finance

jfry94
jfry94 Posts: 392
edited March 2012 in MTB buying advice
hey guys, i turn 18 later this year and wanted to know is it possible to get finance for a bike as soon as i turn 18. i earn enough to pay for it.

cheers
2014 Giant Trance 27.5 1
2013 Cannondale Jekyll 3
2007 Carrera Kraken

Comments

  • benpinnick
    benpinnick Posts: 4,148
    Yes, actually at 18 as long as you have been working more than 3 months its a good deal. Its only once you get older they start to hate you!
    A Flock of Birds
    + some other bikes.
  • jfry94
    jfry94 Posts: 392
    cheers only time will tell ah can go upto about 100 pound per month so looking at something like a trek remedy 9 or orange five if i can find one on 36 month finance
    2014 Giant Trance 27.5 1
    2013 Cannondale Jekyll 3
    2007 Carrera Kraken
  • supersonic
    supersonic Posts: 82,708
    Shop around: finance can be expensive, some nasty APRs out there.
    GT ZASKAR CARBON TEAM

    VOODOO CANZO

    Come and see me at https://www.facebook.com/biketyke/
  • pingu lord of all penguin
    pingu lord of all penguin Posts: 110
    It might also be worth thinking about something more expensive if it takes you into the 0% finance area, but only if you are sure you can afford the repayments. That way your hard earned cash goes on bikes/kit not interest!
    one by one my penguins will steal your sanity
  • davenice
    davenice Posts: 72
    You could start putting £100 away per month now - that way you'd have a bit extra to put towards it when the time comes, and you'd be certain you could afford it :-)
  • mar_k
    mar_k Posts: 323
    edited March 2012
    also as an alternative to finance it can work out cheaper to increase your overdraft as some overdraft
    fees are only 50p a day, they cap that at £7.50 a month
    santander is one such bank, I did the same thing,
    I was going to buy my cube on credit but it worked out so much more expensive.
    I have cleared my overdraft now and recon it cost me £18 in over draft fee's.

    Sit down and work out how much it would cost you on finance in intrest then do the same for your overdraft and see what one is cheaper.
  • stubs
    stubs Posts: 5,001
    Not much good for you as your too young I am afraid and have no credit rating yet but there are some good credit card deals out there at the moment. My bank has just offered me a card with nought % for 18 months on purchases between £1,000 and £9,999 and 1% between £10,000 and £20,000.

    Seems to be a lot more finance about at the moment, I am looking at getting new double glazing and french windows fitted. Had a few sales bods round for quotes and they are practically throwing nought % finance at me. One guy was nearly on his knees begging me to sign.
    Fig rolls: proof that god loves cyclists and that she wants us to do another lap
  • jfry94
    jfry94 Posts: 392
    cheers guys
    supersonic: Is there any places you would recommend.
    davenice: got 300 quid saved up.
    mar_k + stubs: I only really wanted to get it on finance because with a credit card or overdraft if i know i can spend i more likely will so i don't really want that temptation there.


    has anyone used http://www.bikeactive.com/ or http://www.pedalon.co.uk/ both look good to me but what do i know :)

    bike active says 0% 36 month finance on the orange pro five which should make it come under 100 pound a month even with some upgrades.
    whereas pedalon have the trek remedy but only on 24 month which makes it 120 p/m but with the points it kinda offset's the extra 20 in stuff that i would have to buy.

    whats everyone's opinion on these or is there any other options.

    cheers
    2014 Giant Trance 27.5 1
    2013 Cannondale Jekyll 3
    2007 Carrera Kraken
  • supersonic
    supersonic Posts: 82,708
    Some places will depend on your status.

    Bank of relatives?!
    GT ZASKAR CARBON TEAM

    VOODOO CANZO

    Come and see me at https://www.facebook.com/biketyke/
  • Briggo
    Briggo Posts: 3,537
    mar_k wrote:
    also as an alternative to finance it can work out cheaper to increase your overdraft as some overdraft
    fees are only 50p a day, they cap that at £7.50 a month
    santander is one such bank, I did the same thing,
    I was going to buy my cube on credit but it worked out so much more expensive.
    I have cleared my overdraft now and recon it cost me £18 in over draft fee's.

    Sit down and work out how much it would cost you on finance in intrest then do the same for your overdraft and see what one is cheaper.

    Living in your overdraft isn't great for your credit rating, not shatteringly bad but not as good as repaying a 0% or low APR loan back.
  • jfry94
    jfry94 Posts: 392
    love your thinking ss
    2014 Giant Trance 27.5 1
    2013 Cannondale Jekyll 3
    2007 Carrera Kraken
  • ricardo_smooth
    ricardo_smooth Posts: 1,281
    lots of places do 0% finance with a 10% deposit. find the bike you want then search the various websites to find one that does 0% on it :)
  • mikeysickalrigh
    mikeysickalrigh Posts: 246
    Yeah there's really no need to get anything but 0% finance. Look at hargroves and evans. But most shops seem to do it!
  • mar_k
    mar_k Posts: 323
    Briggo wrote:
    mar_k wrote:
    also as an alternative to finance it can work out cheaper to increase your overdraft as some overdraft
    fees are only 50p a day, they cap that at £7.50 a month
    santander is one such bank, I did the same thing,
    I was going to buy my cube on credit but it worked out so much more expensive.
    I have cleared my overdraft now and recon it cost me £18 in over draft fee's.

    Sit down and work out how much it would cost you on finance in intrest then do the same for your overdraft and see what one is cheaper.

    Living in your overdraft isn't great for your credit rating, not shatteringly bad but not as good as repaying a 0% or low APR loan back.




    Deffinately agree with you, however it was the best option for me as it only took 2 and a half months for me to clear.

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