Loan?

[RiflemanSmith]

I want to get a loan of either £3000 or £1600 depending on the bike I choose.
I don't think I would be able to get finance as I probably have a bad credit rating.
Where would be the best place to get a loan?

 

[srw]

There isn't one. Borrowing money outside of mortgages and straightforward bank loans is a mug's game. Just save up and be patient.

 

[Sandra6]

Would it not make more sense to use the cycle to work scheme?
I am not against borrowing money when you need to, but I don't think taking out a large loan just for a new bike is the best idea.
If you've got a poor credit rating the banks probably won't be all that keen to help, so you'd be looking at the several thousand percent apr companies, which are never a good idea.

 

[Peteaud]

Sort out your credit rating 1st.

Spend £300 on a bike not 3K,

Silly interest is not the answer.

 

[fossyant]

If your credit rating is poor, you'd only be able to borrow at a high interest rate. Have you been into an Evans and see if you could borrow at zero percent - many cycle shops use Moneyway for interest free.

Buy a cheaper bike (Triban 3) then save up if no other way.

 

[Drago]

Find a credit card with a decent 0% introductory period.

BUT if you don't have the discipline to stick to the plan and pay it off as per schedule it will drag of forever paying interest on the interest.

 

[asterix]

I want to get a loan of either £3000 or £1600 depending on the bike I choose.
I don't think I would be able to get finance as I probably have a bad credit rating.
Where would be the best place to get a loan?

What sort of motorbike is it?

 

[Panter]

Do you know for sure you have a bad credit rating? you can get a free report from one (or both) major scorers, there's an article on maneysavingexpert site about it, I'm sure it will crop up with a Google search and you may be surprised at your rating.

If it is bad, then as above, borrowing will be restrictively expensive.
You can repair your credit but it's a slow process and you have to be patient.
Incidentally, I used to be in the same position as you, but at a recent bank review my credit rating is now at the stage where the bank would be happy to offer me a loan and a mortgage.
I repaired mine with mobile phone contracts, then a high APR Vanquis credit card and never, ever missing a payment.
Frighteningly though, the advisor at the bank said I was the first person he's ever met who actually used a Vanquis card to repair credit history. Everyone else he's spoken to has had the best intentions, but ended up falling by the wayside and with their crippling APR, that would be a very vicious trap to fall in to.

Good luck

 

[Arch]

Just don't. You really don't NEED a £1600 bike, much less a £3000 one. Save up, if you must, but why on earth get a loan, and end up with the bike costing you even more with interest?

 

[mcshroom]

Why do you want such an expensive bike?

There are many bikes at fractions of those prices that are great to ride.

 

[vickster]

If your credit rating is so bad, can you really afford such an expensive bike plus the insurance (you would be a fool not to insure the full cost of the bike if buying on credit), proper locks etc

You could ask Evans if they'll do you 0% but unlikely if credit is bad

Save up, buy something cheaper- decent hybrids or a roadbike can be bought for £300

Being off work, I have seen lots of ads for those companies that offer loans to people with bad credit ratings - 278% APR over 12 months, I mean wtf!!

I think the OP is in the army, so presumably C2W not an option

 

[Monsieur]

If your credit rating is that bad I would have though that borrowing more money is a pretty stupid idea

 

[RiflemanSmith]

I have a £350 hybrid.
I don't smoke and I don't drink, yes I don't need an expensive bike but I would like one and it is my money
How do you improve your credit rating then if you don't borrow, and where did you get "more money" from?
I haven't borrowed any money?
I can afford to spend two to three hundred pounds on repayments and still have a bit of cash for myself.
I work hard, I have two jobs and I do a lot of over time.
Ex army but my company opted out of the CTW scheme.
The bike I want, the £3000 one, the company don't do finance.
I haven't checked my credit rating but I owe Abbey (Santender) £256 for an unauthorised overdraft which they can go swivel for.
I had that bank account for over 10 years no one could ever take money out if it wasn't in.
Santender took over Abbey and suddenly I am £25 overdrawn, the charges went up untill they closed the account.

 

[vickster]

Why not save for 10 months and then you have the 3k

...apr 300% from one of the legalised loan sharks, not sure how long it would take to pay off 3k at £300 a month at those interest levels - 3 years? Seems lunacy to me but as you say it's your money, personally I despise being ripped off...

Have you done any research into potential sources yourself? And seriously, don't forget the insurance which is presumably £50+ a month in London on a 3k bike (plus the £100 for the acceptable locks)

 

[vernon]

I have a £350 hybrid.
I don't smoke and I don't drink, yes I don't need an expensive bike but I would like one and it is my money

How do you improve your credit rating then if you don't borrow, and where did you get "more money" from?

Pay off the debt to Santander it's the cheapest way to repair the damage.

I haven't borrowed any money?

Find something that you can afford to pay off in a couple of months from someone that offers instant credit and pay off the debt in a couple of installments.

I can afford to spend two to three hundred pounds on repayments and still have a bit of cash for myself.

Save for six months and offer cash for the cheaper bike. You might even get a discount.

I work hard, I have two jobs and I do a lot of over time.

Your hourly rate can't be that great if you have so little to spare with no mortgage or debts to service

Ex army but my company opted out of the CTW scheme.
The bike I want, the £3000 one, the company don't do finance.
I haven't checked my credit rating but I owe Abbey (Santender) £256 for an unauthorised overdraft which they can go swivel for.

Herein lies a solution. Pay your debt to the bank. You are cutting off your nose to spite your face.

I had that bank account for over 10 years no one could ever take money out if it wasn't in.
Santender took over Abbey and suddenly I am £25 overdrawn, the charges went up untill they closed the account.

The disputed debt is at the heart of your problem. Only you have the solution...