Financing your next bike. (UK)

[complete]

When I purchased my SV1000s i was asked if i required finance.

I declined the offer, as i do not like paying interest. I also do not like having items i own, tied under an HP agreement.

I used my credit card. Applied for a card with 0% interest for 6 months for purchases, such as Egg Card, and then 5 months later got a card with 6 months 0% interest for balance transfers.

As long as you pay the minimum, and when you can, pay more on top off the balance, you should nevery pay interest.

Also it saves a lot of grief if you want to sell your bike privately or P/EX, and they do an HPI check, and you have no HP registered.

Bank of Scotland NSPCC card is currently offering 9 months 0% interest on balance transfers.

This also applies for all credit card debt. DO NOT PAY INTEREST. :headbang:

:pcplod: Warning- Just use the card for the transfer. If you transfer debt and then make purchases, when you make a payment it will come of the Interest Free debt first and you will pay interest on the purchases. Also keep payments up to date or they will cancel the offer. (Do not touch Barclaycard's offer, too many clauses)

Go to Credit Card Finder (http://www.thisismoney.com/moneyshop/money_shop_ccards.html) to see the best deal for you.

Some Examples:
Dogs Trust Platinum
0% 9 mths 12.90% Ensure a safe & happy future for your four-legged friends

NSPCC Platinum
0% 9 mths 12.90% Help build the lives of shattered children

Virgin Option 1
0% 9 mths 13.90% 0% for 9 months on bal tfrs

Abbey Blue
0% 9 mths 15.90% Moneysupermarket Exclusive
0% transfer rate - fixed for 9 months

Abbey Pink
0% 9 mths 15.90% Moneysupermarket Exclusive
0% transfer rate - fixed for 9 months

Sainsbury's Bank Internet Special
0% 9 mths 15.90% 0% for 9 months on purch and bal tfrs

Hope this helps......

Cheers
Adam

[Andy.SP1]

Why not just pay cash?

[simon.w]

I did a similar thing, put it on one card then did a zero interest deal for 6 months, paid the minimum and cleared it off at the end.


Very good idea Complete, you have probably earned a rep point for this but having seen your disdain :ranting: for the rep system I shall definitely award you some. It really is a money saving tip. :Punk:

Halifax and Barclaycard are also doing zero/ zero deals at the moment I think.

[complete]

I did a similar thing, put it on one card then did a zero interest deal for 6 months, paid the minimum and cleared it off at the end.


Very good idea Complete, you have probably earned a rep point for this but having seen your disdain :ranting: for the rep system I shall definitely award you some. It really is a money saving tip. :Punk:

Halifax and Barclaycard are also doing zero/ zero deals at the moment I think.

Thanks for that.

This rep thing is reverse physcology. Say you don't like it and you'll get points. hehe.

Halifax is ok. Just about to transfer to the Bank of Scotland NSPCC card and a donation goes to the NSPCC.

Even the boss of Barclays wouldn't have a Barclaycard. Have a look on www.thisismoney.co.uk. To many stipulations.

Andy SP1. Why not put the cash in a mini ISA or Intelligent Finance high interest instant access account at 4.1% and pay off the card at 0% each month, and earn interest on the cash. Nothing to lose, and also if things go wrong with the purchase you can claim against the card company, especially if the dealer goes bust.

Cheers
Adam

[Andy.SP1]

Andy SP1. Why not put the cash in a mini ISA or Intelligent Finance high interest instant access account at 4.1% and pay off the card at 0% each month, and earn interest on the cash. Nothing to lose, and also if things go wrong with the purchase you can claim against the card company, especially if the dealer goes bust.

Cheers
Adam

I was just joshing with you, I actually did the same used my 0% credit card then when the 6 months was up released my capital and paid it off, but with p/ex the SV only cost £2k, thinking about that I now have to do the same for my falco, but again with P/ex that is only £1200.

[complete]

I was just joshing with you, I actually did the same used my 0% credit card then when the 6 months was up released my capital and paid it off, but with p/ex the SV only cost £2k, thinking about that I now have to do the same for my falco, but again with P/ex that is only £1200.
Good on you mate.

I just phoned Bank of Scotland to do the transfer from Halifax visa, and they said they cannot do it as they run the visa for Halifax, and cannot transfer balances to their own company. Virgin, here i come....
Cheers
Adam

[BigThumpa]

I did exactly as you suggest when I bought my 650S back in April 2001. I've been bouncing the balance around 0% providers ever since and earning interest on the money I have in the bank to pay it off.

Still haven't paid for the 1000 either on the same basis.

BTW, as a result I now have about 10 credit card accounts and access to about £60K in credit!! Good job I have the self control not to use them!

[complete]

By doing this you also end up with a very good credit rating.
I have my normal cards, but when ive done a transfer i ask for the old card to be cancelled and rip it up. Its frightening how much you can borrow. I bought my Nissan 200 for £18500 by card. Paid off with no interest over 3 years. Dealer wasnt happy as its rrp was £26500 and it was pre-reg with 1 mile on the clock, and heavily discounted. It then cost them 1.5% in card charges.
Good.
Cheers.
Adam

[brokenleg]

I paid cash for the bike. Paid for the Insurance on my Credit card. and then transfied it over to a Captial one card. O% for six months.


Deals on bikes with interest fee credit. Always pay full list price and over.

So lose-out, best to get a bank loan or pay cash.

But dealers still like you getting the bike on HP. They get a kick-back from it.