pmswanepoel Posted May 22, 2019 Posted May 22, 2019 Any recommendations and suggestions? i-Me/Yonda/Bicycle Finance SA etc?
Veebee Posted May 22, 2019 Posted May 22, 2019 Havent dont it myself but just read up on it. Yonda seems to be the better option. i-me had some 2 year rental contract nonsense that I read about.
The Ouzo Posted May 22, 2019 Posted May 22, 2019 Yeah I’d get quoted and read the fine print on all of them. Another option could be using your home loan, it’s normally the cheapest loan you can get.
Larry King Posted May 22, 2019 Posted May 22, 2019 i used bikelife a couple of years ago. not sure if they are still around?
Oufy MTB (Roadie) Posted May 22, 2019 Posted May 22, 2019 You made the decision to finance, I would go with the homeloan option, provided you put it back
Arrie Posted May 22, 2019 Posted May 22, 2019 It would depend on the interest rate they charging you. If you bank with FNB or Standard Bank, they have a loan called a RCP (Revolving Credit) which usually has low interest rates, sometimes a Credit Card also has a low interest rate. It's not a good idea to finance/take a loan for a bike, but If you do, the best is to get the lowest interest rate as possible.
MORNE Posted May 22, 2019 Posted May 22, 2019 Buying ANYTHING at 15%+ interest is just plain wrong. Say you finance a 30k bike, you'll be in for about R1700 a month over 24 months@ 15%. By the time you are done paying it...you'll be in for R40k...almost 30%more. Increasing the term/interest depending on your personal profile just makes it worse. It can go up to 20%+ Yes using one's home loan is cheaper...but thats swapping "good" debt for bad debt if that makes sense. I'm therefor also in the camp of "don't finance toys".Rather save up and buy it outright. You'll love it even more since you worked for it.A financed thing will become a burden and you'll end up hating or not appreciating it eventually anyway. don't do it man.
Mamil Posted May 23, 2019 Posted May 23, 2019 It is impossible to quantify in rands and sense the enjoyment my bikes give me. Do it. If you have an access bond it's the best way. I put money in and take out all the time for all sorts of reasons.
Vetseun Posted May 23, 2019 Posted May 23, 2019 I read the title. I understand the title. But.... Dont finance toys. Its the right thing to do.
Jase619 Posted May 23, 2019 Posted May 23, 2019 Rather save up and buy it outright. For a lot of people that is much easier said than done. I have that will power, but my wife on the other hand doesn't. If she gets a bonus at work it's normally spent before it even gets deposited.
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