Bike Related Finance

wrote:
"Brendo" wrote:
Theo Wrote

Hi Brendo,
For the amount of money you're looking for Banks and Finance
companies will not be interested. Get a credit card from someone
cheap (Aussicard at 10%?) for the $2000 and pay it off asap.

I was anticipating that Banks would not be interested, but I wasn't
sure whether there were Finance groups who might.

HN have their own financial services section to provide their
seemingly never ending stream of "no repayments for XX months" deals,
possibly because big financial institutions aren't interested in such
small amounts. I'd second Theo's recommendation to get a credit card,
that's what I had to do many years ago when I bought the first
motorcycle that cost more than I had saved up. The amount (about $2k
IIRC) was laughed at when I fronted up and asked for a loan.

Go to the aussie card web site. Some other banks also have sub 10% cards.
Apply for the card. Spend the $2K. Set up your bank account with a recurring
transaction that will pay the card off over the three years. Then CHOP UP
the card. When it expires and they send you a replacement, chop it up too.

Even if the smaller finance companies go for $2K the set up costs will make
the total cost of the loan more than the credit card will cost you.

Good Luck

Theo

Go to the aussie card web site. Some other banks also have sub 10% cards.
Apply for the card. Spend the $2K. Set up your bank account with a recurring
transaction that will pay the card off over the three years. Then CHOP UP
the card. When it expires and they send you a replacement, chop it up too.

Even if the smaller finance companies go for $2K the set up costs will make
the total cost of the loan more than the credit card will cost you.

Good Luck

Theo

I am thinking this is the way to go. I'm already in posession of a
Credit Card, but if I get a seperate one, the transaction will never
be 'lost' in amongst all the other things. I will pass this on to the
Minister, and see if she implements my recommendations.

Brendo

Just did some quick calculations regarding Flexiway.

Based on a $2000 item for 48months, Flexiway will cost you $2995.2

A credit card, even with $55 annual charge, would need to be running
at 18.25%pa to match that.

at 11% the CC will cost $2701, without the annual charge $2481.

Brendo

On Apr 10, 3:54 pm, "Brendo" wrote:
Just did some quick calculations regarding Flexiway.

Based on a $2000 item for 48months, Flexiway will cost you $2995.2

A credit card, even with $55 annual charge, would need to be running
at 18.25%pa to match that.

at 11% the CC will cost $2701, without the annual charge $2481.

Brendo


Yep, I have done the maths on Flexiway before with a friend, and came
to the same conclusion.

Especially if you can get a credit card with a 6 - 12 months interest
free term.

And the other thing with a credit card is that if you come into a
surplus of cash you can pay it off sooner.

On Apr 10, 2:14 pm, "Rhubarb" wrote:
On Apr 10, 3:54 pm, "Brendo" wrote:

Just did some quick calculations regarding Flexiway.

Based on a $2000 item for 48months, Flexiway will cost you $2995.2

A credit card, even with $55 annual charge, would need to be running
at 18.25%pa to match that.

at 11% the CC will cost $2701, without the annual charge $2481.

Brendo

Yep, I have done the maths on Flexiway before with a friend, and came
to the same conclusion.

Especially if you can get a credit card with a 6 - 12 months interest
free term.

And the other thing with a credit card is that if you come into a
surplus of cash you can pay it off sooner.

And you don't have to 'make just one more payment and you can keep the
item'. But how easy would it be to fall for if you didn't know how to
do the math?

Brendo

On Apr 10, 4:14 pm, "Rhubarb" wrote:

Especially if you can get a credit card with a 6 - 12 months interest
free term.

the trick here is to take up on the oft-proffered balance transfer
offers... I did that with a debt some time ago and then promptly
cancelled the card straight after it was paid off.

On Apr 10, 2:33 pm, Terryc wrote:
Bean Long wrote:
I tried that one on but the money was gone within a week anyway!

So, how do you plan to pay for the kid for the other 20+ years?

Adopt it out, and have another?

Duncan wrote:
On Apr 10, 4:14 pm, "Rhubarb" wrote:

Especially if you can get a credit card with a 6 - 12 months interest
free term.

the trick here is to take up on the oft-proffered balance transfer
offers... I did that with a debt some time ago and then promptly
cancelled the card straight after it was paid off.


Yuh huh - I know someone who's been stringing this out for years and it
seems to work fine! A lot of paperwork for each new card with the
interest-free trial, but hey you save a fair bit of money if your debt's
in the thousands....


--
//Adam F

Bleve Wrote:
On Apr 10, 2:33 pm, Terryc wrote:
Bean Long wrote:
I tried that one on but the money was gone within a week anyway!

So, how do you plan to pay for the kid for the other 20+ years?

Adopt it out, and have another?
Big market in southern california for adoption at the moment. I read
about it in Woman's Day.


--
byron27

This doesn't really help, but Brunswick Street Cycles have got 12 months
interest free at the moment, which is the first time I've seen that in a
bike shop.


--
rdk