Has anyone used Finance?

isitamonster
isitamonster Posts: 59
edited January 2011 in MTB general
So obviously Mountain biking is a pretty expensive hobby, parts , clothing and upkeep all adds up, but when you're getting serious a bike can cost a hell of a lot more.

So can anyone recommend places/sites and their offerings, any past experience would be greatly appreciated!

Thanks all.
2011 NS Core 2. Boing boing.

Comments

  • welshkev
    welshkev Posts: 9,690
    i bought from wiggle on buy now pay later, but most places do finance.

    i paid a 10% deposit, then i could either pay it all off after a year and pay no interest or start installments for 12 months with interest.

    i chose to pay it all off after the year and the only extra i had to pay was £25 admin fee
  • isitamonster
    isitamonster Posts: 59
    Thing is with Wiggle, as That was the 1st place I looked at as i used to buy a lot from them in the past. they dont have a great selection of bikes.

    shame really.
    2011 NS Core 2. Boing boing.
  • welshkev
    welshkev Posts: 9,690
    like i say, that was just an example, most of my local shops do finance and they have websites:

    www.tredz.co.uk

    www.sunsetmtb.co.uk

    i bet your lbs does aswell :D
  • Koiler
    Koiler Posts: 513
    im sure in a minute, someone will be along to advise you to only spend what you have and not get yourself into debt.

    but if you're set on using finance/ credit to get a bike, which is understandable given the prices of shiny thing these days. have you thought about getting a credit card? use it to buy the bike, then cut it up before it starts burning a hole in your pocket. that way, you can buy from wherever has the best deal.

    cycle to work is also another option if your company offers it
  • m4point5
    m4point5 Posts: 18
    i bought my trek remedy 9 on 0% finance from leisure lakes in their sale late 2009.

    can't remeber the details but i think it was a 10% deposit then i could select the monthly payments from 6 to 24 months.

    organised through black horse finance. no trouble.
  • mossmotorsport
    mossmotorsport Posts: 356
    My LBS (Pitsford Cycles) do buy now pay later up to 18 months interest free depending on the amount spent. They don't charge admin fee's either as they take the hit on it. Best pop into your LBS and see what they can do for you.

    Or... take out a new Credit Card if necessary with 0% on purchases and consider that route?
    Specialized FSR XC Expert 2010
  • coopsman1
    coopsman1 Posts: 337
    I bought my Rockhopper Pro from Evans at £1200. I opted for the 12 months 0% finance option.

    I payed a 10% deposit and that means I pay about £75 a month.
    http://ridewithgps.com/photos/snapshots ... 749872.jpg
  • will8
    will8 Posts: 82
    I got my trek ex 8, some new clothes, tires, pedals and a lid. Slapped it on the plastic, 0%. For 18 months. So as long as I pay it off on 18 months. I wont pay any more.
  • mossmotorsport
    mossmotorsport Posts: 356
    Depending on Credit Card deals, they can sometimes give you a longer interest free period - without any admin fees etc either. Probably worth using a comparison site to check.
    Specialized FSR XC Expert 2010
  • Buckled_Rims
    Buckled_Rims Posts: 1,648
    It's expensive if you fall for all the crap you hear..carbon this and titanium that. Buying a car and watching the depreciation is far more expensive. Drinking in a Pub every night is more expensive. £1000 can get you a good bike and gear to last at least a few years hard use.

    How much was that last foreign holiday of yours? :wink:
    CAAD9
    Kona Jake the Snake
    Merlin Malt 4
  • D-Cyph3r
    D-Cyph3r Posts: 847
    I got my EX8 from sunsetmtb via Black Horse interest free finance (12 months, £200 deposit) and not had a single problem, on the 1 occasion i've not had enough in the bank to cover it they just sent a letter basically saying "we understand sometimes people overshoot themselves with money or situations arise they weren't expecting, but dont worry we'll try and take it out same day next week, if that dont go through we'll try 1 more time the week after".

