Bikelife finance

[GLuvsMtb]

Insurance the small amount most have not put into their fancy Nancy equations ,

Surprised you missed it on the first breakdown of costs involved Andy, must be the age catching up to you

Surely you need to insure, regardless of the mode of finance you prefer? Just like you need to factor in maintenance cost?

 

 

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[andydude]

Surely you need to insure, regardless of the mode of finance you prefer? Just like you need to factor in maintenance cost?

 

 

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If you finance it's worse without insurance as you would still have to pay back the loan. Cash you don't have to insure. You just lose the bike and nobody can claim monthly payments and take legal action.

 

Of course we are ignoring any third party claims.

 

That is if I understand your question?

[Captain Fastbastard Mayhem]

If you finance it's worse without insurance as you would still have to pay back the loan. Cash you don't have to insure. You just lose the bike and nobody can claim monthly payments and take legal action.

 

Of course we are ignoring any third party claims.

 

That is if I understand your question?

In both instances you lose without insurance.

 

All that money you saved vs all the repayments you still have to pay.

[DIPSLICK]

Surely you need to insure, regardless of the mode of finance you prefer? Just like you need to factor in maintenance cost?

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That's what I meant, the previous laid out calculations did not include insurance,,,so I was just saying don't forget to add it for the guys breaking down the calculations into cents,

 

Can't remember the HUBBER who done the first detailed breakdown had no insurance factored in,,,as you say if you going to finance they going to force you to pay insurance on said amount

[hayleyearth]

In both instances you lose without insurance.

 

All that money you saved vs all the repayments you still have to pay.

 

Yes both instances you loose, the one you definitely loose more though. There is not argument about that.

[Tony datoy]

I bought everything I own, except my house and my Land Cruiser on my credit card. On an average interest rate of 11% over the past few years it's much better than most financial houses can offer. When I buy something on my cc I take it over 60 months so the repayments are low and then I inject as much cash into the outstanding amount as I can. On a bad month I just pay the minimum amount required. The financial gurus will most probably shoot me down, but this has worked for me over the years.

At the moment I have no outstanding debt; that Santa Cruz I have my eye on is getting closer.

[Belgarath]

Does anyone have any idea of what Wesbank asks for interest rates? Or is that an individual assessment?

 

Currently my credit card is being maxed, and savings depleted, to finance the upgrades to the house my wife has been nagging for for 5 years...

[Escapee..]

Does anyone have any idea of what Wesbank asks for interest rates? Or is that an individual assessment?

 

Currently my credit card is being maxed, and savings depleted, to finance the upgrades to the house my wife has been nagging for for 5 years...

 

Individual assesment depending on your credit score,history etc

[Twaatie]

Does anyone have any idea of what Wesbank asks for interest rates? Or is that an individual assessment?

 

Currently my credit card is being maxed, and savings depleted, to finance the upgrades to the house my wife has been nagging for for 5 years...

So credit maxed... No more savings but want to take on more credit

[andydude]

I bought everything I own, except my house and my Land Cruiser on my credit card. On an average interest rate of 11% over the past few years it's much better than most financial houses can offer. When I buy something on my cc I take it over 60 months so the repayments are low and then I inject as much cash into the outstanding amount as I can. On a bad month I just pay the minimum amount required. The financial gurus will most probably shoot me down, but this has worked for me over the years.

At the moment I have no outstanding debt; that Santa Cruz I have my eye on is getting closer.

Tony, the big thing about credit is whether you can manage it. And it seams you can, so kudos [emoji106]

 

Only negative about credit is the risk should something go wrong. E.g. you lose your job, large medical expense, etc. That's why a reserve fund of a few months salary is always a good idea. Not just with credit, but with life.

 

One question, if I may, where in the world do you only pay 11% on a credit card?

[Patchelicious]

Tuesdays, the new Fridays.... I told you guys.

 

People on this thread be like.....

 

[Jehosefat]

One question, if I may, where in the world do you only pay 11% on a credit card?

 

Investec for one. Interest rate on their credit cards is Prime.

[HBO]

Tuesdays, the new Fridays.... I told you guys.

 

People on this thread be like.....

 

hehe, I absolutely love this show

[HBO]

Insurance the small amount most have not put into their fancy Nancy equations ,

Surprised you missed it on the first breakdown of costs involved Andy, must be the age catching up to you

 

This is so true. I'm in the industry and it amazes me to see how many people buy toys such as jetskis, boats, motor bikes and expensive vehicles and then only bother about insurance when they take delivery and the finance house insists on it.

[WR 1.0]

If you finance it's worse without insurance as you would still have to pay back the loan. Cash you don't have to insure. You just lose the bike and nobody can claim monthly payments and take legal action.

 

Of course we are ignoring any third party claims.

 

That is if I understand your question?

I wonder how many actually note BikeLife's interest on the insured items when financing through them.....

[Captain Fastbastard Mayhem]

I wonder how many actually note BikeLife's interest on the insured items when financing through them.....

interest wouldn't be a factor when you're insuring, as you're settling the outstanding capital amount. Not the future interest you will pay on it.