Jump to content

Yes, I am financing a bicycle. No, I don't need your judgement.


Recommended Posts

  • Replies 187
  • Created
  • Last Reply

Top Posters In This Topic

Top Posters In This Topic

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.

Link to comment
Share on other sites

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.

Link to comment
Share on other sites

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. :wacko:


Link to comment
Share on other sites

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.

Link to comment
Share on other sites

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.

Link to comment
Share on other sites

Create an account or sign in to comment

You need to be a member in order to leave a comment

Create an account

Sign up for a new account. It's easy!

Register a new account

Sign in

Already have an account? Sign in here.

Sign In Now
Settings My Forum Content My Followed Content Forum Settings Ad Messages My Ads My Favourites My Saved Alerts My Pay Deals Help Logout