Viewing 16 posts - 1 through 16 (of 16 total)
  • Bikes on Finance
  • funkmasterp
    Full Member

    As per title really. What’s the collectives thoughts on buying a bike on finance?

    I’m thinking of doing it, but haven’t done it before. Basically I’ve come to realise that my mountain bike is being wasted. I don’t have the time to use it and find myself pootling up and down the canal towpath, commuting to work and going on little exploratory rides. Current bike is slightly OTT for this and a bit of a drag.

    My thinking is sell the MTB and use this as a deposit on a more suitable bike. Something for around £1 to £1.5k and whatever is left after selling the MTB is bought on finance. Funds are restricted at the moment so this would be one of two options. Finance or keep the bike I have.

    Nobeerinthefridge
    Free Member

    Basically I’ve come to realise that my mountain bike is being wasted.

    You’re dead to me.

    funkmasterp
    Full Member

    You’re dead to me.

    Dead to myself too 😥

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    jekkyl
    Full Member

    Finance is fine, why not? I’d suggest getting a credit card with 0% on purchases for as long as you intend to have the finance over. You have a bit more flexibility then to chuck in a bit more or drag it out if you want. A grand over 12 months!? for eg Easy peesey

    jekkyl
    Full Member

    Double post

    alanl
    Free Member

    Sell the MTB privately for the best price. Trade-ins will only give you 60% of its private sale value.
    I bought a bike off Planet X 2 years ago, £750ish, 100 down, then 65ish for 10 months. Interest rate was pretty low – less than 10% apr, I paid around £40 total interest for the finance, made it affordable for me.
    A bank loan may have been slightly cheaper, but more hassle, and not really worth it for the £20 I’d save.

    Nobeerinthefridge
    Free Member

    Jekkyl has It, 0% credit card, will give you access to sale stuff, buying on finance wont, generally.

    tomhoward
    Full Member

    I’ve done it 3 times now
    First was your bog standard 0% finance for a year deal, no discounts, nuffink. Paid off after a year.

    Second was a sale bike, but The shop added the cost of the finance to the price advertised (8% I think, total price was still waaay less than RRP) was for a year but paid it off in 6 months for no penalty.

    3rd I got a 0% credit card for 20 months, set up a direct debt to clear it at 19 months, ended up paying back after a year.

    As long as you can very comfortably afford the repayments (or are disciplined with a CC) then I think it’s a pretty good way to buy stuff. It did wonders for my credit score too.

    Not sure I’d want to start getting into longer term agreements though, but I’m fickle and like to change/accumulate bikes so wouldn’t want to be saddled with something I could only afford on a 36+ month agreement.

    kayak23
    Full Member

    For years now, every kayak, bike, camera and power tool I’ve bought has pretty much been on finance.
    I think it’s fine if you’re sensible.
    I’m not very sensible but it’s still been fine in general.

    P-Jay
    Free Member

    Ive always tried to avoid it – I bought my 3rd or 4th bike on finance – I’d run the last one for 5 years and it was falling apart – it got nicked 12 months later and I hated paying for it for 2 years afterwards, that was 2011.

    I did it again 18 months ago, the move to 650b had rendered my bike almost worthless and after 4-5 years of swapping bits and frames almost fitted the current stuff so I bought a heavily discounted bike on a 0% card and paid it off over a year.

    Frankly I’ve learned from bitter experience that the buzz of a new thing never lasts as long as it takes to pay for it. Never say never but I hope to upgrade incrementally forevermore now, but who knows 650b seems to be in the decline at the moment – I might find myself in a standards cul de sac again.

    ton
    Full Member

    12 month 0% is perfect. keep your cash in the bank.

    wobbliscott
    Free Member

    Frankly I’ve learned from bitter experience that the buzz of a new thing never lasts as long as it takes to pay for it.

    Which is a no better situation than having saved for a bike for years feeling the buzz of a new thing deteriorate not long after you’ve bought it.

    Really I just assume that £50 a month goes out on the bike. When I pay it off I get a new bike, the sale of the previous one pays for the deposit. Much the same as with my car. It’s interest free so not costing me anything and whatever cash I have saved up is still there ready for a rainy day or something else.

    If you’re looking at a bike around the C2W scheme then you’re better off getting that as you receive additional tax benefits – but then that will make you a tax avoider.

    tenfoot
    Full Member

    My most recent bike was 1/3 cash, 2/3 0% finance over a year.

    medlow
    Free Member

    Frankly I’ve learned from bitter experience that the buzz of a new thing never lasts as long as it takes to pay for it.

    Then you must have bought the wrong thing, an impulse purchase or it was not want you really wanted. ?

    Everything I have ever considered putting on finance (and I only ever consider 0%) has always been thought about long and hard, not about the finance but about the product I am tied to. If there is any doubt I wont like it, I dont buy it.

    Pj’s case though is different, he had it nicked. Impulse purchases on finance are a drag, no doubt.

    New bikes are silly expensive, and I cant justify throwing 2k down on a bike out of my savings.
    I did 50/50 on my recent purchase. 0% over a year from Planet-X so a no brainer.
    With the 0% I should have put it all on finance to be honest.

    km79
    Free Member

    0% credit card and build up from a frame to your own spec.

    funkmasterp
    Full Member

    Thanks for the input everyone. Credit card if I sell the MTB seems like the most sensible option.

Viewing 16 posts - 1 through 16 (of 16 total)

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