B1cyk1ll3r Posted June 24, 2015 Posted June 24, 2015 So happy i found this thread! Im one of those who is looking to buy my very first mountain bike. I know what i want, which comes with a 33k price tag... problem is i don't have 33k cash on hand... so off i went in search of a way i can get it now! hell im 28 we don't wait for anything we want everything now, and that is a mindset one cannot change. with that said i am one to research, calculate & research some more.. A year ago i would have just done it and dealt with the consequences later... But i too have just settled a substantial CC debt and it's great! such a pressure off of my shoulders! only debt i have is for my vehicle which is also currently for sale only because i crave the feeling of being absolutely 100% debt free!! Bottom line is, as tempted i am to buy that bike i so badly want, this one: http://www.giant-bicycles.com/_upload/showcases/2015/reign_advanced_showcase1.JPG I will wait until i can afford it! only 13k more to go... Anyone of you undercover millionaires want to send some moola my way?
Pure Savage Posted June 24, 2015 Posted June 24, 2015 So happy i found this thread! Im one of those who is looking to buy my very first mountain bike. I know what i want, which comes with a 33k price tag... problem is i don't have 33k cash on hand... so off i went in search of a way i can get it now! hell im 28 we don't wait for anything we want everything now, and that is a mindset one cannot change. with that said i am one to research, calculate & research some more.. A year ago i would have just done it and dealt with the consequences later... But i too have just settled a substantial CC debt and it's great! such a pressure off of my shoulders! only debt i have is for my vehicle which is also currently for sale only because i crave the feeling of being absolutely 100% debt free!! Bottom line is, as tempted i am to buy that bike i so badly want, this one: http://www.giant-bicycles.com/_upload/showcases/2015/reign_advanced_showcase1.JPG I will wait until i can afford it! only 13k more to go... Anyone of you undercover millionaires want to send some moola my way? By the time you get the 13k, you will get the newer 2016 model and even happier! Thats the way I look at it.
KingTJ Posted June 24, 2015 Posted June 24, 2015 All I can say is avoid bike life finance. They are skelms for sure. A mate of mine wanted to finance a bike, first of all, they charge you full price for the bike, you are not allowed discount. Even if the shop offers you 10 or 20 percent disocunt, they will not finance it unless it is full price. My mate could get a Specialized bike from dealer for 25 percent off, instead of 60k the bike was 45 grand. Huge bargain, so he thought of financing it. They will only finance the bike at full price, and chuck on a 2 grand service plan, which is useless, a service only costs R350. Interest rate is waaay above prime. Just not worth it.Mate i think you must think before you speak...my mate is the owner of the bike life and a well respected person in the biking community. They did not force your mate to go to them, it their finance their rules....you can always walk away
Lefty V Posted June 24, 2015 Posted June 24, 2015 We offer 6 months 0% finance on bikes £275 and up We offer 12 months 0% finance on bikes £275 and up We offer 18 months 0% finance on bikes of £500 and up We offer 24 months 0% finance on bikes of £1000 and up We offer 36 months 0% finance on bikes of £2000 and up This is an example of a UK finance group, now I'm not moaning about financing, as mentioned by others it's your own choice to finance whatever you want regardless of what some here might believe! But I do think finance for the first 12 months should be cheaper and then after that up to 5% or whatever! I used the uk model to buy my scott scale and it was brilliant. Financing bikes is a great idea but the current finance plans are too expensive!!!Have a look at their repo rate - not comparing apples with apples. You can finance houses at 0% interest in some countries.
BenGraham Posted June 24, 2015 Posted June 24, 2015 You can get in on the sport for much less than 33k. I would honestly say buy a starter bike while you're saving for the dream bike.
Muddy Posted June 30, 2015 Posted June 30, 2015 The practice of financing bicycles should be illegal and is immoral. These 'service' providers feed of the gullibility of people who cannot afford it in the first place. In what world does it make sense to go into debt for something that is a) used for pleasureb) depreciate faster than a burst balloonc) carries the highest risk of breaking down or get stolen than any other belonging I own If any of this makes sense to you then you won't have a problem paying exorbitant prices and interest rates.
