Financing a trike

[Guest Cali]

Hi there.

 

Can anyone give me some advice on where I can get financing for a new trike?

 

I have tried my bank but they are not to keen to part with that much money on a unsecured loan.:confused:

 

I would appreciate some help as I do not know who to turn to next.

 

Thank you

 

 

[Guest disperse]

im not sure but id love to know how you get on.......maybe put something else up for security, like a car . or go for a 2nd handy first. but pls let us know how you go Troy

 

 

[Guest Crezzi]

Do the bank have a problem because the loan is unsecured or specifically because its for a trike ? If the latter, try telling them its for an off-road vehicle ;-)

 

I believe Airborne are trying to make arrangements to allow finance on the purchase of new trikes so it might be worth having a word with them. http://www.airborne.com.au/pages/ml_fin_ins.html

 

Cheers

 

John

 

 

[zedman]

I'm in the same "boat", so to speak. What finance mobs, or options, are out there, other than traditional banks.

 

 

[Guest Cali]

Hi guys and thanks for the response.

 

The bank said that they would finance a secured loan any day, but because they only secure motor vehicles they are not to exited about an aircraft. I like the "off-road" idea Crezzi:laugh:.

 

I would like to go through my bank because they know me (at least a little) and I have a credit history with them. See I come from South Africa and have only been here for 15 months.

 

I am not to sure witch way to go.... Buy a cheap second hand one now and save for the one I want or see if I can get finance somewhere else.

 

The other problem I have is all the secondhands is out East and I am in WA.:confused:

 

A cheap one is not always a good one either.

 

I will get onto it again in a weeks time when I am on break and keep you guys up to date.

 

 

[Guest derosa64jr]

If you already have a mortgage you could just extend your loan amount to cover the cost of the aircraft purchase. As long as you have sufficient equity in your property then my experience is that the bank doesn't care what you use the extra money for as they have the property as security. I have done this several times for various purchases not related to the property. If they get curious just tell them the money is for various improvements to the property. If they are anything like my bank (one of the big four) they won't be the least bit interested.

 

 

[Wilfred]

In general for a loan that size (This trike is $60,000) the lender will want the trike as security. Most banks and finance companies are not interested in Trikes as security for general consumer lending.

 

If it is a income producing business then it is a different scenario.

 

The easiest way as mentioned in an earlier post, is to look at an increase to your home mortgage and get the funds at the home loan interest rate.

 

At the moment I understand a few lenders such as Esanda or GE will take the trike as security and each application would be treated on its merit, but as a guide you would probably be looking at repayments of about $1,100 per month for a $50,000 loan over five years.

 

I have recently arranged finance for a number of aircraft including trikes so just PM me if you would like some more information

 

Cheers

 

Peter

 

 

[bushpilot]

Bank of Queensland (branches in most States) do loans and leases on aircraft.

 

Many of the branches are franchises; a 'friendly one' is the Bowral, NSW, branch; but I'm sure others would also help....