• Home
  • About
  • Advertise
  • Contact
  • Policy
  • Guest Post
  • Archive

One Cent At A Time

A Personal finance blog to get rich

  • Email
  • Facebook
  • Pinterest
  • RSS
  • Twitter
  • Beautiful Life
  • Becoming Rich
  • Beginners Guide
  • Extra Income
  • Productivity
  • Saving Money

Tips On How To Get A Motorbike Loan

May 16, 2020 Leave a Comment

Share this:

  • Tweet
  • Email

Getting a new motorbike is a significant financial decision, in much the same way that buying a car is. Whether you’re a beginner biker or an experienced one who’s looking for an upgrade, you’ll need to plan how you’re going to fund your bike purchase.

Is It Difficult To Get A Motorbike Loan?

Tips On How To Get A Motorbike Loan

Generally, financing a motorbike isn’t that different from financing a car. However, it’s worth noting that riding motorbikes is associated with more dangers compared to riding a car. Thus, the total cost of owning a motorbike is usually more expensive.

Additionally, banks, credit unions, or similar financial institutions may not offer loans for motorbikes.

But, if you’re really set on purchasing one, there are companies that specifically finance motorbike purchases.

Can I Get A Motorbike Loan If I Have Bad Credit?

Although most dealers aren’t accommodating to buyers who have bad credit, there are some dealers that particularly specialize in it.

They already have long-standing business relationships with lenders that are willing to help people in your position.

Limit your choices to the ones that can grant you a personal loan or motorbike loan.

How Do I Apply For A Motorbike Loan?

Just like applying for a car loan or a personal insurance policy, you need to shop around for your motorbike loan options first. You want to get the best deal possible to considerably reduce your expenses.

If you think you’re financially ready to meet the loan requirements of your bike, listed below are four options where you can apply for them:

  • Motorbike Dealers

Most motorbike dealers provide loans to their buyers. Because they’re also concerned about their sales, they’re usually willing to provide you with several options, just so you can push through with the purchase.

In a way, this is a good deal because you wouldn’t need to do business anywhere else.

However, dealers’ rates may be more expensive because they’re already handling everything for you. This is why you need to shop around, as this can help you negotiate rates with the dealer.

  • Motorbike Manufacturers

Sometimes, motorbike manufacturers offer loans as part of their marketing efforts. Usually, they offer loans for the newest models or for unpopular models.

If you plan to apply for loans at a dealership, also ask them if there are any original equipment manufacturer (OEM) loans for the bike models that you’re looking at.

  • Banks Or Credit Unions

Banks and credit unions offer motorbike loans the same way they offer car loans.

Customers apply for a loan, get an offer depending on their credit score, and sign the loan if the terms match their needs.

Usually, these financial institutions offer the best loan rates.

Before you agree to the loan, however, make sure that you carefully review the required monthly payment and the loan term, or the loan’s duration.

Lower monthly payments generally translate to longer loan terms, which means you’ll be paying more in interest.

  • Personal Loans

If you can’t find a motorbike loan that suits your preferences, you can also consider personal loans. Unlike motorbike loans or car loans that exclusively finance bikes or cars, personal loans can be used for all sorts of purposes.

While this sounds like a great deal, the downside is that the interest rates of personal loans are generally higher.

Because this type of loan doesn’t involve collateral, you could end up paying the loan off straight from your paycheck if you fail to pay as agreed upon.

Financing Options To Avoid

  • Secured Loans: Motorbike loans are a type of secured loan. Now, you may be tempted to use something valuable, like your house, as collateral for your new bike. Don’t fall for this, as this may only result in more financial problems.
  • Credit Cards: If you have a high credit limit, you may feel like using your credit card is a good idea for this purchase. However, if your debts pile up, you’ll have to deal with high-interest rates, bad credit scores, and serious penalties.

Get Your Preferred Bike In No Time With The Right Motorbike Loan

Once you’ve been granted a loan, take note of its key points, like down payment, required monthly payment, and interest rates.

Make sure that you can consistently fulfill your payment duties to your loan, otherwise your efforts will all go to waste.

Ultimately, financing your new motorbike isn’t that difficult, and it’s still possible even if you don’t have the best credit score. You simply need to find a financier that can give you a motorbike loan that suits your needs.

