new bike finance question.

[lee]

Does anyone know if there is a maximum deposit you can put down when taking out finance with a balloon payment option?

[SMUDGER]

Don't think there is I was looking at a bike not that long ago was talking guy about different finance he said there more deposit you pay the higher chance of finance approval

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[lee]

Finance approval isnt a problem.

[Woody]

you fancy a tuono now?

[Chops Mcgoo]

There is no limit but what I can say is I found it cheaper to finance the bike with a personal loan from the bank. to be fair though I didnt buy it show room new, I hunted for an ultra low mileage new bike.

(managed to find 12month Tiger XC with 120 miles on the clock! )

[lee]

Banks don't do balloon payments though.

Im just wondering if you can get payments down a ridiculously low amount with a big deposit.

[Occams Razor]

It's around 30% max, it's fiddleable to get it a bit higher by someone a bit crafty but you'd struggle to get much over.

[Jazzi]

I'm guessing it's a PCP deal? Are you planning on keeping the bike (paying the baloon payment) or giving it back?

[lee]

Just having a think at the min.
If its only 30% then im not interested.

[Chops Mcgoo]

I think it would depend on the finance company of the dealership. Some will possibly have differing deposit limits.

Something which might be worth bearing in mind (might be way off the mark with this) but if you give a larger deposit this may affect how much interest you get on you loan (if you borrow below 7K the APR goes up). It might be better to work out the total payments plus final balloon with and without the large deposit.

It might be better to keep the large deposit in the bank and put it towards your balloon payment. I might be talking shit there but it wont take 5 minutes for you to work it out iwth a calculator.