Brawler Posted June 30, 2015 Posted June 30, 2015 So happy i found this thread! Im one of those who is looking to buy my very first mountain bike. I know what i want, which comes with a 33k price tag... problem is i don't have 33k cash on hand... so off i went in search of a way i can get it now! hell im 28 we don't wait for anything we want everything now, and that is a mindset one cannot change. with that said i am one to research, calculate & research some more.. A year ago i would have just done it and dealt with the consequences later... But i too have just settled a substantial CC debt and it's great! such a pressure off of my shoulders! only debt i have is for my vehicle which is also currently for sale only because i crave the feeling of being absolutely 100% debt free!! Bottom line is, as tempted i am to buy that bike i so badly want, this one: http://www.giant-bicycles.com/_upload/showcases/2015/reign_advanced_showcase1.JPG I will wait until i can afford it! only 13k more to go... Anyone of you undercover millionaires want to send some moola my way? [emoji106]Only problem that bike is not 33k, probably closer to 80k
Captain Fastbastard Mayhem Posted June 30, 2015 Posted June 30, 2015 Only problem that bike is not 33k, probably closer to 80kin his defence, the colours do sorta look the same...
Brawler Posted June 30, 2015 Posted June 30, 2015 in his defence, the colours do sorta look the same...I know. I'm not complaining [emoji14]
Robrider Posted June 30, 2015 Posted June 30, 2015 The practice of financing bicycles should be illegal and is immoral. These 'service' providers feed of the gullibility of people who cannot afford it in the first place. In what world does it make sense to go into debt for something that is a) used for pleasureb) depreciate faster than a burst balloonc) carries the highest risk of breaking down or get stolen than any other belonging I own If any of this makes sense to you then you won't have a problem paying exorbitant prices and interest rates. I'm against taking advantage of uneducated people such as what happens with loan sharks and garnishee orders and things like that. But otherwise, willing buyer, willing seller. Its not for you to say who can and can't borrow money. I think its stupid, but not immoral. Its not like we are talking about poor people with no jobs. We talking about a fairly elite sport.
Raf Posted June 30, 2015 Posted June 30, 2015 Why are we paying such high interest rates on our bikes here in South Africa with financing when other countries can provide much more affordable financing?Unfortunately in this country, we dont enjoy the low Prime Lending Rate as most 1st world countries Also, countries like Holland & UK are inclined to put incentives in place to use 2 wheels modes of transport rather than motor vehicles and in turn tax those modes in an effort to be more environmentally friendly Comparing the bike finance products on the market compared to some Personal Loans/ Credit Card interest rates, i must say that its not bad Basically, any finance house needs to have a Return On Investment in, if not, they might as well close their doors
Shebeen Posted June 30, 2015 Posted June 30, 2015 Mate i think you must think before you speak...my mate is the owner of the bike life and a well respected person in the biking community. They did not force your mate to go to them, it their finance their rules....you can always walk awayWell done to them for finding a gap in the market, albeit only because the NCA is far too lenient. But I don't respect anyone who profits from people's desire to live beyond their means. Trading short term bliss for long term suffering. I feel the same for big four banks who try and push their personal loans as a way to fund a holiday for instance.
B1cyk1ll3r Posted June 30, 2015 Posted June 30, 2015 You can get in on the sport for much less than 33k. I would honestly say buy a starter bike while you're saving for the dream bike. Did exactly that! Bought myself a top spec 2nd hand bike, which is currently on its way from Cape town! Only problem that bike is not 33k, probably closer to 80k My bad, that is the reign advanced. But close enough... visually at least!
Nickster Posted June 30, 2015 Posted June 30, 2015 You can always just make full use of the reason the rate is so high and become a bad debt. The only problem is this comes along with being messing up your credit history or needing to uproot your life. On the plus side you have a free bike
ahp005 Posted June 30, 2015 Posted June 30, 2015 The practice of financing bicycles should be illegal and is immoral. These 'service' providers feed of the gullibility of people who cannot afford it in the first place. In what world does it make sense to go into debt for something that is a) used for pleasureb) depreciate faster than a burst balloonc) carries the highest risk of breaking down or get stolen than any other belonging I own If any of this makes sense to you then you won't have a problem paying exorbitant prices and interest rates.As is the same with a motor vehicles. And bicycles has become so expensive so I don't see how you can do it otherwise. If you buy a bike on a credit card which is normally between 22-29% interest bike financing is a bit cheaper with the interest between 10-15% depending how many months you pay it off. It is better to save for your bike but it will take forever.
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