I want to get a DEMO 8 II but I only have about half the money to front now, is there anyway I can make payments monthly on a bicycle?
Can you make payments on a DH Bike?
- Thread starter ImILL
- Start date
I've seen a few options in yurp but can't recal anything specific though if you don't have the cash I'd pursue the buy a cheaper bike policy. Especially since the bike will loose BIG value after spec introduces the carbon model in the comming years.
check out the DIRT mag, lots of ads for payment plans there
I'm going to guess you're a younger rider.
Sure there is a way: borrow the money or put the debt on a credit card.
A Demo 8 II is what, $5 Grand? Borrowing half, or $2,500, should fit into your budget without being a burden to repay.
You might think about looking for a used '10 or '11 for closer to your budget. You'd still get a nice new bike, and have no debt afterward.
Sure there is a way: borrow the money or put the debt on a credit card.
A Demo 8 II is what, $5 Grand? Borrowing half, or $2,500, should fit into your budget without being a burden to repay.
You might think about looking for a used '10 or '11 for closer to your budget. You'd still get a nice new bike, and have no debt afterward.
specialized has a bike for people in this position. its called the status. Curtis Keene and Brad Benedict have been riding them professionally for a hot minute...
also, most bike shops will do a lay-away. i realize this isnt the same as a payment plan, and they most likely wont let you take the bike till its paid. but its an option.
edit: used is still prolly the best option if you dont want to compromise for lower budget parts/frame.
edit2: Im positive Trek offers financing throuh its own 'Trek card'. google yielded this Im not sure of the details, but any specialized dealer would be able to lay it out for you.
also, most bike shops will do a lay-away. i realize this isnt the same as a payment plan, and they most likely wont let you take the bike till its paid. but its an option.
edit: used is still prolly the best option if you dont want to compromise for lower budget parts/frame.
edit2: Im positive Trek offers financing throuh its own 'Trek card'. google yielded this Im not sure of the details, but any specialized dealer would be able to lay it out for you.
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Yup, just get a credit card.
Have you considered prostituting yourself?
If you don't have a credit card it might be the way to go as long as your diligent about paying on it and not just the minimum. You'd get the bike you want and it is a good way to build credit up. Just don't go crazy with the card. I would put your half down, charge the rest and cut the card up so your not tempted.
Are you propositioning him?
My credit card only has a thousand dollar limit....little baby visa.... LOL
DO NOT use a cc, really, if you can't afford it in cold hard cash, you shouldn't be buying it. It's not a house, it's a bicycle.
By 2nd hand, it's a much better option. Layaway is possibly the most silly idea ever, you don't get the bike now, you still pay for, but by the time you do, the next model is here and you might as well have just saved then bought the new one when it came out.
By 2nd hand, it's a much better option. Layaway is possibly the most silly idea ever, you don't get the bike now, you still pay for, but by the time you do, the next model is here and you might as well have just saved then bought the new one when it came out.
Look around for a good 2nd hand deal. Usually about half the price. And you won't loose half it's value when you use it.
You could find a dealer that supports the S Card (offered from Specialized)
Seriously? The worst possible credit possible. Why do people think credit cards are a sensible way of credit outside of emergencies still baffles me.
Seriously do as people tell you. Buy used. If you lived in yurp I'd tell you to buy a Canyon but I don't think they sell to US.
used bike!
specialized offers a credit line. So does trek. I'm not sure if anybody else does. they do 0% 6 months I think, (or at least trek does), and if you can't pay it off in 6 months, you probably shouldn't be buying it.
Your credit will have to be good enough to get a credit line.
Your credit will have to be good enough to get a credit line.
buy a used bike.
$5k bicycles have apocaliptycal depreciations. after 6 months of riding the bike, it will be worth less than $3k.
sounds you cannot afford to dump that much money on depreciation alone, thus buying a used bike is the way to go. you can get a nice low-hours dh bike for $2500...
$5k bicycles have apocaliptycal depreciations. after 6 months of riding the bike, it will be worth less than $3k.
sounds you cannot afford to dump that much money on depreciation alone, thus buying a used bike is the way to go. you can get a nice low-hours dh bike for $2500...
I wouldn't spend more money than I actually have on a bike. Yeah, you can find to pay it with zero interest. But, at least for me, I'd have more consideration for whether the purchase matches my income level. Plus, if you buy used and still want to spend money, put it into a trip and riding expenses.
start small buy selling drugs and stealing cars....after a while a junkie will be so hard up you can tell him to steal one for you.
