Went to get a quote yesterday

Minibiker · 23 Apr 2017 at 12:11

Hi all

Just wanting to know if anyone on here has knowledge in Finances and how things work at their end,

Over the last 10 years I've had all my motorcycles on finance with the same company, I went to the local dealership yesterday to get a finance quote for a new bike and price for a PX on my bike,

Turns out I have £5300 left to pay and they will give me £5000 for my bike, I want to go ahead with the deal for many reasons

* New Bike has more character
* New bike is cheaper on insurance and monthly finance

* The cheaper monthly payments means my family life will work out better as we will have more money spare

My only worry is I may not get accepted as my credit score is low, just wondered if maybe they will see I've been with them long enough, This bike is cheaper per month and I'm putting a £500 deposit down

Any help appreciated

IC3 · 23 Apr 2017 at 14:21

You need to give us more details, you haven't even mentioned the total price of the bike or the APR they're offering...

Minibiker · 23 Apr 2017 at 14:22

IC3 said:
You need to give us more details, you haven't even mentioned the total price of the bike or the APR they're offering...

Sorry bud new bike is £5600 with 9% APR added

TripleT · 23 Apr 2017 at 14:22

What bike are you chopping in and what new one are you getting?

I doubt you having used them will have any bearing on if you get accepted or not. People's circumstances change quickly so history will mean nothing I'd imagine.

If money is an issue surely buying a cheaper bike for say £2k is the best option? You can still get some great bikes.

Minibiker · 23 Apr 2017 at 14:36

TripleT said:
What bike are you chopping in and what new one are you getting?

I doubt you having used them will have any bearing on if you get accepted or not. People's circumstances change quickly so history will mean nothing I'd imagine.

If money is an issue surely buying a cheaper bike for say £2k is the best option? You can still get some great bikes.

I'm PX'ing my 2012 CBR600RR in for a MT09 2014 used but very tidy

As for the money side of things, there's no issues with paying out the sum monthly at the moment but it works out id save 100 quid cheaper per month on the bike and insurance for the year is about 150 quid a year cheaper fully comp

Ive also got to the stage with the CBR now where it doesn't excite me as much as what I want, it's a great bike don't get me wrong but I just feel a change on the horizon

tom_e · 23 Apr 2017 at 15:17

Unfortunately the only people who can say whether you're likely to be accepted is the finance company.

The_Abyss · 23 Apr 2017 at 22:37

I don't really know what you're asking here. You've chosen the bike, so that's done, and the finance is just a question for the lender and you know it'll be better for you. What's not to like?

Minibiker · 24 Apr 2017 at 22:03

The_Abyss said:
I don't really know what you're asking here. You've chosen the bike, so that's done, and the finance is just a question for the lender and you know it'll be better for you. What's not to like?

The only thing I'm unsure about is if my credit score isnt good enough, However looking through pages on the internet I've came across a lot of people saying take no notice of your score its just random numbers that the website's give you as a 'guide' to your credit, its not a proper reading, even people with top credit scores could be rejected finance

So maybe fingers crossed I'll get the deal done