hayleyearth Posted October 8, 2013 Share Your wives are going to kill you guys if they know you are getting finance for bikes. If you should get finance for anything under R50 000 chances are you are already in to much dept, i.o.w you dont have savings to dig into. I should get my dad to speak to you guys! Stretch, eddy, KENDA and 1 other 4 Link to comment Share on other sites More sharing options...
Bobbo_SA Posted October 8, 2013 Share So the Guy / Girl sitting on the couch, potentially overweight / borderline who cannot afford to go out and buy a new / 2nd hand bike in cash although really wants to start riding to get "fit", must rather not and end up having a heart attack at 33? This faciliity may give that person the ability / motivation (if you are paying for it every month you better be using it - Not the case for most Virgin members I know) to start something that could potentially be life changing and in fact maybe save their life. What is more likely to be used, a gym membership that is likely not to be used after the 2nd month (which you are tied into for a number of years anyway) or a finance payment for a bike that you can use at anytime day or night? Would I personally finance a bicycle, probably not, my car and house are financed but my bikes were built up over a period of time with parts sourced from different places (thanks mostly to the great people on theHub, :-) ) as and when i could spare the money. Edit: S&G Edited October 8, 2013 by Bobbo_SA Danger Dassie and ScottCM 2 Link to comment Share on other sites More sharing options...
Steven Knoetze (sk27) Posted October 8, 2013 Share I think it is a good option if you are not a very disciplined person. not everyone can save, diligently for months, sometimes even years for something they want. As we all know there are always little things that crop up where you need some cash to sort it out and it is amazing how quickly the bit of savings can disappear. This financing route means you will obviously be paying a bit more for the bicycle but it makes it easier for the average person. I also agree with Bobbo, someone could use this service to make massive lifestyle changes and improve their health and ultimately improve work productivity, family life, etc, where they wouldn't otherwise be able to. On the other hand you will get the guys that use this easily available finance to buy a new Pinarello when they probably can only afford an Axis and that is where the problem creeps in. At the end of the day everybody has to make their own decisions and live with the consequences thereof. IMO, I would do this but never for a longer period than 2 years at most, Bobbo_SA 1 Link to comment Share on other sites More sharing options...
Stretch Posted October 8, 2013 Share So the Guy / Girl sitting on the couch, potentially overweight / borderline who cannot afford to go out and buy a new / 2nd hand bike in cash although really wants to start riding to get "fit", must rather not and end up having a heart attack at 33? Well there are plenty of second hand bikes out there that are well under 10k that will easily enable someone to do this..if you need to finance this then there is potential problem looming...and if you cant afford 5k for that bike then take your dogs for a walk every day. I agree with hayley entirely....and it is the reason why I dont own a credit card...because you dont need debt in your life Link to comment Share on other sites More sharing options...
hayleyearth Posted October 8, 2013 Share Just a question regarding this (as I do not know how these loans work), what if the bike gets stolen (like hi jacked, or out of the car, or house)? Do these people have insurance also worked into the loan? Link to comment Share on other sites More sharing options...
Bobbo_SA Posted October 8, 2013 Share Well there are plenty of second hand bikes out there that are well under 10k that will easily enable someone to do this..if you need to finance this then there is potential problem looming...and if you cant afford 5k for that bike then take your dogs for a walk every day. I agree with hayley entirely....and it is the reason why I dont own a credit card...because you dont need debt in your life 100% agree with you (although I'm not sure Wiggle / CRC would accept an eft), you don't need a 40-50k bike to change your life, its about disipline and planning. Stretch 1 Link to comment Share on other sites More sharing options...
Steven Knoetze (sk27) Posted October 8, 2013 Share Just a question regarding this (as I do not know how these loans work), what if the bike gets stolen (like hi jacked, or out of the car, or house)? Do these people have insurance also worked into the loan? They did mention it's linked to an insurance product as it works like a vehicle financing deal. Link to comment Share on other sites More sharing options...
SwissVan Posted October 8, 2013 Share Well there are plenty of second hand bikes out there that are well under 10k that will easily enable someone to do this..if you need to finance this then there is potential problem looming...and if you cant afford 5k for that bike then take your dogs for a walk every day. I agree with hayley entirely....and it is the reason why I dont own a credit card...because you dont need debt in your life AND for the couch potatoes not wanting to die young... running / walking shoes are evben more affordable..... Link to comment Share on other sites More sharing options...
