What is life without a dream? Well, as rightly said, the bigger the dream the better you are positioned in achieving it. I am sure, many of you have the desire to enjoy life king size. Those dreams may also involve getting your hands on your dream motorbike, isn’t it?
However, unfortunately, the money crunch keeps you at the back foot. But with careful research and comparison, these days one can get a good deal on motorbike finance.
What is motorbike finance?
Motorbike finance is a specialized loan that caters to the need of people who want to own a motorbike. It gives a level ground for all the people desiring to ride one of the high-end motorbikes one day. Many institutes have started offering motorbike finance which is a good and healthy way to buy a dream motorbike of your own.
Why is it important? And what are its advantages
Like any other financial loan, motorbike finance provides a point of relief for those who cannot give huge chunks of money at one time or refrain from doing so as it can put them in financial trouble. Motorbike finance has played a big role for those who are not financially strong. A motorbike loan also helps to distribute the bike cost over the tenure of few periods. Therefore, reducing the pressure and at the same time giving them the pleasure to enjoy the motorbike ride.
This is great news especially for the Indian motorbike community as we can get the taste of powerful bikes and highway rides without the pain of parting with our savings.
The biggest advantage of the motorbike finance is that it provides a range of plan that suits the personal needs of the person. If you have a bad credit and are finding it difficult to get a loan, the financial institution can still help you to get your dream motorbikes.
Some of the top Notch Two-Wheeler Finance provider companies available are Mahindra Finance, Bajaj Auto Finance, Herofincorp, Hero MotorCorp, BikerFriendlyFinance, Blackhorse and many more.
Besides these, you will find a list of companies offering motorbike finance hand to hand. But you should not forget that every good deal requires some preparation. That’s right, and that preparation can act as a game changer for you. So, here are some tips on how you can pinpoint the best available option.
- Take a friendly suggestion: Motorbike community can come to your rescue in such a situation. With so many people in a group, it is probable that someone must have availed the service before you. Ask them about their experience and the best choice.
- The Rate of Interest: Depending upon the plan, the interest rate may vary. Also, depending on your credit score the loan may be high or low. Generally, a good credit score and basic plans provide a low-interest rate. Whereas, a bad credit score and unsecured loans cause higher interest rate so as to cover up for the risk involved.
- Maintenance Fees: Another important factor to keep in mind is the fees charged on account of maintenance and processing charge. It is important to include both principal loan interest incurred and other fees incurred to get the complete picture of the loan.
- Loan Security: Do make sure to make up your mind whether you want a secured motorbike loan or an unsecured one. In secured one, your new bike is kept for security purpose, while in unsecured be ready to pay higher interest.
- Early Termination of Loan: Make sure your loan allows you to pre-pay your principal amount. In that way when you earn or save a chunk of money you can get rid of the loan at your own convenience.
- The inclusion of other required stuff: See if your loan can help you get other accessories as well. In the most basic plan, the loan will only cover the base price of the bike. But in many other cases, a person with good credit can avail a loan to include bike accessories too.
- Your Credit Score: A better credit score is important because motorbikes are more prone to damage and theft and therefore are riskier as a commodity. Therefore, it is important to have a good credit score, preferably above 750, to get your loan faster and for a better term.
- Keep a realistic budget: You should be well aware of your financial background. Going for a bigger loan is not a bad idea however you must be realistic about how much you can manage. In that way, you will be able to seamlessly manage your EMIs.
With time, motorbikes have definitely come a long way in terms of technology innovation, so have the cost and the ease of purchasing. Short of cash? Well, not to worry as motorbike finance is there to help you fulfil your dreams of owning your special motorbike for life. Use the tips above wisely and plan in advance to turn your dreams into reality.
P.S. Not in the mood or ready to take the motorbike finance option? Well, there’s another way you can own your dream motorbike, or I should say, WIN your dream machine… and that is, by simply registering at Winabike and playing an easy online game of skill. You are missing an opportunity of a lifetime if you haven’t checked it out yet. So, check it out, NOW!
Disclaimer: This article was prepared or accomplished by it's author in their personal capacity. The opinions expressed in this article are the author's own and do not reflect the view of Motorbikes India or it's owners.
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