bike finance?

[Guest]

hey people..

Im looking at getting a finance or a bike loan to get a new bike..

and i wondered if anyone could recommend somewhere??

perhaps you have used them in the past, or know someone that has etc?

I dont have the best credit score ever. thanks to my younger days when i thought a credit card was free cash..

But i am working on it now, and have a pretty good limit on a "build your credit score" sort of credit card..

and i know there are finance companies out there for poorer credit score'd people..

I just dont know which is best etc..

I really want a new bike.. Nothing wrong with my kymco, and i will be keeping it too, I just fancy a supermoto..

Something like a pulse adrenaline / sinnis apache, will be fine, they are pretty good priced..

but sadly my local bike shop (2 wheel junkies in chatteris) refused me finance

cheers

[fq-craigus]

If you have been refused finance its not the end of the road just beware that applying more times knocks your credit further. A personal loan is always better if you can get one as finance always front load the intrest which is why the settlement figure is always higher than you think. All bike shope use their own finance companys so there isnt a choice you get. Check your credit score before applying again as your score maybe just too low and needs building up. Alternatively, have you got anyone that can gaurenteur for you

[Guest]

yeah im trying to be careful on applying, because i dont want it to take a knock on my credit score..

its not the best as it is

Thats the main reason why i asked on here, see if anyone knew of a company that allowed finance, and would be a good chance of being accepted..

As there are companies for low credit scores..

Plus, not to mention the fact that i am rather impatient.. i REALLY want another bike now..

I could save up for one, but would take quite some time right now..

I dont fancy waiting 6-8 months to have the cash to buy one

im not very good at saving.. if i know ive got money there, i see something and spend it on that instead..

where as if i had a finance, or something that took direct debit, im different.. im goood with money then, and im good at paying things back..

my credit cards i use, i pay £200+ even when my monthly minimum payment is £35..

just so that it looks good and goes for me..

So i have no problem in paying money i owe.. i just cant save up.. money burns a hole in my wallet..

[fq-craigus]

Just be mindful that if you do find a finance company that accepts lower ratings they will always charge more interest and claw back a larger portion of interest first so making the front loading more apparant and this is due to the 'risk' factor of the applicant. Alaays comes at a price. I know what you mean im useless at saving too

[BikerMooFromMars]

You told me this morning you are selling the Kymco today, use the dosh to help towards a second hand CBF125/more reliable Jap bike and save some dosh

[soll]

sign up here for the free month to check your credit rating... I have just spent the last 6 years paying back my debts after realising they got out of hand.

i have a certificate to say mt debts are paid and my credit rating is back to what normal people have.

http://www.equifax.co.uk/Products/credit/credit-score.html?gclid=CKe_t_iA7sQCFczHtAodGhUAhQ&gclsrc=aw.ds

youll want your rating in the green and as higher number as possible, your credit card issue may not be the only thing stopping your credit worthy ness.

also try http://www.noodle.co.uk, pretty much the same thing just explains things better

[Guest]

You told me this morning you are selling the Kymco today, use the dosh to help towards a second hand CBF125/more reliable Jap bike and save some dosh

 

yeah, i wasnt originally intending to sell the kymco, but after a long, hard think, i decided it was time to, concidering its 15 years old..

and Soll... yeah im currently with Noddle.. But noddle doesnt tell you an actual number for your credit score. just a scale of 1-5..

and id like to be able to see an actual score number, so i can see if its increasing etc..

my credit record now shows no late payments, no failures, no debts etc.. as its all been cleared and off my record now..

ive just got things on there like my credit card etc, which is always payed back, and at a higher payment than the monthly minimum..

So if there is no longer anything on my record showing bad payments etc, i dont know why my credit score is still bad..

cheers

[Guest]

my credit record now shows no late payments, no failures, no debts etc.. as its all been cleared and off my record now..

ive just got things on there like my credit card etc, which is always payed back, and at a higher payment than the monthly minimum..

So if there is no longer anything on my record showing bad payments etc, i dont know why my credit score is still bad..

