussions of no insurance, especially given the type of bike you wanting to buy. Even strong suggesstion, review the type of bike your wanting to buy and take a closer look at one's for which you can afford comprehensive insurance.

    Food for thought.
  16. Binned my first bike (CBR250R) with no insurance...didn't see another one for 2.5 years I can tell you its not fun at all stuck with a debt and no bike to ride.

    Sure you want that bike? You'll find that naked bikes are much cheaper in this regard from the view point of paying insurance or self insuring and paying for the repairs youself.

    but they are a great bike, and great to hear its coming through for you.
  17. I reckon the best idea is to go buy a bike you can afford to insure dude. Forget the race bikes, they're still 250s for gaw'sake, it's not like you'll win any king dingaling contests with a quarter litre bike, just get in line and learn to ride.
  18. It's not as simple as getting a naked and having a low premium. You are all forgetting that age is one of the biggest factors when insurance companies determine how m,uch they want to charge you :evil: .

    I am 19, been licensed for just over 2 years for car and just over 1 year for bike. No at fault incidents in that time. Western QBE wanted to charge me $1200 a year for full comp. on a $3200 naked 250, with an $1100 excess. If the insurance premium p.a. + excess is going to cost you over 2/3 the value of a bike, then WTF is the point of comprehensively insuring it?

    I'd word Mouth's statement like so in this situation:
    "If you can afford to insure it and pay the exorbident excess, you can afford to buy a new one next year if you bin it."

    If it's a secured loan then allow me retract what I just posted :p .
  19. I'm with Sam, I bought a $3500 GPX and i got quoted between $1400 - $3400 per year to insure comprehensively!!
    L + 19 year old = $$$
    No way was I going to spend the value of the bike on insurance, i'd be better off fixing the bike myself, not caring about the fairings or buying a new one if i stacked it.
    Well here I am 2 years down the track, and I've dropped the bike twice at about 5km/h onto bitumen, scratching some already scratched fairings. My friend also dropped it once, again scratching what was already scratched. I am very glad I only got 3rd party insurance. I am hoping to upgrade soon as I lose my P's in Nov and am hoping for a drop in insurance costs because of that. My next bike is sure to be more expensive, and I am willing to pay over $1k in insurance for it, if only just to improve my rating!
    Still 4 years to the magical 25 year old rider massive insurance price drop!
  20. That's interesting... Those quotes seem pretty out there. Cheng has just got her L's and an Across, and they're quoting her $350 full comp. Course she's female, and 25, but she's a crap driver!