[Closed] Finance for a 16 year old.

I think it used to be 18 matey, back in the younger days i'd ask a parent and give them monthly payments.

cheers pal, I’ve Done this once allready not long ago lol so was hoping I could finance properly as I don’t think I’ll Ben able to persuade them again. Especially with the price being higher

I thought it would be 18 at least but if it is 16 now the APR would be high.

Or maybe save up? How many months would you have to save for? 2nd job on the weekend to finance it? Or buy 2nd hand. In debt at 16 sounds very unwise.

My key advice would be don't take out debt for depreciating assets. You will be able to save up and buy outright far quicker than you can ever repay a loan.

In debt at 16 sounds very unwise.

As boring as it sounds, being in debt sucks. Being in debt for something you dont actually need still sucks. Being in debt and then having to also spend money replacing things that you break or wear out really really sucks.

Perhaps go second hand for now (lots of nice bikes to be had on Pinkbike) and save up for the new one? In the meantime you can have a smug feeling that someone else took the depreciation hit on the second hand bike you've got yourself

Does your employer offer the Cycle To Work scheme?

Worth checking it out.

This would allow you to pay monthly (over 12 months) the cost of the bike.

The payments are deducted from your wages at source.

Definitely worth checking out.

is it possible to finance at 16

In short no.

Whilst it's not illegal for a Bank or Finance Co to lend to someone under 18, they have exactly zero rights to ask you to repay it. Simply put if they did lend you any money, you could perfectly legally ask them to cancel the debt to moment you get the money/bike and that would be it. So they're not going to lend to you. (this might be 16 in Scotland).

Also, not to lecture, but you're at an age now when your life will change more quickly than at any other time, if I were you (with the benefit of 20+ years hindsight) enjoy the bike you have now, don't be quick to rush into debt and keep your options open, the next 10 years are going to be amazing for you, or at least were for me, probably the fondest of my life.

My key advice would be don’t take out debt for depreciating assets. You will be able to save up and buy outright far quicker than you can ever repay a loan.

This times a million. Don't get into debt for shiny stuff. Save up, save up, save up and buy with cash when you have it. Being in debt sucks balls. Big, fat, hairy, sweaty balls.

Second hand for the win too.

Does your employer offer the Cycle To Work scheme?

The 'wonderful' cycle to work scheme would be no good for him. Employers are not allowed to put anyone on the scheme if it means their income after the reduction would be less than the minimum wage. So those that need it most (although in young vitus' case above I suspect this is a want not a need and nothing to do with getting to work) don't get to use it - strictly for IT managers to buy vanity chariots only.

So those that need it most don’t get to use it – strictly for IT manages to buy vanity chariots only.

Come on, there's a major gap between minimum wage and "IT Manager" money. Average UK full-time income is about £27k a year.

Yeah, it's a bit shit if you can't join because you're on NMW, which would certainly rule out apprentices who usually don't earn that.

My key advice would be don’t take out debt for depreciating assets.

Unless it's interest free.

Come on, there’s a major gap between minimum wage and “IT Manager” money. Average UK full-time income is about £27k a year.

I was jesting - but it still sticks in my throat that high rate taxpayers (like me I might add) get to make more of a saving from it than those that really could use it as a vital saving on their commuting costs.

back in the younger days i’d ask a parent and give them monthly payments.

AND

cheers pal, I’ve Done this once allready not long ago lol so was hoping I could finance properly as I don’t think I’ll Ben able to persuade them again. Especially with the price being higher

Sorry for reaching my own conclusions (this is a forum after all) but the above don't sit well together to me for some reason.

I was jesting – but it still sticks in my throat that high rate taxpayers (like me I might add) get to make more of a saving from it than those that really could use it as a vital saving on their commuting costs.

Yeah I know what you mean, it does seem counter-intuitive.

Buy second hand, strip, service and upgrade parts over time. Eventually get a new frame and swap parts over.

That's how I've 'financed' my bikes over the years.

Agree with the others. Save up. Buy secondhand. Make it a project and build from parts over time if you have to.

Sounds boring, but you will appreciate it more. It will be more of an event. You will not still be paying for something 3 years down the line you no longer even own, or is broken/stolen/etc. And you won't be prepping yourself for a lifetime of debt.

I would agree with 'get saving' and don't buy on finance - debt sucks.

What bike have you at the moment? What is wrong with it / needs fixing?

Unfortunately I dont think you can get credit in the UK unless your 18, can you not just save up. I am sure most LBS will take a holding deposit - Good luck anyway.

Cheers everyone for the help/advice.the bike I have at the moment has nothing wrong with it but the people i ride with are all on e bikes now so I’m wanting to get one myself, second hand in this case isn’t a great idea nor is there much price difference to a new used e bike, however I got a good deal on finace. I think I’ll have to try and see if I can get a parent to finance and I’ll transfers them the money... wish me luck 😬

careful now. you're going to make some STW heads explode...

16 years old, friends all on e-bikes. Yep, this thread could take a major change in direction now.

Chocolate hobnob anyone?

I'll throw the grenade in... why the **** do you want an e-bike at 16? Christ sake what is the world coming to! Use the money on a gym membership or go on a riding holiday.

To be fair, when I was that age we all had beat up Puch 50cc mopeds or old Honda step-throughs for ragging round the woods. Maybe a market for old e-bikes but kids these days, huh, they all want new stuff! 😉

Ok, nicely played. Bringing in the ebike angle but waiting a few hours was genius. But the new user and only these two posts gave it away.

You can't beat an amusing troll to chase away the January back to work blues.

Yeah, I'm not taking the bait with this one.

a Vitus e-bike specifically though, so even GW can be involved!

Sam Pilgrim rides them so why would all the 16 year olds not want one too?

OP do you have a brother-in-law who could sign the finance agreement for you?

@convert. Thanks for that, the inside of my car was about to turn into a scene from pulp fiction !!

Nowt wrong with using credit to purchase stuff, actually sensible thing to do.

But at 16 you can’t get credit

Nicely played rene59. Maybe Ling can offer finance on ebikes for 16 year olds! Where is the link to lingsbikes.com

Slow hand clap to rene59...

16yo only wanting an ebike, jeez what is the world coming to, what's wrong with a real engine?

@rene59 what do you mean by this cheers, I can see this threads now taken a bit of a different direction lol