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Sparky and the Warden

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Hello I know this has been a hot controversial topic but it's FRIDAY!

 

The question is simple who is using what financial institution? Reason I ask is a friend was looking into it but the company bikelife said that they're not financing any more bikes....

 

Any recommendations would be appreciated!

 

Have an epic Friday it's almost the long weekend!!!!!(Happy dance)

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Hello I know this has been a hot controversial topic but it's FRIDAY!

 

The question is simple who is using what financial institution? Reason I ask is a friend was looking into it but the company bikelife said that they're not financing any more bikes....

 

Any recommendations would be appreciated!

 

Have an epic Friday it's almost the long weekend!!!!!(Happy dance)

 

The guys that ran bikelife now have a company called Yonda. Powered by Wesbank I believe.

Finance is a completely viable option if it suits your budget, does not put you under financial strain and you don't mind the interest you pay back. I've financed all my bikes and will likely do so again.

 

https://www.yonda.co.za/

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The guys that ran bikelife now have a company called Yonda. Powered by Wesbank I believe.

Finance is a completely viable option if it suits your budget, does not put you under financial strain and you don't mind the interest you pay back. I've financed all my bikes and will likely do so again.

 

https://www.yonda.co.za/

 

 

seeing that its friday...

 

i haven't met anybody that "doesn't mind paying back interest", neither have I found anyone in need of a loan not to be put in financial strain because of more debt...

 

good sales pitch though, but the more sound advise is that high-interest finance for minor goods is not a (edit) viable smart option.

Edited by rudi-h
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Sometimes there are super bike specials (think 50%). I financed my first bike at I think 13% interest over 24 months and paid it off in 10 months. Even if I paid it off over the full term the discount far outweighed the interest charged.

 

I would not have done so on a 10% discount. It may be useful for your friend to review his budget and determine what he can afford.

 

P.S. Wesbank has been doing it for a while and their systems are quite sound (you can monitor the facility and easily request a settlement when ready.

Edited by khayale
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Sometimes there are super bike specials (think 50%). I financed my first bike at I think 13% interest over 24 months and paid it off in 10 months. Even if I paid it off over the full term the discount far outweighed the interest charged.

 

I would not have done so on a 10% discount. It may be useful for your friend to review his budget and determine what he can afford.

bikelife could not finance discounted bikes so how did you manage to do that

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  • 1 month later...

Don't finance toys.

 

 

+1, never finance but always insure

 

He who dies with the most toys, WINS!

1 gazzillion percent agreed!!!!!

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This proves my point exactly, stick to riding bikes and talking about them with Gerald.

 

These okes are going to do you inn eventually.

I am sure they could "fix" you a good deal ........  :ph34r:

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Oh gaaawwddd you guys are going to get Myles all wound up, he is probably 5 pages into his 20 000 word white paper on why it’s a viable option, will be titled “Bicycle Finance, it’s not all Mayhem!”.

flipping great title for a book if you ask me

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  • 3 weeks later...

Don't finance toys.

So it seems that financing bicycles is not deemed to be smart by many hubbers, lets say its the common view, think there have been other threads on this topic.

But,,, many people do finance toys, eg, motorbikes, boats, jetskis, fancy cars, aircraft.

Whats the real difference?

 

If you finance 100k motorcycle, ok

Finance 100k on a 250k car that you cannot afford to buy cash, ok

Finance a bicycle for 30k, you are branded an idiot ?

 

Dont get the logic.

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So it seems that financing bicycles is not deemed to be smart by many hubbers, lets say its the common view, think there have been other threads on this topic.

But,,, many people do finance toys, eg, motorbikes, boats, jetskis, fancy cars, aircraft.

Whats the real difference?

 

If you finance 100k motorcycle, ok

Finance 100k on a 250k car that you cannot afford to buy cash, ok

Finance a bicycle for 30k, you are branded an idiot ?

 

Dont get the logic.

I think the general feeling exists because of a few reasons, at least, they're the ones that stop me from financing a super bicycle:

 

Massive rate of depreciation

Risk of total loss is much higher than mang hobbies

Fact that it's a very personal item, ie, no one else is going to be riding your bike

Maintenence costs

Likelyhood of changes and upgrades

 

Hell, the cost to insure a bike is nearly a vehicle repayment.

 

Finance if you must, if you can really afford the finance, and if you're going to make the effort to pay it off sooner. There are much worst things you can blow money on each month anyway.

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