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Bike Life finance, are they legit?


Joebike

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Put the details of their offer up here and you'll get a good assessment from the hublic.

 

Without even looking into it yet, I'm going to say it's probably a bad option.

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Johan from velo life was talking about them the other day so yeah.. They are legit... As for the financing toys bit... yeah I agree with dips...:rolleyes:

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Read the fine print first there is about +/- R3500.00 hidden cost ( monthly admin fee and initiation fee) depending on the bike and the finance period. NOT a good idea!

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Read the fine print first there is about +/- R3500.00 hidden cost ( monthly admin fee and initiation fee) depending on the bike and the finance period. NOT a good idea!

Agreed, there is also a deposit etc etc, golden rule is never never never ever finance a toy. Especially a fast depreciating bicycle. I paid 80 percent of my most expensive bike cash, rest I borrowed from my dad. :whistling: . Even at no interest I hated paying off something. Think carefully please.
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Many ways to skin a cat

 

If you really want it sell stuff you not using, get part time jobs( everything adds up)

 

Anything but willingly go into debt for a toy, and as said above you will end up paying twice for something that will have very little of its value within a year

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Good question are we legit?

 

1. Firstly we are not new, we have had an insert into SuperCycling for 3 years and you can see our shows on our web site www.bikelife.co.za we have a Twitter following of 12 500

2. I post my name, surname and email address so nothing is anonymous about the info posted here i have raced for over 13 years so a lot of you know me from DH, XCO, Stage racing and Marathons

3. We have over 20 of the top shops in South Africa signed as partners (Morningside cycles, Mikes Bikes, Complete Cyclist, West Rand Cycles, Lynnwood Cycles, Cyclesphere, Cyclefunatic, Leighs Cycle Centre, Design in Motion, VeloLife, Finish Line Cycles, Freewheel Cycology, Waterfall Concept Store) to name just a few.

4. We dont sell bikes so the prices given on our ads are just examples go to one of our partners chose the bike you want and send us the quote and we will work out a finance deal for you

5. Our interest rates are between 10%-18% so feel free to go to your bank and see what kind of interest rates you will get on financing a bike. We have to date never had higher interest rates than any bank. Our interest rates are fixed not based on prime and they are not best case i.e if we advertise an interest rate and you qualify this is what you pay

6. A lot of people put bikes on Credit Cards which is probably the highest interest rate you will pay. So this is not new all we are doing is giving people a Cycling specific product at a very competitive interest rate.

7. We have no hidden costs all costs are in our documentation and are regulated by the NCA (National Credit Act) whoever you get finance from you will pay the same costs.

8. We are not a middle man we supply our own finance and dont shop our customers around to banks. Its our money and you only deal with us.

 

Like most things in life financing a bike is a personal choice. I can confidently say that if you dont have the cash flow to buy your dream bike and you looking at financing it BikeLife Finance is a great choice from a great company!

 

If you have any questions please send us an email finance@bikelife.co.za we have offices in DBN and JHB and would love to have a cup of coffee if you would prefer to chat face to face. if you get us on the right day come for a ride with us!

Edited by macros77
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Credit rip-off; a bike they advertised for their credit service on the Hub a few weeks costing R41K financed out at R52k. My LBS offers me the same bike at R 29k and 6 -12 months to pay off interest free.

To be fair your LBS knows you and values you as a potential customer who will return for small to large items.

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I have my bike from them and happy to say so.

the choice was to use the credit card or use bike for life. credit card is financed but by another name "credit card"

the choice was simple bike for life.

the interest on the credit card was far higher.

 

the paperwork took less time than it took the bike shop to put the bike together.

 

it makes no sense to pay more when you dont have too.

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I was in a bike shop the other day and a guy was buying a 60k Cannondale Evo through this crowd. He was going to pay 2k a month for three years. So interest rate was around10%. The bike shop was going to have to give them 10% but they were happy enough as it was a bike they wouldn't have sold anyway. Also the bike shop was not allowed to give discount under the rules of the scheme. Customer had to pay full RRP. I think it sounds like a really good deal to me and will definitely consider for future purchases whether I can afford cash or not.Where else can you get such cheap credit? Use your cash for something else.

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