v12 bike finance?

henryfuller

Has anybody used this service which seems heavily promoted by some of the online stores?

It's 0% which seems very reasonable and when spending £2000+ makes sense to hold onto your money for longer?

let me know of any good/bad experiences you've had!

rockmonkeysc

I used them. No problems at all.

henryfuller

Which retailer? Ive just spoken to one, and they say it's only available on selected bikes, despite the website saying it's available on the model im looking at ?

acidstrato

have used them loads of times including right now in a 0% 12 month direct debit deal which ends in may.
aslong as you make payments on time or pay off the balance before the 0% period ends your laughing. if you dont then your a tool

i've done them with ribble, tredz and wiggle for bike gear in the past but i've used them for electronics too

Muttly1981

Just got 18 months 0% with them through Liesure Lakes from talking to the manager at LL he was saying to offer 0% it actually costs the retailer 12.5% of the loan/finance balance.

rockmonkeysc

You often can't get finance on discounted bikes because the shop then makes either a loss or no profit

neil_sheehan2000

I'm looking at using their 0% deal to buy a bike through Ribble. The thing is, you have to pay a 10% deposit beforehand, so I'm wondering (and I shall phone them to find out when I can) is: considering I've never had a credit card or any credit at all (student loans and overdrafts don't count in my head), if I don't pass whatever credit check it is that they do, will I get my deposit back?

benpinnick

They won't ask for the deposit before the check, so go ahead and check it out. Don't be surprised if yo don't pass though. No credit rating is a bad as bad credit rating.

Briggo

neil_sheehan2000 wrote:

I'm looking at using their 0% deal to buy a bike through Ribble. The thing is, you have to pay a 10% deposit beforehand, so I'm wondering (and I shall phone them to find out when I can) is: considering I've never had a credit card or any credit at all (student loans and overdrafts don't count in my head), if I don't pass whatever credit check it is that they do, will I get my deposit back?

Overdrafts might not count in your head but its not about that, its about what counts in the eyes of the banks.

Overdrafts are bad in the eyes of credit checks (you aint living within your means, although I'm not sure about student overdrafts), perhaps go online to experian and do a free months subscription so you can see your credit score job done.

Oh and you wont lose your deposit, they cant take 10% off you if you haven't purchased anything, the term 'deposit' just means you have to put down a little money up front so in the event you cant pay the loan back they haven't lost as much after they take your bike back and sell it.

I've used V12 a few times for computers, just bear in mind they charge an admin fee usually about £40.

neil_sheehan2000

Cheers chaps, I'll give it a punt anyway and see what happens. (I actually have the money already anyway, but it just feels like less of a shock to pay it off over 10 months...)

sandy771

neil_sheehan2000 wrote:

Cheers chaps, I'll give it a punt anyway and see what happens. (I actually have the money already anyway, but it just feels like less of a shock to pay it off over 10 months...)

If you have the money then push your LBS for a good discount or buy elsewhere - cash is king. If your LBS will pay 12.5% to the finance co then they should offer the same to you for a cash deal. You wont make 12.5% interest while the money is in the bank.

neil_sheehan2000

Generally I'd agree with you Sandy771, but I don't see an LBS beating Ribble's prices any time soon- at least not for a bike which I've specced myself. I'm not expecting to make any interest from any money I've got in the bank, I'll just feel far better paying off the price of the bike over 10 months rather than all at once- and it won't cost me anything extra (except for the 'admin' fee mentioned above).