Getting Bike On Tick

stuman · 20 Oct 2011 at 06:06

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!!

stuman · 20 Oct 2011 at 07:42

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!

stuman · 20 Oct 2011 at 18:50

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?

stuman · 21 Oct 2011 at 05:48

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 · 22 Oct 2011 at 05:20

kitfit1 said:
ooks expensive........................just wait until you see what it's going to cost you next year

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??

stuman · 22 Oct 2011 at 11:12

sorry easy rider, what i mean is i have a CBT at the moment but will be going for full DAS because the insurance is the same weather i ride a 125 or 650.

stuman · 22 Oct 2011 at 23:46

yeah, they are all fair comments. i'm just having trouble finding some good second hand bikes that i like the look. i mean street triples go for about 4.5k. seems like a good enough price to me thats only a few months of saving worth away. i guess i should see how much skill i have on my DAS before i decide anything lol.