Real stories and real people
Meet Scott
Our third story
Meet Scott.
Known to his friends as a bit of a speed freak, Scott’s passion for motorbikes dated back to his teenage years. Back then, his pride and joy was a used Yamaha YBR125 in midnight black – a real looker at the time, he thought!
As the years passed, Scott upgraded his ride a few times but always found himself settling for a bike that was well within his immediate budget. Unfortunately, this meant that he never seemed to find enough spare funds to get his hands on the bike of his dreams.
In fact, he had his heart set on a very specific bike – a 1970 Triumph Bonneville T120R. A very similar model to the one Steve McQueen used to bolt across the Swiss-German border in The Great Escape.
After a few years of dedicated saving, Scott had managed to put away half the amount of money he needed for his ideal bike, which retails for £9,000. Nevertheless, the thought of continuing this routine for another two years before reaching the total he needed wasn’t all that appealing.
He’d been mulling over the idea of a secured loan for some time and gave it a lot of thought beforehand. In the end, the decision was an easy one. Scott had a stable job he was happy with, a mortgage and a clear picture of his monthly income and outgoings, so he began to browse banks and lenders to find his best loan option.
The main issue he encountered was that the repayment terms on offer weren’t very flexible and didn’t leave him with much money to spare at the end of each month. The service also didn’t feel very personal to his own situation.
That’s when Scott approached Evolution Money.
He was looking for a secured loan of £4,500 to help meet the total cost of his new bike, but first needed to talk through his repayment options with one of our secured loan experts.
This was Scott’s first secured loan, so he wanted to be absolutely sure that he had all bases covered when finalising an agreement that was within his monthly budget. Together we created a two-year plan that was bespoke to Scott’s financial situation and that still allowed him more than enough of his monthly income to live comfortably.
Before long, Scott was on the road with his dream bike and hasn’t looked back since!
Hankering after your own dream bike? Talk to one of our expert secured loan advisors today on 0161 814 9158, or simply fill out an enquiry form here.
For a typical loan of £30,000.00 over 120 months with a variable interest rate of 19.56% per annum, your monthly repayments would be £598.34.
Including a Product Fee of £2,400.00 (8% of the loan amount) and a Lending Fee of £807.00, the total amount repayable is £71,800.20.
Annual Interest Rates ranging from 11.88% to 29.38% (variable). Maximum 50.00% APRC. The loan must be paid back by your 70th birthday. Read more.
Think carefully before securing debts against your home may be repossessed if you do not keep up repayments on your mortgage or any other loan secured against it. If you are thinking of consolidating existing borrowing, you should be aware that you may be extending the terms of the debt and increasing the total amount you repay.