 

Unfortunately its not so straightforward. fixing a bad credit record is not instant.. it actually takes 6 years - so anything bad thats happened since 2010 is still there affecting your number and that wont change until.. lets say your problem happened in june 2009. your credit score wont be clear until july this year.

its also not solely about debt.. its also about 'stability' - lenders want to be sure that your circumstances aren't going to change fast. so there are little details that the system.. and sadly it is a computer system that makes the decision, wants to see.

you really need to be on the electoral roll. this is very important. probably the most important 'detail' about you there is. every year you appear on the electoral roll is a major plus point. but its often forgotten because people have the wrong idea about what a credit score actually is.

if you want to see exactly what is going on with your credit score.. forget these 'free' services... they're fine for people with 'good' credit scores but for those with more problematic ones - they wont give you the real deal with actual details and timeline, its the timeline thats the killer.

pay for a proper report from Experian. then you'll see plain as day whats going on.. and you will also know how much longer you need to be 'careful' for.. depends how long ago your problems were.. could be a bit of a wait if they were relatively recent.

its only £2.. which is a lot better than paying the £15 a month - pointless if your timeline means you're going to need to wait a year or more for it to clear.

http://www.experian.co.uk/consumer/stat ... rderReport

sadly.. credit scores aren't looked at by real people. its a case of 'computer says no' and thats the end of the matter.. but if you're patient and can wait and not repeat any of these old issues again - eventually the computer will say 'YES'.

[John933]

Have you looked at cc buy. Then cross transfer to another card that will give you zero rate for a year or so. Then pass that on to another one. I say that, as I did the same with a 5K buy, used Mark's and Spencer and MBNA. I think they twigged in the end, but by then it was paid off. Total loan paid zip in charge's.

John933

[Joeman]

Have you looked at cc buy. Then cross transfer to another card that will give you zero rate for a year or so. Then pass that on to another one. I say that, as I did the same with a 5K buy, used Mark's and Spencer and MBNA. I think they twigged in the end, but by then it was paid off. Total loan paid zip in charge's.

John933

 

These days they all charge a fee for balance transfers, but it's still a very good way to get money quickly with no repayments needed until the zero percent expires.

Just make sure you dont use the card for any purchases otherwise you pay interest charges on the purchases until you've cleared the total debt.

[Guest]

thanks for your replies guys..

Sadly, im not exactly clued up on what this "transfer" stuff is..

i dont understand what you do or how it works..

I have now saved up a bit of cash, from selling the kymco..

£850 to be exact..

Just need another grand or so, then i got good cash for a nice bike..

just another £1000 to go!!!!

bright side is about selling my kymco, the bloke lives in my village, and told me to keep the insurance going (its only £9.30 a month), so i can borrow the kymco if i ever fancy a ride on it cant get a nicer chap to have bought it

EDIT::: the immature days with credit cards, was back when i was 18, so 7 years ago..

[Joeman]

bright side is about selling my kymco, the bloke lives in my village, and told me to keep the insurance going (its only £9.30 a month), so i can borrow the kymco if i ever fancy a ride on it cant get a nicer chap to have bought it

 

unless he's not planning to insure it himself, and when he has an accident, it will be your insurance that has to pay out...

you need a clean break - you sold it so don't keep insurance running. if you do want to ride it, get fully comp on your next policy so you can ride any other (insured) bike.

[Guest]

that is fully comp on the kymco mate yepp, thats right, my insurance for my kymco, was £9.30 a month, fully comp, with modifications declared.. that was the beauty about the bike, cheap to insure, cheap to run, i could ride around all week on a fiver!! and i dont just mean popping to shops and back, i mean 20-30 miles trip to see my son, one day of the week, and then riding around with my mates etc..

but yeah i was thinking about that too..

[fq-craigus]

A story i read on here a while ago, someone sold a bike and left the insurance going for one reason or another and the bike was subsiquently stolen, and crashed and the guy who sold the bikes insurance was sued by the theif and the guy was liable.

