0% on bikes and buying new

[Doran]

Anyone here been lured by the showroom? Bikes are so cheap anyway it must be tempting for convenience alone - unless you are buying top end.

Main crux of my question is: Do you have to prove you are actually earning anything before taking out 0 percent finance? I love the look of the all black ER6-n and its available at the mo.

Obviously I will be able to pay the amount necessary each month, something like 100 quid, but do I need to prove I am employed? Please say no...

 

[PC-M Vip3r]

Yes you will need to prove you are working in someway I would have thought. Normally you can only get 0% if you have a very, very good credit rating.

Edit: I'm sure you get asked if you are employed and what job you have when they do a credit check.

 

[Dunks]

Finance on a CB500?

 

[cyclops12]

Dont do it !!
not on your first bike anyway

 

[Doran]

Finance on a CB500?

The paradox, of course, is that for me, it would be better to spend 5k and pay nothing between now and september than outright spend 900 quid on a cb500.

Hence why I am looking into it. I dont mind the debt; I just dont want to spend capital. There might be no way I can otherwise be able to afford to ride this summer - and with two months off it would be such a shame to miss.

 

[cyclops12]

Hence why I am looking into it. I dont mind the debt; I just dont want to spend capital. There might be no way I can otherwise be able to afford to ride this summer - and with two months off it would be such a shame to miss.

will you mind paying for it for the next few years if you drop it and kill it

 

[Hxc]

What the hell do you do to earn money if you arn't "employed" then, eh?

 

[sloth]

Anyone here been lured by the showroom? Bikes are so cheap anyway it must be tempting for convenience alone - unless you are buying top end.

Main crux of my question is: Do you have to prove you are actually earning anything before taking out 0 percent finance? I love the look of the all black ER6-n and its available at the mo.

Yes. Purchased a Kawasaki last year on a 0% deal. Was the bike I wanted, at the price I wanted, and you can't borrow money cheaper than 0%. No further discount available if I paid in cash, something to do with it being a manufacturer funded offer, rather than a dealer funded option. The price they paid for the bike wasn't altered by how the customer paid for the bike. Dealer was very open about it all, which surprised me.

Proving income? Iirc, I had to take in either 1, or 3 months pay slips to prove my regular income, along with a couple of utility bills. Nothing else, and all went through within a day or two.

If you don't have an income to prove you can afford ~£100 a month, please don't take out a bike on finance. Rather wait a wee while until you can. Borrowing now assuming you'll have a job later or similar could work out bad for yourself.

 

[Rich1988]

will you mind paying for it for the next few years if you drop it and kill it

yea getting a first bike on finance is a pretty terrible idea, get something pretty beaten up and cheap learn how to ride (I got a £400 gsx 400) then get something nicer, It would really suck to get a lovely new bike stack it and as cyclops says be paying for it when you dont even have it any more.

 

[Arpegius]

I am paying off my first bike 0% finance. 2008 Hornet. Dropped it. Fortunately I had the common sense to buy crash bungs so everything is fine apart from my muchrooms

 

[Scuzi]

Are you on a mission to fit the word "paradox" into as many posts as possible today?

I will echo what the rest have said. Don't finance a brand new bike as your first bike. You will probably drop it or come off it at some stage no matter how poop hot you think you are. You will have to prove your income, usually by providing payslips from the past 3 months and you'll need one or two utility bills to prove your address.

Stick with the CB500 idea. Ride it for 6 months and either keep it for through the winter or upgrade to something better then.

 

[Doran]

Rats.

Just to explain to others why I have no income.

I am a trainee lawyer in London finishing the last part of my full time academic training. They pay for this course, its called the LPC and give you a little money(7k) to live off.

I start in Sep, so it is a guranteed job, I'm not waiting for one and there is no uncertainty. Which is exactly why it is so frustrating, because I will be flush in Sep but cash strapped now!

 

[Fireskull]

Are you on a mission to fit the word "paradox" into as many posts as possible today?

I will echo what the rest have said. Don't finance a brand new bike as your first bike. You will probably drop it or come off it at some stage no matter how poop hot you think you are. You will have to prove your income, usually by providing payslips from the past 3 months and you'll need one or two utility bills to prove your address.

Stick with the CB500 idea. Ride it for 6 months and either keep it for through the winter or upgrade to something better then.

Would it be possible to merge all Doran posts into a Doran Bike Questions thread?

+1 on the dont finance your first bike, not a good idea, you wont keep it long and its not worth financing lots for first bike.

 

[Doran]

Would it be possible to merge all Doran posts into a Doran Bike Questions thread?

+1 on the dont finance your first bike, not a good idea, you wont keep it long and its not worth financing lots for first bike.

I am seriously thinking about collating some of the excellent advice I have been given and making a noobs guide to bikes for the forum.

 

[Fireskull]

I am seriously thinking about collating some of the excellent advice I have been given and making a noobs guide to bikes for the forum.

God help us
If I see an increase in CB500's on the road I will know who to blame!

 

[SGCWill]

I was tempted to do this with a brand new Hayabusa.....Its £8995 cash. 0% finance with a £3k deposit, and 24 monthly payments of £212 with a £3K final.

Rip off or what?!

You can easily get a loan for the 9K over 4 years, and not have to pay a deposit or a final sum, and still pay almost the exact same amount

Blackhorse seem to be rip-off merchants, but I hear they're quite accepting, so no need to worry about being rejected, if you have no credit before.

 

[Doran]

I was tempted to do this with a brand new Hayabusa.....Its £8995 cash. 0% finance with a £3k deposit, and 24 monthly payments of £212 with a £3K final.

Rip off or what?!

You can easily get a loan for the 9K over 4 years, and not have to pay a deposit or a final sum, and still pay almost the exact same amount

Blackhorse seem to be rip-off merchants, but I hear they're quite accepting, so no need to worry about being rejected, if you have no credit before.

Ah I see. So you mean you actually pay more for the bike as its on 0 percdent? Didnt realise that. Well, total rip off and joke then. Not worth it.

 

[Andri]

I was also tempted to buy my first big bike on a 0% finance deal which in the end I'm glad I didn't. Not had any real off's just a few silly snow mistakes while stationary but glad I went and bought second hand. Was much much cheaper overall and I know I will sell this bike very soon.

 

[Doran]

God help us
If I see an increase in CB500's on the road I will know who to blame!

 

[Scort]

I went for an 07 edition R1 on a 0% offer, I basically told the dealer what I wanted with the bike and that I would only take it if I got the 0% APR from Yamaha finance – thankfully I did and sitting out the back is my new baby

I didn’t have to give any proof of income, I simply had to pay a deposit of £500, then sit through their new financial advice speech, about loan protection etc etc, before all the paperwork was signed off. I found out about the finance going through as 0% a couple of days later. I would imagine like anything though, there will be background checks etc.

If you can afford the repayments, it will work out better than taking a personal loan, and if like me, will leave your savings unscathed

Scort.