Motorcycle Finance

[Kloofvreter]

Not sure if this should be under Wealth, Health, Leisure and Relationships.

A friend of mine asked me the following question. If I want to buy a motorcycle second hand from Gumtree, for example, how do I go about financing it?

I said perhaps someone at a motor vehicle dealership could assist with this, or the banks should be approached directly.

Does anyone have specific advice?

EDIT: I will also tell you that for the 10 years I worked in the scene, not a gram of cocaine or anything for that matter, has passed through my hands.

 

[PsyWulf]

Some banks do offer direct,and the likes of bikefin etc too. Condition is usually that the vehicle be put through an assessment at one of their certified test stations before they will approve

 

[Thanatos]

Depending on the amount, it might be worth considering taking a personal loan rather (less paperwork)... But like PW said, most banks should be able to sort you out.

 

[RandomGRK]

Just don't do it with Absa. They want between 10 to 20% deposit and you must use their approved dealership to do the transaction.

I'm in the process of doing this and it seems like Wesbank and Transact Direct would be my best options as they may or may not require a 10% deposit based on my credit record.

Alternatively, you could approach a dealership. Some will process the transaction through their books for a fee of R5k so it is a private deal and you can get finance through the dealership.

 

[Helicius]

Most financial institutions (think banks, credit unions etc.) who offer vehicle finance will finance motorbikes. You'll have the choice between a secured loan (ie the bike will be used as a guarantee for the lender, and you could lose it if you default on your repayments) and an unsecured loan (usually with a higher interest rate).

Some dealers also offer finance solutions, though they often act as an intermediary between you and the lender.

If you're still on the lookout for a finance solution, you can compare the best motorbike loans in SA on CompareLoans.

(Full disclaimer: I work for CompareLoans. Moderators, feel free to delete this message if deemed inappropriate).