Livelend loans?

damoC

Has anyone got any experience with LiveLend (created by Chetland financial)?


I'm looking at a new bike and the apr I can get with LiveLend is lower than that of the bike finance (Pre-approved to get that rate)


Any experiences? Cheers

boo_star

Their interest rates are relatively high.

(Text removed by MSE Forum Team)

damoC

Yeah the interest rates are quite high although for the amount I'm after its cheaper than the bike finance and an equivilent loan from the bank.


Apparntly there are no charges for missing payments( I don't intend to, I'm working hard on my credit history being clean)

(Text removed by MSE Forum Team)

bd10

Hi, do you mean bike or bicyle? If bicycle, then the only kind of finance I would consider worthwhile is a company bike scheme. Income tax is saved, the profit booked at a much lower corporate tax rate, so everyone's a winner.

15.7% APR is de facto a credit card rate. Even RBS with their personal loans at 3.4% are better. I would shop around for a more competitive rate.

More fundamentally, personally I would not do that. A bike is written off in terms of depreciation very quickly, a loan is borrowing at 100% face value before depreciation. Depreciation plus 15.7% APR is the total cost.

If on other hand you save up for 1 year, and if you say had the loan running for another 1 year, these monthly payments you could put in a savings account.

damoC

bd10 wrote: »

Hi, do you mean bike or bicyle? If bicycle, then the only kind of finance I would consider worthwhile is a company bike scheme. Income tax is saved, the profit booked at a much lower corporate tax rate, so everyone's a winner.

15.7% APR is de facto a credit card rate. Even RBS with their personal loans at 3.4% are better. I would shop around for a more competitive rate.

More fundamentally, personally I would not do that. A bike is written off in terms of depreciation very quickly, a loan is borrowing at 100% face value before depreciation. Depreciation plus 15.7% APR is the total cost.

If on other hand you save up for 1 year, and if you say had the loan running for another 1 year, these monthly payments you could put in a savings account.

I mean motorcycle. For the amount I need the apr is lower than other sources ( although I'm looking at 15.4% via their website or 11.3% via clearscore which is pre-approved at that rate). I understand the depreciation although the plan would be to clear the loan before the term too save the interest.

I would love to save for a year (very sensible idea and currently saving ) but my current bike is a small engine and riding at max rpm's constantly on the motorway. It can't be healthy on the motor and I don't want to blow the motor (although I would fix myself so would only cost parts).

Xbigman

I assume you mean a 125 engine. Most are designed to run at high revs. I once had a CB 125 single cylinder that might as well have had an on/off button as a throttle the way I rode it. It went on for years. If you are doing a lot of miles you only need to back the throttle off a little bit from maximum and slow down by 5 miles an hour to save a lot of engine strain.

I'd be inclined to save up for now and wait until my existing bike started having problems. Once at that point you would at least have a bigger deposit that should give you a lot more finance options.


Darren

damoC

Xbigman wrote: »

I assume you mean a 125 engine. Most are designed to run at high revs. I once had a CB 125 single cylinder that might as well have had an on/off button as a throttle the way I rode it. It went on for years. If you are doing a lot of miles you only need to back the throttle off a little bit from maximum and slow down by 5 miles an hour to save a lot of engine strain.

I'd be inclined to save up for now and wait until my existing bike started having problems. Once at that point you would at least have a bigger deposit that should give you a lot more finance options.


Darren

Yeah I currently have a 125 and it's a Honda although I'm after something bigger (I have full A licence). It's not comfortable overtaking a few lorries in a row at max rpm's and headwind dramatically slows me down.


I understand what you are saying, I do currently have a nice amount saved up and can get a decent-ish trade in price at honda against a new one although I'm exploring options to find the cheapest way possible.

sourcrates

damoC wrote: »

Yeah I currently have a 125 and it's a Honda although I'm after something bigger (I have full A licence). It's not comfortable overtaking a few lorries in a row at max rpm's and headwind dramatically slows me down.
.

The real joys of Motorcycling are been able to trundle along the back roads, i appreciate you may have motorways to contend with, but any 600 is capable enough for commuting and such like.


I would suggest looking at the second hand market for a bike, but prices have gone through the roof in recent years.


I`m sat here smiling to myself, as after many years riding big bikes, i`m now contemplating a 125 scooter for work.

damoC

sourcrates wrote: »

The real joys of Motorcycling are been able to trundle along the back roads, i appreciate you may have motorways to contend with, but any 600 is capable enough for commuting and such like.


I would suggest looking at the second hand market for a bike, but prices have gone through the roof in recent years.


I`m sat here smiling to myself, as after many years riding big bikes, i`m now contemplating a 125 scooter for work.

Yes I am looking around for a second hand one also to see if I can get a good deal.
I understand but I don't want to take the scenic route to work at daft o clock in the morning haha.


The 125 is good fun though and costs me around £4 a week in fuel, it's super economical :j

Canonandball

I just took out a l8an with Livelend. They want to take two payments in the first month which i cant afford because they messed up. They are very unhelpful even when they get things wrong. Im going to speak to the FSA about them.

BrassicWoman

LiveLend wrote: »

Hi Canonandball,

We'd like to get in touch with you to find out more about this issue and how we can help. If you could get in touch through our website or send us a private message with the details below, we'll pick this up straight away.

• full name
• email address
• telephone number

Thanks,

LiveLend

Please obtain permission to post as a company rep. Until vetted by MSE you could be literally any kind of scammer.