Buying Used

Minibiker · 22 May 2018 at 01:46

Hi all

This weekend i plan to visit a local dealer who has an 09 Street Triple for £3,900. Only 11,500 miles, FSH and Arrow Slip ons.

Some questions:

I've not bought Used before so is there anything to look out for?

When a bike is that low of a price is there any point in a deposit?

Is it better to get a bank loan or go through the finance company provided?

Cheers

Minibiker · 22 May 2018 at 08:19

The only issue is, i dont have £3,900 spare

Do you reckon id be better just getting new as finance is my only option

Minibiker · 22 May 2018 at 10:53

Thank you for all the replies.. Very helpful posts... Do i go to my bank and ask or can i apply online for a loan?

Minibiker · 22 May 2018 at 16:08

EVH said:
Apply online... go through moneysavingexpert as you'll get a pre-approval rating which won't count as a credit check.... this will tell you if you're likely to get approved or not.

https://www.moneysavingexpert.com/loans/cheap-personal-loans#eligibility

Ive never done anything like a loan online, how would that then pay for the bike? Would i also need to ask for more?

If bike is 6k then take a loan of 7k

Minibiker · 22 May 2018 at 16:23

EVH said:
You apply for the loan to the value that you want. If it's £6k then apply for £6k unless you want more to cover accessories/insurance etc.

Once granted the loan company transfer you a lump sum. Usually, via bank transfer.

You use your newly acquired wealth to make the purchase as a regular customer

Normally, that's it. However, I'm sure someone will point it out but if you want to get complex...

You could probably haggle more discount on a PCP deal than a cash buyer (as weird as that sounds) so if you want to complicate things you'd get a loan as per steps 1-3, but agree a deal on PCP with the dealer... then ring the finance company and use your lump sum to pay for the bike after a month. This nets you the discounts that the dealer can offer on new bikes with PCP but it's probably more hassle than it's worth and may not apply to an older bike

Just went on money saving expert to see what it throws back at me, it gave me a list of companies with the details of the loan and then said at the bottom of each one said 0% Elegibility... What does that mean?

Minibiker · 22 May 2018 at 16:29

Diddums said:
That you have zero chance of getting those loans. Time to sign up to Noddle and Clearscore and sort out your credit profile.

I have clearscore account and Experian... My experian account shows my score as Fair (738) surely that's good enough for a loan

Minibiker · 22 May 2018 at 16:54

Diddums said:
"Fair" is rubbish. You need good, outstanding or excellent, depending on the jargon they use.

Ahh balls more work needed then, I have no outstanding debts so next months report may change as last month it went up 200 points in one month

Minibiker · 22 May 2018 at 16:56

EVH said:
It may be something silly like not having your name on an electoral register or something obscure like a bad mark against you’re address (due to a previous tenant).

Only way to find out is to get a detailed report and go through it

On my Experian account it does say 1 bad alert is that i'm not on the Electoral

Minibiker · 22 May 2018 at 17:06

Diddums said:
That alone will bump your record considerably.

Where is the best place to register for this

Minibiker · 22 May 2018 at 18:14

ttaskmaster said:
And at the risk of creating some more:

That's a nice bike, Mini. Good choice!
Hope you have fun... and of course, I'm sure you know not twist the throttle too far...

Yeah had 2 Street Triples before and i keep going back.. Absolute blast for what i use it for

Minibiker · 23 May 2018 at 16:37

wedrum said:
Not being funny here but I have seen many of your threads about having no money. Are you sure getting into debt again is wise.

Just saying like.

I see where your coming from bud, ive sorted my finances out now i was struggling to pay my CBR as it was £230 just for the bike, then i had Insurance, rent, phone etc.. However for the last 2 months ive not had a bike as i sold it to clear finance and no longer have contract phone to pay... The street triple on finance works out at £90ish a month which is considerably less than the CBR...