Problem solved. handled like a true downhiller
Problem solved. handled like a true downhiller
Depends. Does he look like a baby John Waters?
Ill second that and have used the Trek card personally. The one I got actually had 0% interest for a year but recently they made it so you had to make a minimum payment each month. So basically you have an entire year to pay it off with those small payments. HOWEVER, if you go over the 12 month limit the interest is apparently out of hand. Oh and also, at least in my shop, you can use a Trek card to buy a Specialized bike. I bought a Demo 8 II and an Enduro on one. Real good deal in my opinion.
Buying a BICYCLE on credit is possibly the worst idea I've ever heard...well..blowing guys under a bridge to pay for a bike is probably worse, but the credit thing is a close second.
I'm going to make some assumptions, so forgive me if I'm way off.
I assume you are young and an average rider. This seems like the train of thought that I would have had back in my late teens/early 20's. If you don't have the money, then you really are buying the bike for status so everybody says "wow sweet bike". Fact: a brand new bike will not make you faster or ride better than a well maintained used bike! This is a hobby or passion at best.
I assume you have about $2500 because you say you have half the cost of a demo. If you blow your wad on new and have to make payments, everytime you have extra cash it is going to payments. What happens when you smash a wheel ($100+/-), wreck a deraillure (100 =/-), need tires 2 months in (100 +/-), lift tickets, gear etc..?
For $2500 you can find a nice 2011 Demo and be free and clear. Sure, you'll still need some upgrades now and then but your money won't be designated to payments. It will ride just as well and if you sold it in a year you might lose a few hundred instead of a couple of grand. If you find the right deal, you may not lose any money at all. If you do this, keep saving your money, and by next year you'll have an idea if you can afford a new one (re-sell the $2500 bike + money you've saved).
If you are into racing, work your ass off, get good, and align yourself with a local team that get's pro-deals on bikes. The re-sale on the used bike will then almost cover a new one...
Bottom line is: You don't NEED a brand new bike, you want one...and you can't afford it. (welcome to 90% of the riders out there)
I'm going to make some assumptions, so forgive me if I'm way off.
I assume you are young and an average rider. This seems like the train of thought that I would have had back in my late teens/early 20's. If you don't have the money, then you really are buying the bike for status so everybody says "wow sweet bike". Fact: a brand new bike will not make you faster or ride better than a well maintained used bike! This is a hobby or passion at best.
I assume you have about $2500 because you say you have half the cost of a demo. If you blow your wad on new and have to make payments, everytime you have extra cash it is going to payments. What happens when you smash a wheel ($100+/-), wreck a deraillure (100 =/-), need tires 2 months in (100 +/-), lift tickets, gear etc..?
For $2500 you can find a nice 2011 Demo and be free and clear. Sure, you'll still need some upgrades now and then but your money won't be designated to payments. It will ride just as well and if you sold it in a year you might lose a few hundred instead of a couple of grand. If you find the right deal, you may not lose any money at all. If you do this, keep saving your money, and by next year you'll have an idea if you can afford a new one (re-sell the $2500 bike + money you've saved).
If you are into racing, work your ass off, get good, and align yourself with a local team that get's pro-deals on bikes. The re-sale on the used bike will then almost cover a new one...
Bottom line is: You don't NEED a brand new bike, you want one...and you can't afford it. (welcome to 90% of the riders out there)
2500$ spent on a whistler trip is a much better investment than 2500$ on a new demo instead of a used one.
QFT.
Seriously, print this out, tape it to your computer and read it, over and over.
Local Beneficial Financial, American General Finance, etc will do unsecured or secured loans and so does every bike shop.
Most of the time it's 6 months interest free. If your budget allows for it, do the 6 month plan. But don't pull trigger on it UNLESS you can pay those 6 payments without breaking a sweat. After that, it kicks in all interest built up to that point at 20%+.
Smartest finance route is if you have a car worth about $5k that is paid off. Just go to your local credit union who is typically charging 4-10%. They'll do a new, secured debt loan for 12-24 months. Plus, if you get in trouble and need a little more time, they won't repo the vehicle. They'll redo the loan.
Most of the time it's 6 months interest free. If your budget allows for it, do the 6 month plan. But don't pull trigger on it UNLESS you can pay those 6 payments without breaking a sweat. After that, it kicks in all interest built up to that point at 20%+.
Smartest finance route is if you have a car worth about $5k that is paid off. Just go to your local credit union who is typically charging 4-10%. They'll do a new, secured debt loan for 12-24 months. Plus, if you get in trouble and need a little more time, they won't repo the vehicle. They'll redo the loan.
