loan advice for a new motorcycle

ravenlife

Hi guys,

i wonder if someone could give me a little advice,

i am taking the plunge and finally getting myself some transport, ive picked the bike that i want and got a rought estimate for my insurance, and the various accessories that come along with it.

so im basicly looking for advise on what to do, would it be better to choose a finance option with the dealer or get a loan.

i cannot afford it outright, and it will take me a long time to save

bit of info on me:

i checked my experian report, and all my credit "dealings" are satisfactory, however my "available credit" is less than the ammount of money i want to borrow, i have also missed 1 payment in the last year (before i switched them to DD so i wouldnt miss them)

now....

i have a credit card and a catalog account, i intend to pay off the credit card (£180) this month, aswell as put a dent in the £500 i owe the catalog (hopefully all of it if my bonus is good)

so my 2 questions are

1. should i go loan or finance?
2. should i wait untill the end of next month before applying for the loan/finance (when i have paid off the CC and part of the catalog)

thanks guys

RL

Any

Finance will be easier to get but cost you much more over longer period of time. Sometimes laughable amount of money.

I would wait couple more months myself.. If you try for loan and don't get it (and chances of that are very high) it will leave a mark on your record.

davetrousers

Have you considered the cost of other essentials: Helmet, Jacket, lock etc?

ravenlife

I would wait couple more months myself.. If you try for loan and don't get it (and chances of that are very high) it will leave a mark on your record.

i might leave it untill the end of april, middle of may, but i really need to get some transport soon.

Have you considered the cost of other essentials: Helmet, Jacket, lock etc?

sort of, i tried to work out how much the bike insurance and essentials were, so i have a rough guestimate, when i actually apply it will be after a visit to the motorcycle dealers, so i should have a better idea of whats happening, i will also check out there finance offerings and see what it comes out with.

ive tried to pick something cheap and reliable (for cost) but also with some style/umph (so i dont immediate want to get a better one)

i suppose when i go to the store i may see something differnt,

i deffo should wait untill the end of the month then i think

Any

I think that is a good idea.
And do not ride a bike without the right equipment - it's not only your driving skills that might hurt you, but there is a lot of idiots on the roads not thinking of driving when they are supposed to.
I've seen couple of people who first bough a bike and then "the leather will be bought when I have spare cash"... One of them had an accident and his leg looks awfull...

Robert_Sterling_3

Leave it as long as possible before you decide to buy it.
An ideal time would be when you could afford to pay for it and for the tax and insurance.

ravenlife

turns out my local dealer, just put a 0% finance option on all there new bikes (to coincide with a price increase from honda), lets hope it runs to the end of next month