What should I do???

[dinku]

out of the above I bought these seperately and not from the dealer.

hexezcan, my close, motocam, rizoma spindles, abus granite, givi tank bag, cymarc brackets, puig screen and givi handguard extender and wunderleich items.

 

[roadrider]

Dealer offering PCP 48 months 10.9% rate. For a rallye sport gs with a deposit of £8000

Bank offering 3.9% for the rest of the amount of the bike for 60 months.

Pros and cons of each please to help me decide.

I usually keep my bike for 3 years before I change.

Thanks.


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FWIW, your paying interest on the final payment of £7432 for the duration of the PCP, plus your only renting the bike until all the payments are made.
I quess the 10.9% is because your in for 4yrs rather than the usual 3yrs, which usually gets the interest down around the 5% mark and the interest rate is usually compounded for PCP.
Ask to see the total interest you'll end up paying over the 4yrs, my quess is it'll be a hell of a lot more than the bank loan. Even if they reduce the interest rate I'd still ask to see the total interest amount over the term.

Just had a look at Bank Interest rates and found various bank loans of £11500 over 5yrs @ 3.3% = £975 total interest. Over 4yrs = £779 total interest. These rates are not compounded which makes them cheaper than the equivalent compounded rates

 

[dinku]

FWIW, your paying interest on the final payment of £7432 for the duration of the PCP, plus your only renting the bike until all the payments are made.
I quess the 10.9% is because your in for 4yrs rather than the usual 3yrs, which usually gets the interest down around the 5% mark and the interest rate is usually compounded for PCP.
Ask to see the total interest you'll end up paying over the 4yrs, my quess is it'll be a hell of a lot more than the bank loan. Even if they reduce the interest rate I'd still ask to see the total interest amount over the term.

Just had a look at Bank Interest rates and found various bank loans of £11500 over 5yrs @ 3.3% = £975 total interest. Over 4yrs = £779 total interest. These rates are not compounded which makes them cheaper than the equivalent compounded rates

Makes sense. Thanks.


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[Steve R]

Jeez, buy yourself something from here and start living.
http://www.bamw.co.uk

 

[wileeeeeey]

I wouldn't pay 10.9% APR for a bike. Christ, that's awful.

 

[dinku]

Jeez, buy yourself something from here and start living.
http://www.bamw.co.uk

Hi, sorry did not understand your post...

 

[Steve R]

Really? Did you click on the link?

 

[JohnnyBoxer]

10.9% on a new bike on PCP would cost me £161 plus £7342 to pay at the end.


If I pay £8000 deposit and finance the rest £11500 (lots of accessories ) via the bank then the bank is doing me a deal as I already have a loan with them they will add the 11,500 to that loan and the monthly outgoing will only increase by £54. But keeping in mind this is a previous loan to which this loan is being added over 84 months with an option to pay extra when ever I have extra cash in hand with a fine of £10 only.


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84 months, FFS

 

[dinku]

84 months, FFS

yes

but that keeps the monthly payments very low, plus I can pay lump sums whenever i can afford to do without a nasty fine. intention is to finish it within 3 years.

 

[JohnnyBoxer]

How many mile per year, do you ride?

 

[dinku]

Really? Did you click on the link?

i did. but i mainly like to restore old bikes and my fav is the RD350 and RD250

currently i am restoring a RD250 but planning to modify it to look like a cafe racer

 

[dinku]

How many mile per year, do you ride?

about 6000 miles

 

[boatman]

Mibbies it's just me , but this seems like fantasy land money for a relatively mainstream motorcycle, that will depreciate to a fraction of its full purchase price in just a few years

Still each to their own I suppose

 

[dinku]

Mibbies it's just me , but this seems like fantasy land money for a relatively mainstream motorcycle, that will depreciate to a fraction of its full purchase price in just a few years

Still each to their own I suppose

What you say is true. But what are the other options of buying the 2017 Rallye Sport?

 

[stolzy]

Jeez, buy yourself something from here and start living.
http://www.bamw.co.uk

I was thinking much the same (though not an airhead, obviously )

£20K seems a lot of dosh for a recreational toy, especially when 4 years of finance and associated costs are involved.

But each to his own, I suppose.

 

[mattgslc]

can you not get one loan to pay off original loan and make it big enough to get the bike you want also ?

NatWest over £7500 up to £25000 and its 3.9% I think which is nothing really

make it over a shorter time and then pay off the minimum or pay more as there is no cost

don't bother with pcp as you are spending £8000 on the deposit for nothing and then nothing at the end of it except a big loan and no bike, I don't see the point in pcp at all

 

[Wonkey donkey]

Wait until October when they do 3.9% PCP like they do every year.

BMW PCP is like going on holidays during school hols, rob you blind

 

[stever1]

Haggle; play bank off against dealer.

In general they make bigger commission on finance than sale of bike.

How much can you sell your GS for in three years, more or less than mgv ?

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He cant sell it. Its a PCP deal, he's only renting it.

 

[dinku]

can you not get one loan to pay off original loan and make it big enough to get the bike you want also ?

NatWest over £7500 up to £25000 and its 3.9% I think which is nothing really

make it over a shorter time and then pay off the minimum or pay more as there is no cost

don't bother with pcp as you are spending £8000 on the deposit for nothing and then nothing at the end of it except a big loan and no bike, I don't see the point in pcp at all

That's exactly what I am hoping to do. And planning to pay all off within 3 years.


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[Tractors are go]

My mistake, I read it as bank loan for bike V pcp, ( not pcp + loan for final payment) although you can sell bike midway through with approval.

Personally, only 4k miles a year is of no use to me, which is all that some allow.