Financing a new motorbike purchase

[SussexTrek]

Evening folks

Eyeing up a new motorbike- the new triumph scrambler 400 to be exact and need to come up with about 4.5k for it (the bike is 5.5k new)

The finance is about 10% and a personal loan beneath 7.5k is nudging 10% which is quite expensive.....

The dealer says they won't accept a credit card for the purchase so I'm weighing up the most efficient way of financing it.

Credit card cash transfer which is about 4%, offering to pay the CC fees to the dealer or Taking a 7.5k loan for the better rate and repaying early?

Any thoughts appreciated - know I'm being tight but have to try and make it work for me

[JulianHJ]

Bank loan and early repayment, or save up and buy when you've got the cash.

[CHARLESBERG]

Have you tried to see if other dealers will take a credit card? Might advertise the bike for more but if they can take credit card may work out less in the long run?

[SussexTrek]

CHARLESBERG said:

Have you tried to see if other dealers will take a credit card? Might advertise the bike for more but if they can take credit card may work out less in the long run?

I haven't to be fair no- the bike doesn't come into stock until June as it's a new release and a big waiting list. The dealer is 15 miles from me so figured for warranty/servicing (first service is free) it would make sense to try and stick to the local dealer.

Maybe I'll email the manager see if they'll let me pay the CC fee as if it's only 3% or so it should work out the cheapest option.

I can't work out how much a loan would cost me if I repaid it early unfortunately

[HughG]

SussexTrek said:

I haven't to be fair no- the bike doesn't come into stock until June as it's a new release and a big waiting list. The dealer is 15 miles from me so figured for warranty/servicing (first service is free) it would make sense to try and stick to the local dealer.

Maybe I'll email the manager see if they'll let me pay the CC fee as if it's only 3% or so it should work out the cheapest option.

I can't work out how much a loan would cost me if I repaid it early unfortunately

Drop me a pm and I’ll send you a spreadsheet which will show you total cost/total interest for with different overpayments.

[SussexTrek]

HughG said:

Drop me a pm and I’ll send you a spreadsheet which will show you total cost/total interest for with different overpayments.

Thanks Hugh that's really good of you, have sent you a message

[livinginasia]

If you have until June I would try and save every penny you can between now and then and borrow as little as possible. Interest rates are very high, which makes it expensive to borrow and great when you save. Maybe delay the purchase a few months until you have saved enough - saving will be far the cheapest option.

Sorry if that’s a bit of a boring answer.

[Wacky Racer]

Interesting watch:-

A trip over the highest road in the world on one.

https://www.youtube.com/watch?v=6igdCnYjBt4&t=...

[SussexTrek]

Wacky Racer said:

Interesting watch:-

A trip over the highest road in the world on one.

https://www.youtube.com/watch?v=6igdCnYjBt4&t=...

I saw that, look brilliant don't they! Test ride in Jan when they make it down to the dealers in Hastings (so I'll be avoiding ruffians rather than mountain passes ha)

[SussexTrek]

livinginasia said:

If you have until June I would try and save every penny you can between now and then and borrow as little as possible. Interest rates are very high, which makes it expensive to borrow and great when you save. Maybe delay the purchase a few months until you have saved enough - saving will be far the cheapest option.

Sorry if that’s a bit of a boring answer.

Thanks for the reply, not a boring answer at all. I will only be able to save about 1k as am clearing my 2k on my CC first. I know I should wait really and have more towards it but am hankering after it for the summer and am anticipating a price rise after the first batch is delivered.. ...

[SussexTrek]

HughG said:

Drop me a pm and I’ll send you a spreadsheet which will show you total cost/total interest for with different overpayments.

Hugh is an absolute gent, sent me the most helpful spreadsheet to see the costs of each option 👌