Honda Repsol 650
Good day all.
My brother in law is looking to purchase a Repsol 650, if any one has one or knows who is selling one. Catch is as follows. He has very little credit to his name but is ITC clear. Gaining finance is a mission for him. So he can take over payments of if you folks know of a shop that does financing, that would be great. Please let me know. Many thanks in advance.
A way of life
Repsol is just a colour scheme, which 650 is he looking for? (CBR650F, CB650F etc)
I really don't mean to derail or criticize but in honesty if he has issues with credit/finances should he be buying a specific motorcycle? will he have/be able to buy gear for example?
Hi Guys
I really don't think he is looking for specifics he just mentioned the Repsol look a like. So CBR or CB650F. He will have cash for gear etc, just not for the Bike. Nothing bigger than a 650 I'm guessing. We are sitting this week end and having a look at his options, then take it from there. Just asking in here if anyone knows of any way to get around the personal loan syndrome.
A way of life
If he is set on the Repsol replica it is highly unlikely that he will find it on anything but a Honda CBR600RR. There may be a 650 out there in Repsol colours, but that would be surprising.
I would also suggest, if buying a bike, to buy with an HP rather than personal loan.
Originally Posted by Warped
fully agree on the issue of a personal loan. The other option is always for a family member to help out and either provide finance in cash if they have it or to purchase the item on finance and get repayed, but yes that's a whole different story with other variables.
It doesn't sound to me like he has a major issue getting a loan. He does not have much of a credit record and is ITC clear. Basically, he should be able to get an HP, except that since he does not have a long credit record, it will be difficult. We were all there when young and starting out. An HP shoul dbe easier since the vehicle is the collateral for the loan.
The thing is he ain't young. LOL. But we are looking the week end at Motorad apparently they help out in these cases. He will, I'm guessing, go for the vehicle finance route, which is what I advised. That or sell his kidney....
Thanks for all the help.
A way of life
I never had finance in any form before and got car finance first time, finance without a credit history imo isn't an issue, a negative credit history or other issues such as affordability, job stability etc are all more important in those cases. I am guessing since the question came up that either he hasnt tried, or he has tried and there are some circumstances that are making it more difficult. as Warped says he isn't that young. We arent talking here about finance for hundreds of thousands, im guessing based on the bike etc he is looking for something 30-80k ranged?
Correct on the amount. He has bought his car through the company he works for as he uses that for work. Drives plenty of KM per day. So never really had the need for credit in the last 15 years. So having no credit score will make it tough. But will have a look at Motorad as see if they can do something
A way of life
Wesbank and Motorad, both with big "we can help you" campaigns were the 1st 2 to turn me down. I went to Nedbank and got a personal loan with relative ease.
(and a bike bought with a personal loan can't repossessed when you get retrenched... and that didn't happen to me)
Also true. That's what I did. Personal loan. I will see what's what this week end. He must decide on his options. I'm just a ski g if there is a bike for sale....Wesbank and Motorad, both with big "we can help you" campaigns were the 1st 2 to turn me down. I went to Nedbank and got a personal loan with relative ease.
(and a bike bought with a personal loan can't repossessed when you get retrenched... and that didn't happen to me
A way of life
A Personal Loan does have some advantages Az, bt in general it is way more expensive over the term and you need to read the fine print. With an HP, they can only repossess the bike. With a Personal Loan they can take pretty much whatever they want to that value.Wesbank and Motorad, both with big "we can help you" campaigns were the 1st 2 to turn me down. I went to Nedbank and got a personal loan with relative ease.
(and a bike bought with a personal loan can't repossessed when you get retrenched... and that didn't happen to me
i feel like if you are worried about repossession/action involved for defaulting you shouldn't be taking up the finance xD
STOP RIGHT THERE!
What Az and AMZ said on the paintwork. Repsol are a major Honda sponsor, and it is just a paint job. Now certain CBRs have come from the factory with Repsol paint schemes, but because its a Honda-linked one there are plenty of bikes in South Africa that have been custom painted in those colours. Some are lovely, many are average, and some are downright awful.
I've seen it done on the NSR125, CBR 125, CBR 250, multiple models of CBR600F/RR, a VFR750 and VFR800....you get the picture? I've seen several being advertised as Limited edition/Special edition Repsol on Gumtree/OLX et al, often by a second or third owner who doesn't realise that it's neither rare nor a special edition.
First off - get to know EXACTLY which models Honda did in those colours as an official edition otherwise you're just buying a bog-stock CBRwhatever with an aftermarket paint job, which is worth no more than any other old CBR of that model.
Don't buy a paint job if the bike is a shonker, or a home-made edition.
Agreed in general, however the loan period may be 60 months and you unexpectedly get retrenched after 30.
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