Any hubbers can assist or advise on financing a new bike?

[Wayne pudding Mol]

Yes and no. I NEED my bicycle. I also need a house but I don't need to own one.

 

Also, financing a bike is hardly a sin.

 

If you have steady income but can only 'save' R1000 a month, it will take 40 months to buy a 'decent' bike. But if you get it financed you can then pay off R1000 a month, have a bike and take 50 months to pay it off.

 

Which, in my books, is better than having no bike for 4 years.

 

To add to this - at current inflation plus cyclings growth by the time you’ve saved bikes will have increased so much you’ll have to add another year to the savings plan

[Wayne pudding Mol]

How can you seriously compare financing a house with financing a bike?

One is a need the other is a want and they shouldn't be conflated.

Owning a house is not a need, the vast majority of this country and indeed the planet are not title holders - and if we are talking about finance costs being the devil, consider what the bank makes on a bond

 

I do however consider being healthy a necessity and whilst you don’t have to cycle to be healthy, financing a bike doesn’t seem that mental

 

We all agree paying cash is the best solution but it’s not as simple as that

[Cois]

I remember enquiring (just out of interest) about financing a bike +-10years ago and the answer was quite simply "no, we don't finance bikes".

Now it's common practice with most LBSs offering it as part of the "value added service" it seems via many of the well known financial institutions.

It opens up possibilities which could otherwise not have been considered but know that it comes at a cost.

Back then bikes were cheaper than cars.

R136000 for a bike? I do not know of a lot of people with that kind of money in their accounts

[Cois]

I did finance my Scott two years ago via a private loan from ASBA. Should you go ahead, make sure of the following:

 

Get insurance on the bike before you leave the LBS. Accidents do happen and criminals are out to steal your new bike. No matter how good your locking system might be, the long fingered dough bags will find a way to bypass your locks.

 

Insure your loan. Should something happen to you, your loan will be paid off. Just make sure to check what it covers as most financial institutions are outright bastards and will try every trick in their books not to pay off your loan.

 

As stated they will slap fees on your loan. Make sure of all the fees that they will try to rape you with. They might look like the most helpful people in front of you, but they will be around the corner with the biggest object to get every cent out of you.

 

Make sure of the interest rates. Standard bank quoted me one rate and then increased the rate as I signed the agreement. And you can try what you want to, most financial institutions are a faceless bunch that have 0 regard for your well being. They are out to make the most money out of you what they can. So be cautious and read twice and sign once (okay more like 50 times)

[Jase619]

How can you seriously compare financing a house with financing a bike?

One is a need the other is a want and they shouldn't be conflated.

Okay, let’s then compare it to financing a holiday house in Ballito?

[eddy]

Okay, let’s then compare it to financing a holiday house in Ballito?

 

K@k idea.

 

If the North coast is your thing, take the deposit, the monthly bond payments, the insurance payments, ,the levys, the rates and taxes, the maintenance payments, tuck the cash under your mattress and use half to spend a month at the Oysterbox each year..

Edited April 27, 2021 by eddy

[Louis]

Hi guys.

Any members on the hub can point me in the right direction with regards to financing a bike.

Thanks

Interesting comments on this thread.

Buying a slightly used bicycle can save you a lot, have a look what you can get at Ace Cycles.

 

To answer your question, I can recommend https://www.wozipocapital.co.za .

Contact is Ilan Davimes:

Phone: +27 11 242 5437

Mail: Ilan@wozipocapital.co.za

 

All the best.

Louis

[Louis]

I did finance my Scott two years ago via a private loan from ASBA. Should you go ahead, make sure of the following:

 

Get insurance on the bike before you leave the LBS. Accidents do happen and criminals are out to steal your new bike. No matter how good your locking system might be, the long fingered dough bags will find a way to bypass your locks.

 

Insure your loan. Should something happen to you, your loan will be paid off. Just make sure to check what it covers as most financial institutions are outright bastards and will try every trick in their books not to pay off your loan.

 

As stated they will slap fees on your loan. Make sure of all the fees that they will try to rape you with. They might look like the most helpful people in front of you, but they will be around the corner with the biggest object to get every cent out of you.

 

Make sure of the interest rates. Standard bank quoted me one rate and then increased the rate as I signed the agreement. And you can try what you want to, most financial institutions are a faceless bunch that have 0 regard for your well being. They are out to make the most money out of you what they can. So be cautious and read twice and sign once (okay more like 50 times)

Great post, thank you for sharing your knowledge.

[Spafsack]

Hey OP, hope this makes a bit of sense. Firstly, how much is the bike, ball park figure?

I would rather use my credit card, swipe the card over 5 years, pay it off sooner.

This way you never have to 'contact the bank' 'ask for settlement" and pay in other additional fees.

If you don't have a credit card with lets say a 20k max limit, then rather build up your credit record.

 

Friends i know, tried to finance a bike, ended up being they don't even own the bike after the term, they basically rented it over 5 years, don't fall for that.

 

Find a good second hand hardtail for 15k, you will get a great bike if you shop carefully, then after a year or two, go big! 

