BMW Finance UK

Discussion in 'Europe' started by mmoore89, Aug 21, 2013.

  1. mmoore89

    mmoore89 n00b

    Nov 17, 2012
    Hello all,

    I have been a bit of a lurker for most of my time here, but finally I have managed to get some money and organise my brain to decide what bike Im getting.
    So I want to get a F800GS, (KTM nearly took it!) and Im looking to get a bike from the BMW approved used range.
    The bike I want is going to be £6500 give or take, and Im going to need finance to buy it.
    I was wondering if anyone has any experience with BMW finance and can tell me what kind of terms I will get for this? What is the general amount for deposit and monthly payments etc? What is the interest rate? Good experiences bad experiences etc.
    Hope that someone can help. (Preferably someone from the UK as Im assuming that it varies a lot from country to country).
    And before someone tells me to call the dealership and ask I have tried but currently the finance companies phone system is offline and they are uncontactable and the dealership itself say they cant give me any information.

    Hope someone knows something about this!

    Thanks for any help.
  2. Wildman

    Wildman In my castle

    Feb 12, 2007
    The Kingdom of Kent
    I dealt with BMW Finance back in 2004 for a car and thought it was pretty good but no recent experience.

    There's an example of the "Select" option on their website although it's for an R1200GS:

    36 months £149.00
    On the road cash price** £12,665.00
    Customer deposit £1,668.00
    Dealer deposit contribution £1,000.00
    Amount of credit £9,997.00
    Fees £150.00
    Optional final payment £6,927.47
    Representative 9.4% APR
  3. Emperor Norton

    Emperor Norton Kilroy was here

    Jul 2, 2010
    North of Alcatraz
    They were easy as pie for a new bike (And lower rates than other lenders). However I've heard that if the bike is used their rates will go up a few points.
  4. ssray

    ssray Adventurer

    Apr 19, 2010
    You can get a lot lower finance through one of the supermarkets or even the old bank way
  5. skysailor

    skysailor Rat Rider

    Oct 3, 2007
    Kenora, Canada
    Albeit, I'm in Canada, but the rate I got was very low. Total finance charge over 48 months is, like $303! That's almost free money.
  6. Loutre

    Loutre Cosmopolitan Adv

    Nov 28, 2010
    wow that is low :huh
  7. Pampera

    Pampera Been here awhile

    Jan 31, 2007
    Watch out for any finance agreement that only gives you an 'option to buy' at the end.

    If you decide not to buy then you may find you end up paying them extra after they take your bike away because it has done more than 1000 miles a year, or the tank is scuffed or whatever.

    Personally, I wouldn't enter into any of these lease/hire/buy agreements unless I were a business, in which case their cost can be offset against tax.

    First option: Only buy with what you can afford to pay...don't borrow to fund the purchase at all.

    Second option: Straight repayment loan or hire purchase. Get quotes from at least three finance providers. Read and understand the small print.

    Buying new on finance you get stung twice. Once by massive depreciation as soon as you do the deal and again by the extra money that you borrow to buy a new bike.

    Buy second-hand and can travel miles on the money you save, or buy your nearest & dearest something nice.
  8. wheatwhacker

    wheatwhacker It's raining here

    Oct 13, 2006
    Cork, Ireland
    I second the motion.
    I bought new in the past, mainly because the used ones were not available. The pain of paying lingers a lot longer then the joy of buying.
    A BMW is not the only bike on the planet. There are plenty of better alternatives from the Japan stable and a lot more reliable. I understand that you are trying to portray a picture of being well off by riding "the ultimate riding machine" but, racing home on a Sunday night to get back to work on Monday to make the payment on a bike you owe more than it's worth is not a fun or practical.
    When I lived in the USA, any of the big meets I went to, the BMW guys were the first to leave to get home to the mansion so they could rise early and get to work fresh. It was usually the newer bikes first. The last guys to leave were the KLR guys, some of whom did not care if they ever got home...
    If you only have 1,500 pounds, buy a 1,500 pound bike.
    I have had guys leave here with 1,500 euro Transalps and touring Europe for months without any issues.
  9. Eyore

    Eyore Been here awhile

    Feb 18, 2013
    I have no axes to grind ,but if the guy has given the matter some thought and decided its between a BMW and a KTM , finally deciding on the BMW what makes you think he would be even remotely interested in an old Transalp. There is always someone who knows better than you what bike you should have :huh The way you are talking bike design has turned regressive.:rofl I know I prefer to cross Europe on any 5 year old bike than on a 15 year old Transalp, why stop there lets all buy BSA singles.
  10. wheatwhacker

    wheatwhacker It's raining here

    Oct 13, 2006
    Cork, Ireland
    I was just stating that borrowing money for a motorcycle is not a wise move.
    Anyway, I'm a Varadero fan myself. The travelers like the transalps because they are cheap and disposable.
  11. lipsee

    lipsee Been here awhile

    Jul 18, 2012
    I,m with mr wacker on this,,spend what you have got now,,,and then save for your next sickle...Try not to be in hock to the banking bastards... they onkly grow rich on your back,,,all the best