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Need help with finance :S

Discussion in 'General Motorcycling Discussion' started by hammered, Apr 23, 2008.

  1. hey fellow netriders

    this is my first post and i want to get a opinion on the situation i am in.

    Right now i am a 18 year old male ready to buy my first motorbike (honda rvf400) . I have spent most of my life riding off road on trails and stuff and now i want to ride on the road . I went into a motorbike shop in parramatta (NSW) and they can get me in a honda rvf400 with 12000 to 18000 k's on the clock . These bikes have been imported from japan with new seats and gear on it .

    Now to secure my option on this bike i put a hold on it with $100 and then organised to get finance through the bank the bike shop uses . I filled out all the stuff and for this $10 000 bike it will cost me $360 a month . This ends up being abit over $20 000 in 5 years and i simply dont want to spend that much for a $10000 bike . The loan comes with a loan insurence , which mean if i am in hospital or get fired from my job the loan will get cover . I am pretty sure this is why the loan is so much

    Basically what my question is would i be best getting a personal loan from my local bank or what are my other options

    thanks for reading this and i would appreciate it if i could get your opinion
  2. PM "steveguzzi", i swear by his services, and expertise.
  3. That's just loans for you unfortunately...for my GPX and a bit of gear came to ~9 grand, and doing it through the shops finance it was going to end up costing around the ballpark of double.

    A bank will be slightly better, but you're still looking at a lot more than if you're able to pay cash.
  4. Save my friend. Took me about 9 months and I still haven't had to borrow a cent for anything bike related. (Credit card doesn't count if you pay it off before you get charged interest hehe)

    Spent about 8k on my first bike, gear, insurance, rego, stamp duty etc. You'll have to take these into account. So your probably looking at 12-13k to get started if you want a 10k bike. And that would probably be doing it on the cheap.

    You can get a RVF for 6-7k in a private sale. Don't buy one of these from a bike shop. Bike shops rip learners off with these 'Sports Bikes' IMHO.

    In the current economic climate I'd want to stay away from a loan as rates aren't going to go down for a while and are likely to keep rising for the next 12 months or so.

    Do it the hard way and take some extra work or stay at home instead of going out on the town. It sucks but it's worth it in the end.
  5. Holy shiite! :shock:

    100% interest in 5 years on $10,000 works out to an annual interest rate of 31.5%!!!!

    Even with loan cover, this is a rip off!

    Check out a bank!
  6. to tell you the truth... just save and buy outright
    in the current economic climate... I don't think its such a good idea to take a loan
    you never know what kind of economic stink K.Rudd is gonna sink australia into :bolt:

  7. i hope it slumps HARD!
    hard enough to make houses affordable again.
  8. Unlikely. Even in the US the prices are only dropping in the regions where sub-prime lending was concentrated. In the rest of the country housing is still increasing in value.
    What you will find is that there will be a class divide in terms of affordability.
  9. personal loans with the bank are at a fixed rate for the life of the loan

    at the end of the day with any loan, you will end up paying around half (or more) of the original loaned amount back on top over the life of the loan
  10. buy private rvfs like cbrs 250 are a lucky dip ur no better of gettin a private one or a dealer one. BTW the yama dealer in black town has one for $7500
  11. How nice for the clock :roll: I wonder how many kms the bike has done though.

    10k for an rvf seems pretty crazy too me! The same money gets an 05 zx6r, r6, cbr600, gsxr600, etc. all with actually low kms..
  12. A variable rate loan with a higher rate, could work out cheaper than a fixed loan with a fixed payment schedule... so long as you can pay more than the minimum.

    Did some numbers somewhere around here in another thread... go have a look.

    +1 on the Steve Guzzi tip.
  13. Wouldn't be a bank. Dealers go thru finance company.

    You either not reading ya paperwork right or you getting taken to
    the cleaners.. big time!

    If its the latter, get your $100 back nOOb.

    Tips to save $$:

    1. Shop around for finance. Use loan calculators. Bank websites
    have em.



    $10k personal loan for wifes tit job & repayments were quoted at $236
    a month.

    Alternatively, see a finance broker or PM this fella!

    2. Shop around for the same bike.

    $10k is waaay too much for that grey import. Look around & you'll see
    em selling for even half that asking price.

    Now I know why you chose that nic :LOL:

    F*ck me :shock: :roll:
  14. :shock: Looking at those figures, a $10000 loan that has $10000 in interest over 5 years... that's like a 35%pa interest rate. Doooood! Even GE Money doesn't charge that much, and they absolutely rip people off.

    You could get a credit card at 19% and still be better off.

    Meh... you seriously need Steve's help!!!!!!

    Aren't you glad you asked NR!
  15. nOOb has no idea!

    Hasent yet realised he was missing one '0' & quoted loan repayments on
    a $100000 loan :LOL:

    He'd be better off going to Chinatown to see the chinese triads or go see
    the Carlton mafia & hitting their loan sharks up for a loan :LOL:

    However, Cash Converters will provide a slightly lower rate than the triads
    & mafia.

    Pro: You don't get ya knee capped if you default on a payment.
    Con: Cash Converters only lend up to $5000
  16. Your loan sound exceedingly expensive but the truth is, they are all expensive. Give those c**ts a big fat finger - instead of wasting your money on loans just save up and buy when you have the money. Don't buy into this 'MUST HAVE NOW' mentality. Get a second job for a while, time will go very fast while you're saving :)
  17. :rofl:

    :worthlesspics: :bolt:
  18. have you thought about a credit union? They have cheaper interest rates than most banks.

  19. oh man. i bet you YOUR hundred, i know which one it is?!

    dude, get out of it and get yourself something cheaper and with cash.

    generation right now!? *shakes head*
  20. Dis to Dat :p