[Harryn]

A bike is an investment in yourself and your health. (If cycled regularly). Can’t put a price on that.

 

By all means finance but understand it’s a very expensive option an generally you can’t negotiate a discount. But if it gets you out there then go for it

True. A bike is an investment in your health and yourself. If, as you say, its used regularly. But a used cheap bike

Is as much an investment in your health as a brand new fancy one.

 

So you can “put a price on that”. A much cheaper price, sans finance charges.

 

So, Your argument is a faux one. Actually, its more of a subjective justification for making a poor financial decision.

[IceCreamMan]

True. A bike is an investment in your health and yourself. If, as you say, its used regularly. But a used cheap bike

Is as much an investment in your health as a brand new fancy one.

 

So you can “put a price on that”. A much cheaper price, sans finance charges.

 

So, Your argument is a faux one. Actually, its more of a subjective justification for making a poor financial decision.

Maybe. Maybe not.

 

But let’s dig a lil deeper. The OP did not mention the cost nor whether it’s a new or used bike. You used your paradigm to fill in those blanks.

 

Bikes are very poor investments whether you finance or pay cash. So all round they are poor financial decisions when viewed in that light. But a nice bike is motivating, non?

 

So which cheap used bike do you have?

Edited April 27, 2021 by IceCreamMan

[Harryn]

Maybe. Maybe not.

 

But let’s dig a lil deeper. The OP did not mention the cost nor whether it’s a new or used bike. You used your paradigm to fill in those blanks.

 

Bikes are very poor investments whether you finance or pay cash. So all round they are poor financial decisions when viewed in that light. But a nice bike is motivating, non?

 

So which cheap used bike do you have?

Look, I ain’t gonna dig too deep,just to win an esoteric argument on the internet.

 

But to answer your question, I actually have never bought a used bike, but I have a Trek 3700 entry level hardtail, (which is heavy as lead) and a cheap Fuji Royale Forza hybrid, both of which I bought and enjoyed for about a year or 2, when I first got into cycling, when my resting hr was about 300.

 

I did my first 94.7 on the Fuji, and it was the funnest and hardest and most fulfilling race of all the ones i have done since. You cant put a price on that.

 

I still have both these bikes, which hang dutifully in my garage, happily collecting the finest Gauteng dust one could wish for. It gives me oodles of joy every time i gaze upon them and cogitate over all the finance charges I never paid on them.

[IceCreamMan]

Look, I ain’t gonna dig too deep,just to win an esoteric argument on the internet.

 

But to answer your question, I actually have never bought a used bike, but I have a Trek 3700 entry level hardtail, (which is heavy as lead) and a cheap Fuji Royale Forza hybrid, both of which I bought and enjoyed for about a year or 2, when I first got into cycling, when my resting hr was about 300.

 

I did my first 94.7 on the Fuji, and it was the funnest and hardest and most fulfilling race of all the ones i have done since. You cant put a price on that.

 

I still have both these bikes, which hang dutifully in my garage, happily collecting the finest Gauteng dust one could wish for. It gives me oodles of joy every time i gaze upon them and cogitate over all the finance charges I never paid on them.

Lekker well done for not being suckered into the marketing machine. Many of us are not that clever.

 

the motivation to cycle is the important thing as that is healthy. I would rather finance a bicycle than a car or motorcycle as bicycle has health benefits which cannot be underestimated ever. Toys are generally poor financial decisions even yr lower range bicycles will lose much on purchase.

 

Money is replaceable, health rarely is.

 

Edit: your Fuji reminded me of a dear friend of mine did IM SA on a second hand 3x8 Fuji he paid 700 for. The bike was tatty looking too. He was aghast when he had it serviced prior to the event an the service with tyres cost more than the bike. It looked completely out of place in the PE bike rack area. He got the same medal as everyone else.

Edited April 28, 2021 by IceCreamMan

[The Ouzo]

if the motivation is health/fitness then work out how much a gym contract will cost you per month vs how much a bike will cost per month.

I'd rather have a bike than a gym contract

[EddieV]

Interesting comments on this thread.

Buying a slightly used bicycle can save you a lot, have a look what you can get at Ace Cycles.

 

To answer your question, I can recommend https://www.wozipocapital.co.za .

Contact is Ilan Davimes:

Phone: +27 11 242 5437

Mail: Ilan@wozipocapital.co.za

 

All the best.

Louis

 

I've never looked at bike finance, but have had to assist someone before who found themselves in a difficult situation after purchasing furniture on credit and being charged ludicrous amounts for credit and insurance (all types of insurance incl. life etc.)

 

I digress, but looking at the above website, the effective rate is nearly 22% (22K interest repayment on 100K), thus maybe look at your credit card, if you already have insurance on your CC, and can add the bike onto your general insurance, .... your credit-card might too be an option? (Simpler and cheaper?). Cois's suggestion on an (Absa) personal loan seems viable too if the rates are competitive?

 

.

[Slowbee]

And to think you guys complain about the discussions in parliament.

 

Actually, thank goodness you guys are not in parliament.