Anybody had dealings with V12 finance?

[Steve H]

I did try to search first, but the search doesn't allow searches of 3 letters.

Anyway, I have just recovered from some surgery and am now looking at the bikes again. I veering toward the Oxygen Scross MTB. However, I wanted to spread the payments if I could, especially considering I was offered 12 months interest free credit at ebikesdirect (who have been super nice when emailing me information by the way...cheers)

The thing is, that googling reveals a lot of people not especially kind about V12 finance. It makes me wary as my credit rating is good at the moment and I'm worried that something might go wrong and affect it. It is my first time looking to get a loan of any kind so I'm a bit of a novice with all this stuff. Thanks for any help

 

[Andrew Ford]

I did try to search first, but the search doesn't allow searches of 3 letters.

Anyway, I have just recovered from some surgery and am now looking at the bikes again. I veering toward the Oxygen Scross MTB. However, I wanted to spread the payments if I could, especially considering I was offered 12 months interest free credit at ebikesdirect (who have been super nice when emailing me information by the way...cheers)

The thing is, that googling reveals a lot of people not especially kind about V12 finance. It makes me wary as my credit rating is good at the moment and I'm worried that something might go wrong and affect it. It is my first time looking to get a loan of any kind so I'm a bit of a novice with all this stuff. Thanks for any help

Steve

I have used them with no problems at all
Don't forget what your reading are reviews from the few who have had problems and are pi@@ed of by them
The majority who have no problems usually don't right a review

Hope all goes well
Andy

 

[Deleted member 4366]

if you have a good credit rating, why not get a loan from your bank and try and negotiate a discount to cover the interest. After all, E-bikesdirect must have to pay the finance company something if it's interest free.

 

[Fordulike]

As d8veh suggests, try for bank loan and negotiate a discount. Banks are usually more forgiving if you miss a payment, or have financial difficulties during the loan term.

Read the V12 contract terms small print thoroughly!

 

[Wisper Bikes]

We use V12 for our 24 month interest free deals. They are a pain in the backside when it comes to suppliers getting money from them, it takes up to ten days for some reason only known to V12.

I don't particularly like the company but have to say I have never had a real issue with them and to my knowledge nor have any of the people who have bought bikes using credit supplied by them.

All the best, David

 

[Deleted member 4366]

We use V12 for our 24 month interest free deals.

How can they make a profit giving interest free loans. that doesn't make sense. Do you have to give them a percentage of the sale?

 

[Fordulike]

How can they make a profit giving interest free loans. that doesn't make sense. Do you have to give them a percentage of the sale?

Dave, I think they make money on hoping that the customer will default on the contract. Then they can pile on extortionate interest charges.

There's bound to be something in the small print somewhere, which hardly anybody reads anyway

 

[Deleted member 4366]

Dave, I think they make money on hoping that the customer will default on the contract. Then they can pile on extortionate interest charges.

There's bound to be something in the small print somewhere, which hardly anybody reads anyway

That's what I was thinking, but do the dealers give them anything?

 

[JuicyBike]

That's what I was thinking, but do the dealers give them anything?

Yes of course. We pay a percentage of the amount of the free credit.

The longer the repayment period the higher the percentage retailers pay. We limit our offer to 12 months to keep it sustainable for us, but recognise that this scheme can help more folk purchase a bike.

We've had no issues with V12 and I think they present a good service to both parties with clear and easy to complete screens and very quick decisions.

 

[RobF]

I did try to search first, but the search doesn't allow searches of 3 letters.

Anyway, I have just recovered from some surgery and am now looking at the bikes again. I veering toward the Oxygen Scross MTB. However, I wanted to spread the payments if I could, especially considering I was offered 12 months interest free credit at ebikesdirect (who have been super nice when emailing me information by the way...cheers)

The thing is, that googling reveals a lot of people not especially kind about V12 finance. It makes me wary as my credit rating is good at the moment and I'm worried that something might go wrong and affect it. It is my first time looking to get a loan of any kind so I'm a bit of a novice with all this stuff. Thanks for any help

If your credit rating is good, you should be able to get a credit card which has an interest free period for purchases.

This means you can negotiate a 'cash' discount from the retailer, and you are not tied to any more than the minimum monthly payment, although you will need to pay more if you want to clear the debt before the interest free period ends.

I did this to buy my last ebike, paying a few hundred most months, or a bit less some months depending on cash flow.

My card is a Virgin one, although there are plenty of others.

Most offer around two years of interest free, so you can spread the cost over a longer period than the finance company loan.

You have nothing to lose by applying, although credit scoring is a strange business so there are no guarantees of acceptance.

Companies like applicants who have some history of using credit.

Thus you will hear complaints from well-off retired folk who cannot get a card because they've not used any credit for many years.

 

[Steve H]

Well, I did try for a bank loan, and despite having a great credit rating, and more importantly, more money in my account than I actually wanted to loan, they refused me!

They had no problem giving me a credit card a while back, but a loan is a no no. But then the credit card has a much larger interest rate! So no surprise there I guess.

No explanation, just a refusal, which they say doesn't affect your credit rating as it was just a "fill in your details and see if you qualify" type thing.

I contacted my bank via twitter and they were puzzled to be honest - they couldn't understand why I had been refused. Especially as they are always sending me emails, snail mail and also on my online banking, asking if I want a loan They said to visit my local branch and speak to someone. But they very kindly closed all the local branches about 12 months ago :/

I think a part of the problem with the bank is, I am disabled and so get disability income - but they have no proviso for stating that when applying for the loan. It is either working, student or unemployed. And I think having to tick unemployed is a bit unfair to be honest.