ScottCM Posted October 8, 2013 Share Well there are plenty of second hand bikes out there that are well under 10k that will easily enable someone to do this..if you need to finance this then there is potential problem looming...and if you cant afford 5k for that bike then take your dogs for a walk every day. I agree with hayley entirely....and it is the reason why I dont own a credit card...because you dont need debt in your life Debt is EVIL no doubt about it, but not all of us have the luxury of having extra cash.Saying 10K is cheap is being ignorant. for the people like myself that is a lot of money. i started saving every extra cent i had from January till August. No sweets no luxuaries at all and i was only able to save R1000. it was but for the grace of god and plenty Hubbers out there that i was able to get my bike. No one wants to be in Debt but you have to think of what the other persons situation might be. maybe all his / her money goes into the house and family. maybe there isn't money for him / her to save as there is always something that comes up and the savings is gone. but that person might be so demoralized and depressed that they work and can never do or show anything for all their efforts and all they want is to have to peace of mind that comes with riding and letting their problems go on the road or trails. so for that person it might be a case of, save and it gets used and they dont get closer to riding , or buy on HP and have the bike, ride and have the strength to tackle all the rest of life's problems. as i said, no one wants debt but saying they are stupid for considering this option is naive. Edited October 8, 2013 by ScottC-M Link to comment Share on other sites More sharing options...
hayleyearth Posted October 8, 2013 Share Debt is EVIL no doubt about it, but not all of us have the luxury of having extra cash.Saying 10K is cheap is being ignorant. for the people like myself that is a lot of money. i started saving every extra cent i had from January till August. No sweets no luxuaries at all and i was only able to save R1000. it was but for the grace of god and plenty Hubbers out there that i was able to get my bike. No one wants to be in Debt but you have to think of what the other persons situation might be. maybe all his / her money goes into the house and family. maybe there isn't money for him / her to save as there is always something that comes up and the savings is gone. but that person might be so demoralized and depressed that they work and can never do or show anything for all their efforts and all they want is to have to peace of mind that comes with riding and letting their problems go on the road or trails. so for that person it might be a case of, save and it gets used and they dont get closer to riding , or buy on HP and have the bike, ride and have the strength to tackle all the rest of life's problems. as i said, no one wants debt but saying they are stupid for considering this option is naive. Sorry, but for me your argument doesnt make sense, please help clear it up for me..So if you were to have had a loan, all you would have been able to pay from Jan till Aug on it is R1000? It means if you have a R10000 loan, it will take you 7.5years (without interest) to pay back? Link to comment Share on other sites More sharing options...
LazyTrailRider Posted October 8, 2013 Share Sorry, but for me your argument doesnt make sense, please help clear it up for me..So if you were to have had a loan, all you would have been able to pay from Jan till Aug on it is R1000? It means if you have a R10000 loan, it will take you 7.5years (without interest) to pay back? This little snippet and Scott's sentiments actually kind of illustrate the entire conundrum we have here: Unsecured loans (especially of depreciating goods) are most attractive to those who can least afford them. It's a bad thing waiting to go wrong. eddy 1 Link to comment Share on other sites More sharing options...
hayleyearth Posted October 8, 2013 Share This little snippet and Scott's sentiments actually kind of illustrate the entire conundrum we have here: Unsecured loans (especially of depreciating goods) are most attractive to those who can least afford them. It's a bad thing waiting to go wrong. It breaks my heart! Really! LazyTrailRider and eddy 2 Link to comment Share on other sites More sharing options...
LazyTrailRider Posted October 8, 2013 Share It breaks my heart! Really! Mine too. Especially when it gets spun via marketing BS into something which appears to those who have the most lose to be a helpful, necessary, useful and/or sensible option. Link to comment Share on other sites More sharing options...
KENDA Posted October 8, 2013 Share Worst of all, in 5 years time your still paying off a R 40k bike you can now pick up in a classifieds for R 4k... That's when debt bites you in the face. Paying off something new and shiny is nothing, the fun starts when you paying off something used, old and outdated.... Edited October 8, 2013 by KENDA Link to comment Share on other sites More sharing options...
Stretch Posted October 8, 2013 Share Debt is EVIL no doubt about it, but not all of us have the luxury of having extra cash.Saying 10K is cheap is being ignorant. for the people like myself that is a lot of money dont get me wrong..10k is still a luxury..but..if i needed to spend 10k on a bike, I would save every month till i had the money and then buy it cash..doing it this way does not give you the temptation to go higher than you can afford. Another thing is that LOTS of people say they cant afford something, but are happy to throw R600 every month on dstv or similar items KENDA, Lexx, Bobbo_SA and 1 other 4 Link to comment Share on other sites More sharing options...
Shebeen Posted October 8, 2013 Share Hi All, we will be starting our advertising campaigns in all the countries major bike stores during the month of October, so please look out for these!! Id like to know your guys thoughts on this, will it work, concerns, anything you would like to discuss / bring forward will be greatly appreciated!! If you have any queries around the financing of either road or MTB's , please feel free to drop me a mail and Ill get some info to you.It is being packaged as an insurance included deal, however we have still not got the two linked as yet, so in the interim we can do separate cycle insurance too.Terence@nicolfin.co.za ; leandro@nicolfin.co.za http://nicolfin.co.za/ - under constructionhttp://www.decibex.co.za/#!services/c1pna - hardly finance related. You'd need to do a lot more to get me feeling even close to comfortable about considering this option. There's a horde of fairly financially sophisticated members here, so loan sharks get cut up into soup here. Hi Fanie , yes, it would be secured and short or long term. As for your last point, I am not advertising nor offering on this forum, merely discussing .You're stretching a tenuous point into a grey area here. Potato/potarto, your credibility is on the line and this is a bad start. Link to comment Share on other sites More sharing options...
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