But someone told me its "shrude" to get it on finance?? It is 0% interest, the bike is £3299, I was told to get it financed over 12 months, if something goes wrong within a year will they take the bike back?? or repair it?
2007-11-29 03:20:30 · 16 answers · asked by Anonymous in Cars & Transportation ➔ Motorcycles
I don't work anyway, I'm at university lol
2007-11-29 03:37:54 · update #1
The word is "shrewd" by the way.
2007-11-29 08:18:51 · answer #1 · answered by Anonymous · 0⤊ 1⤋
Investigate the 0% deal carefully, there may be hidden clauses like a "set-up fee" or an "early clearance charge". If you're sure it's not going to cost you anything (other than the repayments at 0%), then it's worthwhile doing ,as you keep the use of the rest of your money & can earn interest on it rather than hand it all over up front. However, it's worth haggling with the dealer over a "cash price", sometimes you can get a discount that way.
Remember, the finance company will legally own the bike while you're borrowing from them so you can't sell it without their consent. Regarding faults, it makes no difference whether it was financed or bought outright, you have the same warranty protection.
2007-11-29 03:37:21 · answer #2 · answered by champer 7 · 1⤊ 0⤋
If true 0% with no additional fees, you can bank the cash and earn interest. BUT make sure you are careful or you could be temped to spend the money elsewhere and still be stuck with a bike payment. Also dealers get a kick-back from the fianancing company so many push financing over straight-up cash. You may be able to work this in your favor also by negociating a better deal knowing they will get a kick-back.
If the bike is new, you should be covered for a specified period of time via a warrently. A warrenty is good no matter how you paid for your bike.
2007-11-29 05:13:25 · answer #3 · answered by Mystic1221 2 · 0⤊ 0⤋
I wouldnt lease anything, is the 0% interest a fixed rate? basically it's like renting an apt. You put a lot of money in but don't own. Getting a loan can work the same way, if you total it, the insurance company may only pay out up to the current value, not what you agreed to pay, and then you are stuck paying the difference w/ no bike. Check into GAP insurance before you buy, it is there to cover that difference, but when I financed my car (trying to improve my credit)and totalled it, I still had 3 g's to pay after it was all said and done, on top of having to look for a new car. The repair and return deal is up to the warranty you get. If you have the money Id pay straight out.
2007-11-29 03:28:14 · answer #4 · answered by Anonymous · 1⤊ 0⤋
0% is the best deal ever. First of all it helps you spread out your payments so is no need to take a huge hit. Second, while your money is in the bank, it building up interest.
O% also means there in no interest, no charge if you pay it back early.
You have a good deal there, don't let it go, I reckon time is running out for 0% finance deals,
2007-11-29 05:11:50 · answer #5 · answered by DanRSN 6 · 1⤊ 0⤋
don't be silly. there is always finance charges. Don't rent money!!! Don't go into debt!! Its a horrible habit that can eat you up. If you have to barrow for it, you cant afford it. You can so pay for it. the warrenty will be the same anyway. Stop listenning to that person thats a shrude!! What if you wreck it in six mounths and have to spend the money at the hospital, and you cant work? How shrude is that?
2007-11-29 03:34:18 · answer #6 · answered by wazzthc 2 · 1⤊ 1⤋
Some good answers here, Remember that the dealer may get a cut of the finance charges, even if 0%, so he will push finance deals
2007-11-29 03:38:07 · answer #7 · answered by The original Peter G 7 · 1⤊ 0⤋
If you are paying cash then you should get a better deal on the price than buying it with finance - even 0%. It's a much better deal for the garage to get cash. Go back to them and offer them £3k cash for it and see how you get on. If they won't give you a discount then finance it at 0%. But watch out for any hidden costs or penalties.
2007-11-29 03:26:27 · answer #8 · answered by CuriousJ 4 · 2⤊ 0⤋
No, they will not take it back or repair it unless you have a warranty.
The reason it is considered "shrewd" is because you can take your money and invest it, earning more money off of it for a year before handing it over to the bike salesman. The longer you have that money in the bank, the more money you earn from it.
2007-11-29 03:24:58 · answer #9 · answered by Anonymous · 2⤊ 0⤋
Financing it would help you build good credit. Usually the company will offer you a repair plan in case something does go wrong.
2007-11-29 03:23:54 · answer #10 · answered by Anonymous · 0⤊ 2⤋
Two reasons you might want to do this.
Get it on 0% finance and put your money in the bank for the interest.
If anything goes wrong the finance company are jointly liable with the garage / seller of the bike.
2007-11-29 03:24:22 · answer #11 · answered by Storm Rider 4 · 3⤊ 3⤋