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0% Finance Bike Question

peanut1978peanut1978 Posts: 1,031
edited November 2010 in Road beginners
Hi there,

I am looking to buy a bike on 0% finance

I have looked around, but was looking for suggestions on bikes/websites.

Looking to spend round about £1000

Posts

  • If you think you can pay the bike off in 12 months, a credit card offering 0% on purchases will offer you the opportunity to buy your bike anywhere you like.Moneysavingexpert.com offers advice on credit cards that will be suitable.
  • if you work for a biggish company, have you checked whether do the 'ride to work' thing?
  • A credit card will be better, as you will be able to buy the bike from any shop, and purchase one that is discounted.

    If a credit card is not an option, then I know two shops off the top of my head that do.

    Wheelbase
    All Terrain Cycles

    There are a few others, but their names escape me.
  • jackmcdjackmcd Posts: 185
    Stonehenge cycles in salisbury do 0% finance and have a great little specialist road / tri shop. They also have a web site.
  • Downland Cycles in Canterbury do 0% over 12 months.

    http://www.downlandcycles.co.uk/

    I was going to do this when i bought my bike from them, but just slapped it on the credit card in the end.
  • Do not asume that everyone in the society in which we live can get a credit card.
  • ProssPross Posts: 23,920
    I don't think anyone is assuming but providing the OP can get one / has one and is good enough financially to pay it off before the 0% runs out (i.e. not me!) then it is pretty good advice. You also get some decent financial protection plus the ability to sell the bike if you don't get on with it or needed the money within 12 months which I suspect the finance arrangements won't allow (as well as a more varied choice).
  • CiBCiB Posts: 6,098
    Do not asume that everyone in the society in which we live can get a credit card.
    The other option, not ideally suited to OP but good for all other would-be buyers looking to buy in the future, is to dump as much cash as you can into a savings fund / shoebox under the bed etc on a regualr basis, in readiness for the day that you want to buy a big ticket item. That way you don't need to borrow money.

    No difference to paying a credit card off, except that you don't actually make the purchase for a while.
  • peanut1978peanut1978 Posts: 1,031
    Thanks all, some good sites to take a look at. I already have a single speed on the cycle to work scheme so sadly that's not an option for this purchase Knight.
    I had considered the 0% credit card option but wife worried I'd be too tempted to keep adding to it so suggested the finance option instead :wink:
  • CiB wrote:
    .......is to dump as much cash as you can into a savings fund / shoebox under the bed etc on a regualr basis, in readiness for the day that you want to buy a big ticket item. That way you don't need to borrow money.

    That the old fashion way, favoured by our grandparents and folk living in Yorkshire :wink: , and should be the way forward.
    If you ain't got the money then don't buy.
    I do have a credit card, however, but pay off the balance each month.
  • hammeritehammerite Posts: 3,408
    Lots of places offer it, using a company called V12 Finance. Some will do a 0% finance, others will do buy now pay 12 months time.
  • CiBCiB Posts: 6,098
    Lillywhite wrote:
    CiB wrote:
    .......is to dump as much cash as you can into a savings fund / shoebox under the bed etc on a regualr basis, in readiness for the day that you want to buy a big ticket item. That way you don't need to borrow money.

    That the old fashion way, favoured by our grandparents and folk living in Yorkshire :wink: , and should be the way forward.
    If you ain't got the money then don't buy.
    I do have a credit card, however, but pay off the balance each month.
    You can knock it if you like, but one thing that's pretty much certain is that one day you'll be faced with a big ticket item - bike, TV, car, unexpected MOT failure, anything. As it's hardly a surprise to find yourself in that position, why not take steps up front to make it easier, so that when you do encounter just the thing at just the right price, you can just do it without any bother?

    Shoebox was a euphemism BTW.
  • le_bossle_boss Posts: 183
    Do not asume that everyone in the society in which we live can get a credit card.

    +1.

    if you dont have great credit history, or feel that you cant pay back within 12months, dont apply for the credit card. you are much more likely to get a finance deal as you cant add to it, whereas credit card companies are much tighter these days on applications, and if you apply and get turned down you will damage your credit rating which could in turn damage your ability to get it on finance.

    think i speak for everyone when i say 'i hate bankers!'
  • CiB wrote:
    You can knock it if you like...

    Wasn't knocking it for one minute. I was actually agreeing with your 'shoebox' suggestion. :wink:
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