Financing Your Motorbike Purchase
Owning motorbikes can be a major financial investment. This is because motorbikes generally require some significant form of financial commitment. Either new or used, motorbikes do not come in a few hundred dollars. They are sold for several thousands of dollars. As a result, you have to think your way through your choices of getting a motorbike. At Indian Motorcycle Imports, we provide motorbike finance to help you navigate your way through this. This way, you can easily get your dream motorbike.
Of course, finding the purchase outrightly might be the common preference of most people. No one likes to be in credit. However, it is not always easy. In fact, in owning your motorcycle, the case for outright purchase might be a bit weak. So, this is why motorbike finance remains the best bet.
Benefits of Financing via Loans
More than you think, there are benefits of financing your bike purchase via loans:
Payment Over the Long-Term
As we mentioned above, the costs of purchasing a bike are high. Putting down the cost outrightly is not usually easy. Thus, taking out a bike finance plan is the best option. With a good bike finance plan, you can save yourself the high costs of paying upfront.
You get to spread the lump sum over a long period. This saves you from financial stress and enables you to enjoy the
The interest rates for most boat financing plans are usually low, especially if it is secured. The reason for this is that the plans often last a long time. As such, you can spread the interest payment over these periods. This reduces the strain of payment in the immediate.
Another advantage that comes with motorbike finance is convenience. There is no doubt that making an outright payment might inconvenience you financially. However, with motorbike finance, you can avoid this and remain convenient. You pay at your pace while you enjoy your motorbike.
Financing via Loans
Essentially, a motorcycle loan involves you getting the motorcycle on credit for which you have to repay over time gradually. There are two major ways in which this works. The first method is you securing financing from a financial institution to purchase your motorcycle. The other one is you getting the motorcycle from a credited dealership and you paying back in instalments. However, the more common one is you securing loan via the bank or financial institution.
Available Financing Options
If you are looking to finance a motorbike’s purchase for personal use, there are a wide range of finance options that you can maximise to make this a reality. These options are offered from a wide range of lenders that we collaborate with.
The loans are secure when you offer the bank collateral or security got them giving you the loan. This collateral may be in the form of your assets. These assets include landed property such as real estate or liquid Investments such as stocks and bonds. Then, the collateral may be the bike itself, which is the loan subject.
However, this might result in you having to commit to a higher interest rate. This is because, in such a situation, the lender will consider you to be high risk.
Unsecured Car Loan
Then the loan may be an unsecured one. This means that you will not offer the bank any security for them issuing the loan. Precisely, with this option, you do not need to provide any security whatsoever to secure the loan. All you need to do is meet the lender’s specified requirements, and you are good to go. However, this might result in you having to commit to a higher interest rate. This is because, in such a situation, the lender will consider you to be high risk.
Car Finance Calculator
Getting car finance looks all great until it is time to make repayment. If you have miscalculated your capacity to repay, you will find yourself in a mess really quick. Well, that is why you need to understand your financial obligation before entering into a car finance agreement.
You can now get things done easily with a car finance calculator. It refers to a tool that allows you to determine your borrowing capacity or repayment capacity under a loan agreement. This way, you have the relevant information to make the right choice.
This tool will require you to enter the various projected terms under which you intend to agree. In turn, it will provide an estimate based on this information.
The various terms you will need to enter into this tool include:
- The proposed repayment amount you can afford.
- The loan term.
- The interest rate.
- The repayment structure.
- The loan type.