Getting Bike On Tick

stuman

stuman

stuman

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27 Aug 2003
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ok, so in the past I've had a bit of trouble with money, mainly uni and unsupportive parents.

this led me into a bit of a hole with money, i've since cleaned myself up with a lot of saving and living like a very poor person!!

I've recently done my CBT and been bitten badly bike the big bike bug so i went to my bank (who have pre-approved me overdrafts on my accounts for up to £2500) to try and get a loan for £7500 over 5 years. everything looked good on their computers but after submitting to the underwriters it came back as a decline. after 2 appeals by even the bank manager it still came back as a decline.

as far as i can understand it's because i have a default (which is settled) which still has 3 years till it disappears.

my question i put to you guys,

if i can get a deposit together to take a finance package offered by a dealer, do i stand any chance of getting it approved for a reasonable APR%??

as if i wait till the default drops off or save the money it will take me an age to get there and with the possibility of a better job coming up 30 miles away i don't think cycling will cut it!!
 
You can try - no real harm in doing so other than another check going on your credit record.

However, looking to drop £7,500 on a new bike just after doing your CBT - are you sure? I can understand the temptation, but there are plenty of fun examples out there for just a couple of thousand that you can ride without creating huge problems if you come off etc.
 
the nike is only about 6 but the other money was for proper leathers safety gear, good chain and maybe an advanced course etc.

but i guess, like you say, theres no harm as if i can't i'll end up saving the cash anyway.

i also understand the safety aspect which is why I'm not aiming at supersports. i mean old school bikes can be had cheaply and its a nice temptation but i want to keep a lid on it and a head on my shoulders and kind of fell in love with a Ducati monster 696 which seems reasonable for a commute and bit of fun. guess i'll start saving then!
 
It's usually easier to get dealer finance as the money is secured against the bike, however, as above I wouldn't advise spending £6k on a first bike. The monster looks cool, but you haven't ridden enough to know what you want out of a bike, and you might buy it and then want something else in a few months.

My advice would be to try and get a bank loan for more like £3k, spend £750 on kit and then look at bikes at £2500 (knock them down to £2250)
 
Are you talking about spending 7.5k on a 125 ? If so that's just Madness. You could get an Excellent 1T & kit for 2.5k but in my own experience I'd buy an older full power 1T which would cost you a grand spend 500 on kit & then keep the other grand about for tweaks/rebuilds/tyres etc etc etc
 
This time of year on your first bike........

No, you can bike up some excellent metal for less than 2.5k and when you bin it in the rain its not the end of the world.
 
Serious thread? :confused:

6K on a 125 is madness. Spend ~2K tops, enjoy it, sell it for nearly the same money in a years time, then spend a little more on a big bike afterwards.
 
Echoing the above really, don't spend such amounts of a first bike, especially not a 125, and even more so seen as we're coming up to winter. It just sounds like a potential disaster waiting to happen.
Get a 125 for somewhere between £1k to £2k, £500 on some gear, obviously factor insurance into the mix. I wouldn't really go above £2.5k on all of this.
 
stuman said:
i mean old school bikes can be had cheaply and its a nice temptation but i want to keep a lid on it and a head on my shoulders and kind of fell in love with a Ducati monster 696 which seems reasonable for a commute and bit of fun. guess i'll start saving then!
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tbh, i wouldn't spend more than a grand, maybe 1.5K tops on a first big bike at this time of year ( that's presuming you can get a dealer to give you finance with your credit history ). a 6K big bike, on credit, & a first time rider at this time of year is a recipe for disaster.

If you really want to start riding in winter time then buy a cheap nail, that can be kicked straight at the side of the road, when you have the inevitable ice induced off.
 
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A Ducati Monster can be had second hand for around £3k and that will be mint condition!

Before buying my first Ducati (748, have had a few Ducati's), I was considering a Monster.

They are fantastic commuters, beyond reliable (for a Ducati), amazing fun to ride.

Before venturing into the dealer, tell them you don't want them to prep anything and make sure you are very clear with your situation before trying the finance.

They will probably put it through before anything else so that you can breathe and talk about deals and stuff. Otherwise, you could spend a hour easily looking around at stuff, then get all excited only to be shot down when going to pay.
 
thanks for the replies guys,

no, i wasn't looking at a 125 for 6k, it would be a brand new M696 for that.

i've been having a bit of a think and it seems a good idea to get 3-4k behind me before looking, so if i use it for deposit or to buy second hand then it stands me better stead.

looking at maybe a use triumph striple for the 3.5 - 4.5k mark and there seem to be some good examples. are these good "beginner" ish bikes, it might be a touch too much power to start with?
 
your asking for a beginner bike, but looking for a brand new one as a first. Are you taking into account insurance costs? if you are on a restricted license the Ninja 250R looks like a pretty nice starter bike and i have read a fair ammount of good reviews about it, from what ive seen they cost around 2.5-3k for a fairly new one and cheap ish to insure.

If you are over 21 then i have no suggestions sorry :s
 
yeah i'm 25, a 125 is the same to insure as a monster 696 or street triple with full licence. Both not cheap at £900 a year. but i'd rather have a full power bike for the same cash.
 
stuman said:
Both not cheap at £900 a year.
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There is a reason that it's £900 a year. You are very inexperienced as a rider, simple as that. As such you are more than likely to throw the bike down the road. Throwing a cheap bike down the road may well end up being repairable without having to claim off your insurance. Throwing £7500 of bike down the road will involve having to claim. If you then think £900 for this year looks expensive........................just wait until you see what it's going to cost you next year :eek:
 
kitfit1 said:
ooks expensive........................just wait until you see what it's going to cost you next year :eek:
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i wasn't saying it looks expensive, i understand its high for a reason lol. what i was saying is that the little 125 i was looking at was the same to insure as a 650 of some description!

also why is insurance going to change next year??
 
I still strongly think you should go second hand mate.

Get on to Ducatisti.co.uk forums. I am a regular on there, called freshage.

You really don't want a brand new bike for your first big bike, you will shoot your self if you drop it!
 
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