    Sunsetmtb themselves were also good as gold, kept in contact through the whole ordering process and delivered the bike from Wales all the way to Essex on the morning of the day they said they would.

    10/10 for both.
    My Hectik Custom Build Log
  • isitamonster
    isitamonster Posts: 59
    Cheers for all the advice guys,

    Thing is with a credit card.. I have one but its limited and the APR is stupid, as its my 1st, Only 19!

    And Off to uni next year, so problematic, I have around £800 saved, and looking at a bike at £1400, I see companies offer that you can pay the rest off during various stages through your finance deal , 1/4 1/2 3/4 the way through. Which I would definitely use.

    But Il give my LBS a call and see what can be arranged. Cheers
    2011 NS Core 2. Boing boing.
  • Eyon
    Eyon Posts: 623
    Got my anthem through tredz on finance via V12. Takes a week or so to get it all in line, not the easiest of things (buying a car on finance was far easier!) but its a great way for me to get the bike i really wanted with a manageable monthly payment. OK Its another monthly payment but worth it every time I am out on my bike ;)
  • tsenior
    tsenior Posts: 664
    nothing wrong with finance as long as you understand the contract you are getting onto and dont overcommit yourself.

    during my wilderness years i worked doing debt recovery for a finacne company (part of ahuge japanese corp better known for hi-fis and tvs, weirdly) getting money back from dfs customers and the like who wernt paying, the absolute worst cases were the 0% interest for 3 years who forgot about it then went over the time limit and had a whopping rate of interest retrospecively applied overnight :shock: having said that some of the simpler contracts were entirely reasonable.

    READ THE SMALL PRINT!

    if you are going to uni next year i would excercise caution though, seriously. there will be months in the next 3 years when you are very short of cash. All that dope and beer wont come cheap either.
  • captainfly
    captainfly Posts: 1,001
    Buckled_Rims wrote:
    How much was that last foreign holiday of yours? :wink:

    £699, it is grey and has 'GIANT' written on the side :roll: Oh and I also gained an exgirlfriend :(
    -_-_-_-_-_-_-_-_-_-_-_-_-_-_-_-_-_-_-_-_-_-_-_-_-_-_-_
    Mongoose Teocali
    Giant STP0

    Why are MTB economics; spend twice as much as you intended, but only half as much as you wish you could afford? :roll:
  • Gazlar
    Gazlar Posts: 8,084
    Formby Cycles always seem to have good 0% deals on whenever I've browsed. Like Welshkev, I used wiggle as I've been mightily impressed with the Focus bikes I've got and bought both of mine on a buy now pay the same in a year.

    I know a friend who has used all terrain cycles too with no issues on a 0% deal,
    Mountain biking is like sex.......more fun when someone else is getting hurt
    Amy
    Farnsworth
    Zapp
  • ry1978
    ry1978 Posts: 166
    Wheelbase at Stavely, Cumbria run a 2 year 0% option and stock a good range. The staff are always really helpful when I drop in as well. I got the mrs a cannondale from there and also picked up a trek road bike last year, I found them much cheaper and more helpful than leisure lakes, who I bought my cannondale Jekyll from a few years ago. Wheelbase also used to offer 10% of the bike value in accessories if you pay up front rather than taking credit, not sure if this is still something they do.
    Specialized Roubaix
    Cannondale F900 SL
    Specialized Stumpjumper FSR120
  • Anonymous
    Anonymous Posts: 79,667
    If you can't afford it, don't do it. Otherwise, credit card. Pay it off end of the month without fail, or otherwise transfer to a 0% deal (sadly costs you in fees these days). 0% store deals are okay, but be warned that you will probably be paying more as they slap on large fees. Either that or they depend on you not paying it off promptly when the term comes up. A lot fail to do so and then they slap on massive interest charges.

    Credit is good for your credit rating, but pay if off as soon as you can! Don't fall into debt, and don't treat credit as free money. It's anything but.

    And for god sake, don't fall for these short term loan ads on TV. Seen the APR on them? 2000% + !!!!

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