Crippling Finance

Had my Tiger 1050 for a few months now, I love it, it’s the perfect bike for me, ticks all the boxes……but, the thought of paying off the finance (approx £140 pm) for the next 5….yes 5 years is beginning to depress me already.:w00t:

Yeah, I know, I should have thought about that when I signed the document for Black Horse……but the bike was shiny and stuff.:smiley:

I’m beginning to think I may have bitten off more than I can chew as I have some other debts to pay off as well. It’s not like I’m now stony broke…but I just have to be a little more careful where my money goes, which is never a bad thing I guess.

I keep thinking I could get a stonking bike for half that money & clear the finance in half the time, but I can’t think of another bike that ticks all the boxes like the Tiger does. I was thinking of getting an older Fireblade or go a little cheaper maybe an R6, as they have the performance, but I’m pretty lanky so I’m not sure if they are that suitable, I tried a CBR600rr when they came out & it felt tiny!! Had a CBR600f but I felt a little cramped on that too.

Perhaps I should just grit my teeth & pay off the finance but cut back on everything else…like food, heating etc.:slight_smile:

are you thinking of selling the tiger to repay the loan??

if so wouldnt you loose money that way? :ermm: as you might not sell the bike for the ammount that you have left on your loan? :blink:

You could be right…I may need to get a calculator out on this one :slight_smile:

Sorry if I sound harsh here. This stuff really twists my melon. But a five year loan on a depreciating asset like a car or a bike is just daft…

Long after the bike is sold (are you planning to keep the same bike for 5 years) or dropped, or nicked you will still be paying.

Why didn’t you get a second hand bike if money was tight? For a third the price of a new Tiger you can pick up sportsbikes, big trailies or tourers in good order.

Alternatively call Carol Vorderman and consolidate all your loans into a massive single loan secured on your house over 20 years then spend the extra money each month for fancy holidays and more shiny baubles.

Vorderman, won’t answer my calls anymore, cos I kept shouting “get off my telly” at her :smiley:

Granted, the finance deal is long, but it was the only bike I had ridden that actually didn’t result in crippling knees, bad back or cursing through lack of oomph. Also, at the time of signing for the finance my balance was ok.

But moving house and stuff means I have to tighten the belt a little more.

Perhaps I’m making sound worse than it is? I do still have a pot to **** in & a window to throw it out off. I guess it’s just bumming me out as all I have had for the last few weeks are bills & the bike is the biggest one. I think the day I have to live under a bridge like a troll are some way off yet :slight_smile:

Keep it for three years but try and get a hack to smoke around on for normal everyday running around. Keep the mileage down and and you’ll be able to chop it in and get something back. What is the interest rate on the loan?

Most vehicle finance won’t allow you to sell the bike without clearing the finance first as you don’t own the bike, the finance firm do. You would be breaking the law.

As has been pointed out, 5 years is just silly for a bike. Most people change bikes every 1-3 years as tastes change and new models come out.

I would suggest using the Winter period to cut back on all expenses, boost your income if possible (over-time, second job, etc) and then pay off the loan asap. You should get a discount on the total amount repayable here as well as interest is exponentially calculated and you won’t be using the whole term.

Once you’ve got it paid off, you’ll feel SO much better and be able to chalk it up as experience. You never know what’s around the corner. Tieing yourself down to a long-term finance deal is pretty much always bound to kick you in the nuts.

That indeed is true. The HPI will be glowing red hot if they ran one for the Tiger, so that wasn’t an option.

I think the days of going down to the docks, and doing favours for sailors (sewing buttons etc) a delayed for now:D

I just love those “consolidate all your worries into one crippling monthly worry” adverts.

I like the “actors” they use as happy couples “all we had to do was sign up & give all of our life savings or Barry here loses his knees, it’s was such a weight of our minds” :slight_smile:

Think you lot watch too much daytime telly;)

Guilty as charged :smiley:

If only! :slight_smile:

get a shorter term loan with a favourable interest rate and pay off the 5 year loan and pay less interest as a result

if you have one extend your mortgage for the bike finance amount. effectively small equity release, but marginal difference to monthly payments (altho will be for the term of the mortgage)

i think the world you’re looking for is ‘compound’ not ‘exponential’ Jay :wink: loans work on a a reducing balance basis

there are also ways to play the 0% interest credit cards so that they pay you for borrowing the money. less margin in it now that they charge fees for the transfer, but still do-able if you can deal with the hassle and planning involved. at the least, it cuts the financing cost dramatically

I think the day I have to live under a bridge like a troll are some way off yet :slight_smile:
Oi you leave us trolls alone under the bridge were happy :Dserious though I was in similar situation but only for 3 years, was at high interest rate etc, then thought sod it got a slightly larger loan lower rate and bobs ya uncle bit of extra dosh and the bike is mine not finance companies.

Have you ever considered a ZX9R?

what jb said :slight_smile:

your always better of getting a bank loan for a bike…

A least you can sell it and pay off the loan…

i got a 5 grand loan for my 750 2 years ago its a 3 year loan and theres about 1500 quid to pay off now…

i could sell the gixer for near 3 and a half grand easy so im credit now.

3 years is the best time to take a loan on a bike, ok you may pay a bit more a month but you will have it payed before the bike is scrap!!

If it helps matey…im in the same boat…

got my gixxer in april last year and im paying the bike off on a 5 year term…but hey…listen…altho you may get down about it…you’ve got the bike you want…just bluddy enjoy it…:D.

you’d only have to spend the money on somthing else…so why not you eh?

dont get me wrong,i know 5 years is a long time…but just think about the 5 years past?..wer’nt too long ago now was it?..thats how i get around this anyways…lol

April next year will be my second year…and the way things are going so quickley…it’ll fly by…as soon as i get too that stage, im gonna bump up my repayments i think…then i’ll have a lurrvley bike that’ll be all mine…;).

hope you start feeling better about this mate…there’s enough out there to worry about…let alone to have all this…lol

have a goodun


I only buy what I have the cash sorted for. Found out the hard way when I was younger and got a 2 year loan to buy my dream GSXR :smiley: Problem was that not long after the first year of owning it I’d blown the thing :w00t: .

Now I only buy what I have cash for. Had a dream this year of having the new Factory but did not have the cash. So I got together 5K and got an 04 Facotry :smiley:

I’ll never again buy a car or bike on loan. If you don’t have the cash then you don’t need it. Ducks me off when you see these people on the repo adds with their large new tellys, cars, etc on hp. But then again in todays UK it’s always some others person fault for you doing something wrong :crazy:

Did think about getting a low interest loan, but I doubt if I would get one. I think the only reason I got finance is because it’s secured against the bike. I do keep getting letters from Black Horse offering me more money…but it would never be enough to pay off the bike finance anyway.

In an ideal world, yes it would be better to only buy what I have money for, but to be honest, I don’t have the discipline to save that much

Like Smiled said, 5 years isn’t that long, I often wonder what happended to the last 10!!:slight_smile: