Cycle shops and finance

Daz1214

Hi folks

Does anyone know if any of the irish retailers do finance options? Looking at buying a disc wheel but the finance option would make life a lot easier

Thanks

Cee-Jay-Cee

I would seriously doubt it. Put it on a credit card and pay it off gradually.

Zen0

CJC999 wrote: »

I would seriously doubt it. Put it on a credit card and pay it off gradually.

Most expensive form of borrowing short of going to money lenders.

Cee-Jay-Cee

Finance ain't cheap either especially small amounts on short terms.

Idleater

I'm fairly sure that credit union rates aren't 17-20%

Daz1214

My wife got laser eye surgery done last year and payment was a 10 month interest free payment plan so the finance companies do offer good plans

The Noble Nudge

I noticed this last week reading a UK cycling mag all the shops offer interest free options.

I.M.O (broad sweeping statement here) shops here are robbing people through bike to work, high margins as its pushed up the price of everything etc and wont make the margins through finance companies.

hardCopy

I'd say the best bet would be to ask one of the bigger shops. Even if they don't already do it, it could be worth highlighting as a potential market.

Alek

How about UK dealers?

http://www.merlincycles.com/cycle-to-work-scheme.html

"BIKE FINANCE
We can offer various finance options to help you with you bike purchase from Merlin Cycles.
For most bikes we can offer 0% finance over 9 months, or classic finance up to 36 months
0% Finance Example: Bike cost £1000, deposit £100 balance by 9 equal payments of £100. Total amount repayable £1000. Finance rate 0%
Sorry we cannot offer the 0% finance on sale/clearance bikes."

http://www.ribblecycles.co.uk/publish.asp?what=payment&page=1

"3. Finance
To pay by finance you are required to pay a 10% deposit using your credit card.
Please note: When you place your order your card will be pre-authorised by us for the deposit amount. This will reduce the available balance on your credit/debit card."

funkyjebus

alkos wrote: »

How about UK dealers?

http://www.merlincycles.com/cycle-to-work-scheme.html




http://www.ribblecycles.co.uk/publish.asp?what=payment&page=1

I'd imagine they are only open to UK customers.

goz83

Idleater wrote: »

I'm fairly sure that credit union rates aren't 17-20%

that's assuming the OP has a credit union account with money in it. Usually they will only let you borrow up to twice the amount you have in savings/shares. Often they wont even give that much unless you have had a few loans with them before.

Paranoid Mandroid

Daz1214 wrote: »

My wife got laser eye surgery done last year and payment was a 10 month interest free payment plan so the finance companies do offer good plans

could she read the small print

Planet X

goz83 wrote: »

that's assuming the OP has a credit union account with money in it. Usually they will only let you borrow up to twice the amount you have in savings/shares. Often they wont even give that much unless you have had a few loans with them before.

Credit Unions will loan you 4 times what you have on deposit.
Been there.

Daz1214

I think to qualify for finance from a UK company, you must have a UK address...just surprised me that the option isnt available in the cycle shops considering most other businesses in the country have brought it online

Idleater

goz83 wrote: »

that's assuming the OP has a credit union account with money in it. Usually they will only let you borrow up to twice the amount you have in savings/shares. Often they wont even give that much unless you have had a few loans with them before.

Look, all I'm saying is that using a credit card as a loan is mental. An overdraft is possibly cheaper.
To be honest, I don't think that buying such an item on a loan is a good idea from a personal finance point of view. Put €500 away for 2 months would be more cost effective and simpler.

redzerredzer

I doubt somebody who needs finance to buy a wheel is in a position to put "€500 away for 2 months".
OP call into the bike shop and ask.

Cee-Jay-Cee

redzerredzer wrote: »

I doubt somebody who needs finance to buy a wheel is in a position to put "€500 away for 2 months".
OP call into the bike shop and ask.

Without knowing the OPs financial situation it's difficult to advise but if finance is needed to buy a wheel then it suggests priorities are a little askew....maybe.

Daz1214

No, priorities are fine, a finance option would leave me paying a small monthly amount, paying my bills fine and removing the need to save for months and months

DKO

Its only the bigger UK shops and their throughput of bikes and goods must be massive in comparison to Irish shops, maybe the ability to provide these finacing plans is an economy of scale thing.

Lumen

CJC999 wrote: »

Without knowing the OPs financial situation it's difficult to advise but if finance is needed to buy a wheel then it suggests priorities are a little askew....maybe.

Disc wheels are very versatile things.

Charlie69

Daz1214 wrote: »

Hi folks

Does anyone know if any of the irish retailers do finance options? Looking at buying a disc wheel but the finance option would make life a lot easier

Thanks

Not certain but I think cycle surgery in dundrum offer finance options on all their bikes and accesories

Harrybelafonte

Funnily enough I've been considering the same thing of late.

Anyway, I know Duffs in Santry do indeed do some kind of payments deal but I don't know at what point they hand over the bike. They also don't sell discs but someone might, no harm in asking