Buying a bike on 0% alternative?

elfed68

Hi, I'm not sure if this is on the correct board, if it's not then I apologise.

I'm wanting to buy a new bike which will cost £1595 from a dealer(Giant Composite 1).

The dealer offers a 15% discount to NHS workers, of which I am one, so brings the price down to £1355, a significant saving!

As I'll be buying with 0% finance this discount can't be applied as it's an either or situation.

So, is there a way of buying this bike with some sort of 0% credit card, and paying it off with monthly payments before the rate finishes?

Thank you

Elfed

Porcupine

Don't see why not. Try the top 0% cards guide for some ideas. As always they're subject to credit checks.

Beware that things are likely to be complicated if it's a Cycle To Work scheme rather than a plain discount because it's then effectively being bought by your employer not you.

elfed68

Thanks for that.

It's not a Cycle to Work scheme, just a direct purchase. I've done the Cycle to Work and although it sounds good you don't really own the bike for a few years.

I'll check out your link, thanks

bigadaj

There is, but this depends on you getting a credit card with 0%, so depends on your credit profile. That's a hefty discount so assuming it's not on an inflated price then it's worth getting with some fiddling around.

The dealer might charge you for a card anyway, maybe2-3%, so a personal loan from your bank might work if you can get a good rate as well, loans are available from a little over 5% apr so might be worth comsidering.

First up what's your credit history like, have you got a credit card, have you had loans, have you got a mobile contracts etc, do you have any defaults or problems, knowing this will help on deciding what might be good options.

YorkshireBoy

bigadaj wrote: »

...loans are available from a little over 5% apr so might be worth comsidering.

Those rates are generally reserved for >£7.5K loans though aren't they?


I'd imagine circa £1.3K would command a much higher rate?...10-12%+


I'd say a credit card might be a better bet, possibly one from the OPs bank. But if the dealer agrees to waive the 2-3% credit card fee, then it follows there was an additional 2-3% discount to be had on the bike if paying with cash/debit card!

bigadaj

YorkshireBoy wrote: »

Those rates are generally reserved for >£7.5K loans though aren't they?


I'd imagine circa £1.3K would command a much higher rate?...10-12%+


I'd say a credit card might be a better bet, possibly one from the OPs bank. But if the dealer agrees to waive the 2-3% credit card fee, then it follows there was an additional 2-3% discount to be had on the bike if paying with cash/debit card!

Fair points but the OP hasn't got the cash so apparently a bit of a catch 22 on that point I'd have thought.

YorkshireBoy

bigadaj wrote: »

...the OP hasn't got the cash so apparently a bit of a catch 22 on that point I'd have thought.

It is, but for me personally it would make me think about saving up for such a purchase.


Not that I'm trying to influence the OP.