can you HPI check a bike

jonny jeez

Legendary Member
No idea what section I should put this in, so I have asked it here as many commuters seem to buy and sell a lot due to mileage- wear etc.

So, given that bikes costing upwards of £10k are now relatively common, how do you check a second hand one to ensure it has no finance against it.

Or is bike finance secured against something else?
 

screenman

Legendary Member
Normally on unsecured personal finance. I hasten to add I have never had or ever will go into debt for a bike.
 

CopperBrompton

Bicycle: a means of transport between cake-stops
Location
London
Yeah, I wouldn't think anyone would do a loan secured on the bike. (Though I have the same view as Screenman – if I can't afford to buy it outright, I can't afford to buy it.)
 

Dommo

Senior Member
Location
Greenwich
Yeah, I've never seen any secured credit agreements for bikes (of the non motor variety.) I just did a quick search and failed to turn any up. So really it seems it's not relevant as to whether someone has outstanding finance on the bike you might buy since it's not going to be secured on the bike - I assume the threat of repo was the motivation behind the question...

I don't see the reason for negativity around bike financing though. If you can get a bike at a good price with a zero percent interest rate loan, what's not to like!? I did the same on my last bike. I had the money for it outright but when I can have my money invested elsewhere I don't see the point of not doing so. I agree that buying a high-end bike without the cash to back it up and a punitive interest rate just out of impatience is not sensible.
 

Dommo

Senior Member
Location
Greenwich
Cycle to Work is credit.
Indeed. The whole thing of never using finance for this type of purchase falls down when you consider that it may be someone's primary mode of transport. The numbers might be higher, but nobody bats an eyelid at cars being purchased on credit. Fair enough if we're talking about getting a 10k carbon dream machine when you have a 200 quid deposit in the bank but same applies with cars - 5 grand in the bank and I think I will buy an Aston... :smile:
 

Pale Rider

Legendary Member
Actually it isn't. Technically it is a hire purchase agreement, undertaken under an OFT group license.
Tripe.

You get the bike and pay for it later - it's credit.

To coin the phrase, if it looks like a duck and quacks like one, it is one.
 

PK99

Legendary Member
Location
SW19
Tripe.

You get the bike and pay for it later - it's credit.

To coin the phrase, if it looks like a duck and quacks like one, it is one.
from the bike to work scheme FAQ:

Q Are there any credit-checks involved?
A There are no credit-checks involved.

That duck is strangely silent.
 

Pale Rider

Legendary Member
from the bike to work scheme FAQ:

Q Are there any credit-checks involved?
A There are no credit-checks involved.

That duck is strangely silent.
Not all credit needs a credit check.

The bike to work HP agreement is regulated under the Consumer Credit Act - that 'c' word again.

http://www.adviceguide.org.uk/wales/consumer_w/consumer_different_ways_of_buying_e/consumer_buying_goods_and_services_on_credit_or_by_debit_card_e/consumer_ways_you_can_buy_on_credit_e/hire_purchase_agreements_buying_on_credit.htm
 

Dommo

Senior Member
Location
Greenwich
from the bike to work scheme FAQ:

Q Are there any credit-checks involved?
A There are no credit-checks involved.

That duck is strangely silent.
Thumb-breaker Dave down our way doesn't do any credit checks if you want to borrow a few nicker either. ;)
 

TheJDog

dingo's kidneys
from the bike to work scheme FAQ:

Q Are there any credit-checks involved?
A There are no credit-checks involved.

That duck is strangely silent.
There is the necessity of you having a salaried position and them taking the payments out of said salary before giving you what's left. They don't need to do a credit check.
 
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