I was just hoping to spread out the cost rather than take £1500 out of my account in one go. But I think it is the way to go for ease and peace of mind sadly.

Many thanks to you all for replying. I really do appreciate it

 

[RobF]

Well, I did try for a bank loan, and despite having a great credit rating, and more importantly, more money in my account than I actually wanted to loan, they refused me!

They had no problem giving me a credit card a while back, but a loan is a no no. But then the credit card has a much larger interest rate! So no surprise there I guess.

No explanation, just a refusal, which they say doesn't affect your credit rating as it was just a "fill in your details and see if you qualify" type thing.

I contacted my bank via twitter and they were puzzled to be honest - they couldn't understand why I had been refused. Especially as they are always sending me emails, snail mail and also on my online banking, asking if I want a loan They said to visit my local branch and speak to someone. But they very kindly closed all the local branches about 12 months ago :/

I think a part of the problem with the bank is, I am disabled and so get disability income - but they have no proviso for stating that when applying for the loan. It is either working, student or unemployed. And I think having to tick unemployed is a bit unfair to be honest.

I was just hoping to spread out the cost rather than take £1500 out of my account in one go. But I think it is the way to go for ease and peace of mind sadly.

Many thanks to you all for replying. I really do appreciate it

You might be right about 'unemployed', as I say credit scoring is not an exact science.

It would still be worth applying for an interest free credit card, you have nothing to lose, and the card provider may view your case differently.

They might offer you a card, but with a low limit which wouldn't matter as you are not seeking to borrow thousands.

 

[Andrew Ford]

Well, I did try for a bank loan, and despite having a great credit rating, and more importantly, more money in my account than I actually wanted to loan, they refused me!

They had no problem giving me a credit card a while back, but a loan is a no no. But then the credit card has a much larger interest rate! So no surprise there I guess.

No explanation, just a refusal, which they say doesn't affect your credit rating as it was just a "fill in your details and see if you qualify" type thing.

I contacted my bank via twitter and they were puzzled to be honest - they couldn't understand why I had been refused. Especially as they are always sending me emails, snail mail and also on my online banking, asking if I want a loan They said to visit my local branch and speak to someone. But they very kindly closed all the local branches about 12 months ago :/

I think a part of the problem with the bank is, I am disabled and so get disability income - but they have no proviso for stating that when applying for the loan. It is either working, student or unemployed. And I think having to tick unemployed is a bit unfair to be honest.

I was just hoping to spread out the cost rather than take £1500 out of my account in one go. But I think it is the way to go for ease and peace of mind sadly.

Many thanks to you all for replying. I really do appreciate it

Steve

You can do a soft search for likely hood of being accepted for a credit card with out affecting your credit score
Just google it, similar to the one you did for the loan
Nothing to loose

Andy

 

[Deleted member 4366]

Why not just buy things when you have the money, then you don't have to worry about credit ratings? You can always buy more that way because you don't have to pay interest.

 

[Andrew Ford]

Why not just buy things when you have the money, then you don't have to worry about credit ratings? You can always buy more that way because you don't have to pay interest.

Throw away society Dave !!

Andy

 

[Steve H]

Why not just buy things when you have the money, then you don't have to worry about credit ratings? You can always buy more that way because you don't have to pay interest.

Well as I say, initially it was the interest free credit that piqued my interest as that way I didn't take a lump sum out of my account. Then I saw offers from my bank where the interest was supposedly very low for a loan of around £1000. I just like to always have a reasonable amount in my account "for rainy days"

 

[Andrew Ford]

Well as I say, initially it was the interest free credit that piqued my interest as that way I didn't take a lump sum out of my account. Then I saw offers from my bank where the interest was supposedly very low for a loan of around £1000. I just like to always have a reasonable amount in my account "for rainy days"

 

[Wisper Bikes]

How can they make a profit giving interest free loans. that doesn't make sense. Do you have to give them a percentage of the sale?

Hi Dave, yes we share the cost with the dealer. It's not as expensive as you would think, certainly not as much as the C2W scheme.

All the best, David

 

[Monoblock]

V12 like all credit lenders will be regulated by the FCA so they have to adhere to certain standards.
A soft search saying unemployed will likely get you declined everywhere so you'll need to go through a full underwrite however I'd advise checking t's and c's first, some lenders simply won't lend if you are on Benefit based income, that said if it's disability and you can't work then some will.
I'd speak to the shop, tell them the story and ask them to ask V12 how it sits with them if they can speak to them, you can likely call the. Customer service of 0% credit card companies as well, your essentially checking their interpretation of responsible lending.
If you have been signed off work and put on permanent disability I'd be inclined to put your status as retired rather than unemployed as that would be more accurate and expect most lenders to as you to evidence income, the issue with 0% is it is lent hoping that either (A) you default at which point the 0% falls away and you pay interest on going or (B) you are a good customer who they now have details for and can market in the future to try to sell you low APR loans
Neither are bad things to stop you taking a loan, but before you credit search yourself to death check the qualifying t's and c's, in your. Circumstance a soft search is no good so you need to see if you meet their criteria first which might require a phone call and then get searched.

N.b. Also check your credit with Equifax, Experian (credit expert) are not a good bar to reference, most lenders use them as a secondary only


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[Mike63]

Hi Steve....I don't know how far you are from Rotherham but if possible contact John Camm at SYEBC, he's a great guy and very obliging.
He has a dozen bikes in his showroom including the one you're looking at.

I bought my Oxygen from him and if you mention that. Mike at Wakefield
said he'd give you a discount I'm pretty sure he'd knock you a bit off,
whether or not he does financeI don't know, but worth checking.

....best of luck....Mike