All I said is to build credit, I didn't say keep adding to the debt. Do I think it is sensible to buy everything with a cc?...no. If he has no credit history than it wouldn't hurt to splurge a little get a bike he wants and at the same time build it up. As long as he pays it off in a timely manner (like 12 months).
This method worked for me about 10 years ago when I had no credit history at all, now I can say I really like where it is at.
Please follow this advice, not the advice of all the idiots who are suggesting that you just put it on credit.
Buy what you can afford.
I know it sucks but it is what it is.
Guys....this is a $5k bicycle we're talking about. We've all only got one shot at going pro and pennyless. Why not do both at once???
It is what you decide it to be. You control your life, not your credit card company. Loans and credit cards are a serious burden on mobility and personal freedom. I prefer to avoid them.
I'm fine with business credits for different projects but for personal stuff? I really hope I will never have to have one.
great point.
heck, a $2500 trip you can't afford to whistler on a credit card is a better investment than an additional $2500 on a bike you can't afford.
Listen to Pegboy and put the extra $2500 toward the '13 Tundra that is required to make it to the mountain.
I'm going to file this under "list of worst financial decisions one can make" right between "financing a new dirt bike" and "going into student loan debt for a degree that has zero ROI potential".
A friend of mine financed a street bike. He is 25 and now is stuck in a job that may not be the worst ever but I clearly see him miserable. Hell he has no time to ride that bike.
As for student loans - I'm still of the opinion that unless you go for a degree that actually requires you to have one (Doctor, Lawyer, etc.) you don't need one as skills are more important and usually jobs that care more about your skills than superficial diplomas, courses and experience measured in years are better jobs.
In the UK finance on bikes isn't uncommon, my shop offers 0% on bikes, up to 36 months if it's over £2000. Obviously it's stupid if you can't afford the payments, as you'll ruin your credit score, but if you can afford it then it will build your credit rating.
The first thing I did at 18 was get a cell phone contract, and a credit card. Paid the credit card off immediately and only used it for special purchases. Then after university I took out finance on a frame, I had the cash which stayed in savings and I paid it off. Now when I'm looking for a mortgage, I have a positive credit history, whereas some of my friends have no credit history at all, so I am in a good position. Credit is good if you can afford it and are sensible. However if you can't afford the payments 100% then DON'T do it! A bad credit history can ruin your life.
The first thing I did at 18 was get a cell phone contract, and a credit card. Paid the credit card off immediately and only used it for special purchases. Then after university I took out finance on a frame, I had the cash which stayed in savings and I paid it off. Now when I'm looking for a mortgage, I have a positive credit history, whereas some of my friends have no credit history at all, so I am in a good position. Credit is good if you can afford it and are sensible. However if you can't afford the payments 100% then DON'T do it! A bad credit history can ruin your life.
Who are you guys? Going into debt to buy a bike that will lose 50% the second it walks out the door is insane. Do yourself a massive favor and look at used bikes. You should be able to get a good condition used bike for well within your range. The technological difference between a '10/11 and a new bike are so neglible that you will not notice the difference.
Especially as a younger person who doesn't have the money at hand, taking out debt to buy a bike is irresponsible. If you don't have any backup savings, why dig a hole that you might not be able to pay off if you lose your job.
It is absolutely irresponsible for all of you older guys to be suggesting he take out debt to buy a DH bike. A lot of the 'old' names I see posting in this thread are guys who are at LEAST 30 years old, and should know damn well not to suggest people take out sizeable debt for a bike.
/rant
-RM FinancialGuru
Especially as a younger person who doesn't have the money at hand, taking out debt to buy a bike is irresponsible. If you don't have any backup savings, why dig a hole that you might not be able to pay off if you lose your job.
It is absolutely irresponsible for all of you older guys to be suggesting he take out debt to buy a DH bike. A lot of the 'old' names I see posting in this thread are guys who are at LEAST 30 years old, and should know damn well not to suggest people take out sizeable debt for a bike.
/rant
-RM FinancialGuru
Unless housing prices are waay cheaper than rent it makes no sense to buy one. Also a house/flat limits your mobility.
dunno what the housing market is like there, but in the US, there is a ridiculous opportunity for immediate equity if you buy a short-sale or foreclosure, AND if you have 20% down(critical, PMI is a no-no) and great credit. you would have to literally be retarded to NOT buy a first home now, or in the past 1-2 years.
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