Choices are hard...

[SilvRav]

Wow

Two total different experiences.
When I financed my car, it was simple easy and it was done quickly which scared me how quickly you can be approved for that.

Simple short story: Fiance needed car, I applied for finance, I was being paid kak money back then so I expected not to be approved, I applied anyway because I was getting new job with better money. I was approved with previous pay which is what scared me. If I had not gotten a new job then I wouldn't be able to afford the finance for the car.

So now I want to finance a bike because I have been given a nice raise. I can afford it hands down.
Finance is a bitch.. They just don't want to do it or something. I have sent payslips,statements several times with each time something being wrong with them. Latest one is "The date is cut off".... Which it isn't. It's a bloody recreated statement emailed to me directly from FNB... It's generated ,not a scan.. how can the date be cut off? WTF?!

I accept the PT it is but its worth it. I have had my fair share of the bank guys discovering things that (conflicting records, different vins etc) and therefore I know i am protected.

BUT to add, a bike is still seen as a luxury and have more strict financing guidelines then a car that is classified as essential transport.

 

[ovisser1]

a bike is still seen as a luxury and have more strict financing guidelines then a car that is classified as essential transport.

I never even knew they were classified differently...
Does that apply to all types of bikes ?
Certainly a commuter bike/250cc should also count as essential transport ?

 

[SilvRav]

I never even knew they were classified differently...
Does that apply to all types of bikes ?
Certainly a commuter bike/250cc should also count as essential transport ?

generally your little 250cc delivery bike etc is below 30k and they wont finance anything less then 30k.

I will have to recheck on the classifications as I last checked about a year ago.

 

[ovisser1]

generally your little 250cc delivery bike etc is below 30k and they wont finance anything less then 30k.

I will have to recheck on the classifications as I last checked about a year ago.

Where can one check this ? Buying a 250cc new would be more than 30k. Lets say a Honda NC700x, born and bred purely for commuting, should be classified as a essential and not a luxury ?
So would be a interesting read to know for future.

 

[D3TTOL]

Go to Standard bank.
I bank with FNB but my Finance experience was much easier was Standard bank. Applied on a Wednesday and collected my bike the Friday after work.

They have not come back to me yet.
I am trying FNB,Nedbank, Standard bank.... I'm not touching ABSA.
FNB is ready to go, the other FSPs pre-approved with better rates. I just wanna get all the information and facts before I decide which one to use.

 

[D3TTOL]

Where can one check this ? Buying a 250cc new would be more than 30k. Lets say a Honda NC700x, born and bred purely for commuting, should be classified as a essential and not a luxury ?
So would be a interesting read to know for future.

Unfortunately all bikes are considered luxury items regardless of engine capacity.
Maybe if you purchasing multiple as a fleet then maybe it's different.
Not an expert but that is how it's been for a long time.

Were you not surprised to find out the interest rate on your bike's finance was quite a bit higher than a car?

 

[SilvRav]

Where can one check this ? Buying a 250cc new would be more than 30k. Lets say a Honda NC700x, born and bred purely for commuting, should be classified as a essential and not a luxury ?
So would be a interesting read to know for future.

those 250cc (sport bikes) will definitely be classified as luxury

With your bank. You will need to jump through some whoops so show its not for luxury (and they wull classify not sitting in traffic as luxury )

as Dettol mentioned the only other way is for bussiness purposes.

 

[D3TTOL]

KTM HERE I COME!!!!! wooooohoooooooo!!!!


:tongue-new:eaceful::triumphant:anda:

 

[ovisser1]

Unfortunately all bikes are considered luxury items regardless of engine capacity.
Maybe if you purchasing multiple as a fleet then maybe it's different.
Not an expert but that is how it's been for a long time.

Were you not surprised to find out the interest rate on your bike's finance was quite a bit higher than a car?

Don't have finance on a car so I cant compare them. Well done with the KTM. Upload some photos when you get it