LIKE THIS POST?
I agree to have my personal information transfered to MailChimp ( more information )
Join our community of 8000+ subscribers to increase your net worth and build wealth
We hate spam. Your email address will not be sold or shared with anyone else.

Share this:

  • Tweet
  • Email
The tool that changed the way I manage my personal finance - Personal Capital, The Best Free Personal Finance Tool

Want to start a WordPress blog now? The onecentatatime.com blog is hosted by Siteground Web Hosting. For only $3.95 a month, Siteground can help you set up and host your website/blog quickly and easily.

About the Blogger Hi I am SB, a personal finance enthusiast with a career in software development. I am an immigrant to the USA since 2005, after being born and brought up in India. This 40 something technocrat lives and breathes personal finance whenever he gets time from the day job, job as a husband and a dad

Some links on this page may be affiliate links, if you make a purchase following the links, I may earn a commission. Read affiliate disclosure here
« Life Insurance Tips: How To Get The Most Out Of Your Monthly Premium
How Private Companies Are Taking Action Against the Climate Crisis »

Leave a Reply Cancel reply

Your email address will not be published. Required fields are marked *

This site uses Akismet to reduce spam. Learn how your comment data is processed.



Create your own blog in 20 minutes and $20

Personal Capital, a free tool to change your financial health today

I use and suggest Upstart, for your personal loan need

CreditKarma, a free tool to check your credit scorey

I use Coinbase, for my crypto investments

101 Cents at a Time

101 Ways to Earn Extra Money on the Side
201 Frugal and Perfect Birthday Gifts
101 Ways to Save Money Everyday
101 Ways to be Better and Successful at Work
101 Ways to Save Environment and Energy
101 Frugal and Romantic Anniversary Ideas
101 Low-Cost Men's Fashion Ideas
101 Personal Finance Tips
101 Ways to Reuse Household Stuff
101 Things to Do, When Nothing to Do
101 College Graduation Gift Ideas
100 Tips for Ecommerce Startup
101 Ways to Enjoy Indoor During Winter
101 Ways to Beat Procrastination

Popular Posts

Quick Cash - How to make $100 legally, in a day
Living well on less than $15,000 a Year
Top survey sites for side income
What to do when auto repair goes wrong
Where should I invest my money now?
20 Ways to be productive and happy at work
51 Ways to get out of debt
Be a better person in 15 days, 15 ways
Income ideas for retirees and senior citizens
51 side jobs for college students
Urgently need a large amount of money?
Should I buy or should I rent?
Best Personal loan providers
25 Ways to save environment
25 DIY car repairs to save money
How to decorate office cubicle
How to show your wife you care
50 Financial Rules for Success
51 Frugal weekend family activity ideas
Become Rich By Saving 1 Hour Of Daily Wage
How much do I need to save for retirement?
How to negotiate your salary

Follow us on FaceBook

About Author

SB

Blogger by choice and IT manager by profession. Finance is my passion and gardening is my greatest satisfaction. Born in India, settled in US, Husband and a father. I created this blog in 2011 with a vision to help others. Thanks for your patronage. More info on my "about" page.

View all posts


Subscribe

Join our community of 5000+ subscribers to increase net worth and build wealth

Advertisements

Personal Stories

How I got a new HP computer replaced
Was COVID circulating in USA in fall of 2019?
How my credit score went up 800+
Why I didn’t invest in Bitcoins
How I controlled impulses to buy things
Why this blog is named One Cent at a Time

Subscribe via Email

Site Disclaimer

Disclosure of Material Connection: Some of the links in this web site are “affiliate links.” This means if you click on the link and purchase the item, I will receive an affiliate commission. Regardless, I only recommend products or services I use personally and believe will add value to my readers. I am disclosing this in accordance with the Federal Trade Commission’s 16 CFR, Part 255: “Guides Concerning the Use of Endorsements and Testimonials in Advertising.”
Read full Affiliate disclosure


One Cent at a Time is published by SB. The opinions expressed herein by him are his own and not those of his employer or anyone else. All content on One Cent at a Time is for entertainment purposes only. By reading this blog, you agree that SB and/or One Cent at a Time is not responsible for any actions taken after reading this blog. For the full disclaimer, click here .

Major Media Mention

One Cent at a Time Media Appearances

Copyright © 2023 One Cent At A Time · Designed by Nuts and Bolts Media