[Whitey1984]

You told me this morning you are selling the Kymco today, use the dosh to help towards a second hand CBF125/more reliable Jap bike and save some dosh

 

yeah, i wasnt originally intending to sell the kymco, but after a long, hard think, i decided it was time to, concidering its 15 years old..

and Soll... yeah im currently with Noddle.. But noddle doesnt tell you an actual number for your credit score. just a scale of 1-5..

and id like to be able to see an actual score number, so i can see if its increasing etc..

my credit record now shows no late payments, no failures, no debts etc.. as its all been cleared and off my record now..

ive just got things on there like my credit card etc, which is always payed back, and at a higher payment than the monthly minimum..

So if there is no longer anything on my record showing bad payments etc, i dont know why my credit score is still bad..

cheers

 

I'm with noddle also through Aqua (credit builder card) as i was a silly boy when i was younger i had to take an IVA which is all sorted and closed off now, If your credit builder card is with Aqua you get a free account with Noddle which does give you a number just below the scale from 1-5, there should be a number there and a scale to show any improvements.

[Grumpy Old Git]

Amigo Loans - You will need a guarantor.

 

Have you looked at cc buy. Then cross transfer to another card that will give you zero rate for a year or so. Then pass that on to another one. I say that, as I did the same with a 5K buy, used Mark's and Spencer and MBNA. I think they twigged in the end, but by then it was paid off. Total loan paid zip in charge's.

John933

 

These days they all charge a fee for balance transfers, but it's still a very good way to get money quickly with no repayments needed until the zero percent expires.

Just make sure you dont use the card for any purchases otherwise you pay interest charges on the purchases until you've cleared the total debt.

 

Not true! I get a letter almost monthly advising that I can trasfer credit at no charge.

[Guest]

but with amigo loans, dont you have to repay he full amount, within a certain date?

i can afford about £120 a month.. so thats where a loan which allows monthly payments, would be best

[Guest]

but with amigo loans, dont you have to repay he full amount, within a certain date?

i can afford about £120 a month.. so thats where a loan which allows monthly payments, would be best

 

my sister took one out.. i acted as her guarantor. so.. i got a statement sent to me every month. as though I was paying the debt.

my sister had this loan over 3 years.. and paid a monthly amount. the interest was steep. but rather better than the interest she was paying on the credit card.. and obviously clearing this debt as had a positive impact on her credit score. as did paying off her credit card bill in one fell swoop.

you need to be absolutely certain you can meet each monthly payment.. miss any and they will be chasing your guarantor.

They allow overpayments and give you a monthly figure to 'pay off' the loan.. so, if you have the loan over 3 years.. and come into some money towards the end.. you can pay it off early and save some cash.

[Joeman]

Amigo Loans - You will need a guarantor.

 

Have you looked at cc buy. Then cross transfer to another card that will give you zero rate for a year or so. Then pass that on to another one. I say that, as I did the same with a 5K buy, used Mark's and Spencer and MBNA. I think they twigged in the end, but by then it was paid off. Total loan paid zip in charge's.

John933

 

These days they all charge a fee for balance transfers, but it's still a very good way to get money quickly with no repayments needed until the zero percent expires.

Just make sure you dont use the card for any purchases otherwise you pay interest charges on the purchases until you've cleared the total debt.

 

Not true! I get a letter almost monthly advising that I can trasfer credit at no charge.

 

zero percent with no transfer fee?? got any examples?? i'd snap that up right away and put it into a high interest investment!

[Grumpy Old Git]

Amex on the Virgin Credit Card. Visa on the same Card.

My last 'swap' was 2 months ago (£4,750) - no charges - no fee. Need to pay it off (or transfer) within the next 3.5 months to 'escape' any interest.

Egg was also advertising this (some time ago though).

Believe MBDA has a similar scheme at the moment - Also Santander had this early last year.

(G@@GLE is your 'friend').

[Guest]

Thats the grand sorted..

my girlfriends parents offered to lend me a grand to be able to buy my new bike