Motorbike finance

Andyt123

Hi, I bought a motorbike on finance in March 2017 on a 36 month agreement. At the time I was able to afford the repayments but now I have recently had a lot of time off work unpaid (due to illness and being in and out of hospital) and I am struggling to continue making the payments. I've looked into terminating the agreement but this would mean giving the bike back to the finance company and paying half the amount left on the agreement which I wouldn't be able to afford to do. I've thought about taking a new loan out to pay the settlement figure on the bike so I will own it and then selling the bike to pay off the loan. Is this an option? Or is there a better way to go about it? Any help would be appreciated! Thanks

[Deleted User]

A loan to pay it off is possible.

However, it's unlikely you would secure another loan, given you are already struggling.

bengalknights

I doubt you would be given a loan with reduced income

Nearlyold

Do you need the bike to get to work when you recover or is it just a leisure bike? Is it a popular bike that'll sell readily? Though bear in mind we're getting near the end of the biking season when used values usually take a dip. How much would a dealer offer you for the bike? How much is the current settlement figure? How much would a private buyer pay? (as its HP many private buyers are put off by the hassle even though it is possible to sort it between them and the HP lender). Get some figures and see what you are likely to be working with.

MEM62

Is the current value of the motorcycle more than the amount owed on the finance?

bobbertandsammy

What bike is it buddy?

MEM62

bobbertandsammy wrote: »

What bike is it buddy?

OP hasn't been back to the forum in 3 days. He either has found a solution elsewhere or is no longer interested in his thread. Either way I don't think he'll be back.