Motorbike Finance advice please. ?
Posting this for a friend.
I have a motorbike on finance with billing direct. It's a 3 year contract and I still have 13 months left on it. The bike is a cheap Chinese bike, and has had various problems over the last 2 years. I have done all services myself, replacing oil and filter, general inspection etc. Unfortunately I couldn't keep up with regularly cleaning of it due to working all hours and it is used daily in all weather, so it looks really rough round the edges and not a clean example at all.
It's now on its last legs and may be beyond repair and I can't afford the settlement figure upfront. Does anyone know what my options are? Can I VT despite it being in poor condition? Other option I can think of is SORN and put in my back garden, but finance company states it needs to be insured and on the road so if I did I'll be in breach of contract. It's my only transport to work, and I was hoping to get a more reliable bike on finance but I'm unsure what my options are with this one. Any advice or someone who has been through similar? Thanks.
- BillLv 73 weeks ago
Sounds like you might have to fix this one and continue to pay for loan and Insurance. You could check with a local Motorcycle Dealer to see if they will take it in trade and payoff the exiting loan. Good Luck
- MayLv 61 month ago
Option 1. Keep paying for it
Option 2. Trade it in on a new one but know that it is a foolish thing to do because you will owe more than the new one is worth.
Option 3. Keep paying for it