Yeah. Automakers make like triple the amount of money on financing than they do on the actual product they sell.True that. Many car dealers give a better discount when you use their "premium financing services". And they can, because in the end they get more from you through the loan than the discount they just gave you...
I used Hire/Purchase to buy my last bike - Low (in my case 0%) rate finance loan, the bike is yours at the end.TLDR; I found it interesting they're offering something a little different and will at least be an option to throw in the maybe pile for a way to ride that sweet sweet Biscotti.
Good stuff Josh,TLDR - It costs you more overall but means you can have a nice bike right now.
:dontknow:I'm old fashioned I guess, the day I buy my bike I'm already saving for the next one.
It's a luxury for me
Understandable,As long as you go in to any deal with your eyes wide open and a good does of cynicism do what makes you happy .
Always read the small print
If you plan on keeping the bike beyond 37 months, I'm sure a more cost effective finance option would be to shop around for a bank loan for the full amount and just spread that over say, 5 years.Good stuff Josh,
If I were to do like you said and just go to a bank for the "lump sum" at the end and continue paying until fully paid off. Would that really be much more interest/money lost than if I regularly financed it? Seems like maybe a little more since I would maybe be financing for a little longer, but like you said make the monthly payments more affordable.
I would like to say I'd do premier, pay very low payments, refinance with my bank until it's all paid off, boom got myself a new bike with very low payments that just took a little longer to pay off.
Although, being as addictive as bikes are, I might end up doing premier, pay low payments, trade in every 2-4 years
I also read something about 15% of the bike is due as a down payment? Was that true or can you really push yourself for a low as possible down payment, as you'll either be refinancing or trading in the bike anyway in a few years regardless of what your down payment is.