Finace Or personal loan?

[Pittin]

Hey guys, im looking at getting a cr,rm,yz etc and im about 2k short lol, just wondering whether its better to get a personal loan or finance? I realise there basically the same thing but there must be some differences?

Thanks in advanced
Tyler

 

[coolmodee01]

a personalloan will be harder to get
nut it will give you a good credit rating if you dont default
your better off saving you penny's for it
it might take longer but it will be cheaper

 

[Pittin]

Yea but i cant wait, mum said when i get a stable job shell get finace for me and ill have to pay it off, ill have about 800-1000 dollar deposit and looking for somthing around 3500-4k mark

 

[cass38a]

A personal loan is usually better than finance organised thru a dealer (I worked in a bank for 15 years) but it dosent do anything different for your credit rating. There is pretty much no such thing as a good credit rating only a bad one.

If you need to insure the bike (you often have to under finance) then it will cost $$$$$. If you get a personal loan then weather you insure the bike is up to you and if you do choose to insure the insurance will be cheaper.

 

[Pittin]

Oh sweet, i was thinkin that a loan would be better than i could get an extra few hundred for some gear aswell.

 

[WeRideMinis]

..

im my opinion i would say a personal loan, so u can shop around and check out the bank rates and fee's and stuff..
when i got a bike on finance i was paying 15% intrest on a CRF50, and after about 2 months i swaped it over to my bank and it was 9.1%..that was a bit better, but still in the long run, i wouldnt personally do all that again, try save ur pennies and buy one straight out.

 

[SnItChY]

never borrow money for a toy

 

[WeRideMinis]

haha yeah thats pretty much the easyest way to some it up.

 

[themountain]

never borrow money for a toy

^^^^+1....or what about getting a decend job??

 

[SnItChY]

I thought he wanted to borrow money for a bike ?

ok then never borrow money for a decent job either

 

[IAMPETEY]

im 22 in 6 months and have $450 a month come out for a 18k road bike loan and another 400 for another 10k loan i have.

i only got my loans cause ill have a wicked credit rating. then again, this time at x mas ill have saved another 10k.

mainly cause i earn 1100 a week


im solictors aid/ Industry funds credit officer.

NEVER get a loan from a bike shop. u cant pay it out short without copping big fines, and u cant sell your bike and tell then cause they take it off the enw owner untill u have paid the bike finance back to the bike shop.



smallest loands the commenwealth do is 3k.

I worked for GE money, Members equity NAB and wizard home loans. took me neally 4 years to find the job i am in now loving it



if your serious, go a 3k loan, itd be about 38 bucks a week including insurance if u died

 

[tamiya]

Personal loan for $3k is not worth it by the time you consider bank setup fees etc etc... it usually works out cheaper to just get a creditcard and do cash advance. There's no penalties to paying off CC debt early!

otoh... borrowing money to buy any toy (ie non-investment) means YOU CAN'T AFFORD IT

save up to buy your toys unless it can MAKE you $$