Do you want to buy your own bike? But you don’t have enough money? You can still have it with the help of motorcycle loans, either through banks or other private companies.
I even bought my first bike with finance, as I didn’t have that much to invest. I will tell you how you can get it under your budget in this article.
This method did help many people who wanted their vehicle but couldn’t afford it.
Buy Motorcycle With Affordable Budget
Every year, lakhs of people in the country buy their favorite bike. Because of this, two-wheelers have been a major factor in the growth of the country’s economy.
Believe me when I say that now is the perfect moment to bring your beloved motorcycle inside. If you have been considering doing the same thing, now is the time to do it.
These days, getting a loan for a bike is not quite as expensive as it used to be.
Simply going to any dealership and purchasing the motorcycle of your choice will quickly and easily get the loan processed for you.
The fact that the best banks and credit unions in the country now offer bike loans with no down payment is the main reason why this is happening.
This means that you won’t have to pay anything out of your own pocket in order to get the motorcycle.
But people often think about ways to save money in this area as well and look for cheap alternatives to bike financing.
Therefore, tell us about some of these other approaches.
- Credit Card
It is very easy to buy a two-wheeler with a credit card from the Canada Revenue Agency (CRA).
You only need to swipe your card once, and the bike of your dreams will be all yours to ride.
You won’t have to pay any processing fees, like you would with a conventional loan for a two-wheeler, and you won’t have to wait around for the loan to be approved if you go this route.
However, this strategy will only be successful if you select a bike with a low price tag and if the limit on your credit card allows you to spend that much.
- Old Pan Property Payment
You can pay for a portion of the cost of the bike by selling some assets, such as old computers, old bikes, old phones, etc., and then get a loan from a financial institution to cover the remaining portion of the cost of the bike.
This means that you will need fewer loans, which means that the loan will end soon and that you will soon own your bike outright.
- Buy a Bike With Your Savings
Using your savings is one option you have when it comes to purchasing a vehicle.
If you have a sufficient amount of money, you can make the full payment at once and purchase the motor of your choice that you have always desired.
Even though it seems like the easiest thing to do, it doesn’t bring in very much money.
Because the money you put away in savings might come in handy for you in times of crisis or when you go on vacation, for example.
- Improve Credit Score
If you are considering purchasing a bike with a two-wheeler loan, it is important that you have a good credit score in order to qualify for the loan.
With this, you will be able to get a loan with a low interest rate, and you will also be able to save a significant portion of the money that would have been spent on interest.
How to get a bike with finance?
To buy a bike with a loan, the first thing you need to do is find a bank or credit union that will lend you money at a reasonable interest rate.
After this step, you should find out what you need to do to get a loan from those institutions and what the terms and conditions of the loan are.
For example, you may be able to get a motorcycle loan with no down payment and a number of other great benefits.
Visit the website of any institute of your choice to submit your application online.
- To apply for the loan, select the bike loan from any site as per your choice and click on Apply Now.
- After that upload, all the information asked and your documents.
- Once the documents are verified, take a printout of the offer and visit the list of dealerships shared by the institute.
- Submit your loan proposal letter at the dealership and drive home the bike of your dreams.
Here are some of the common eligibility criteria for Motorcycle finance:
- You must be at least 18 years of age at the time of loan application.
- You must be a resident of India.
- Employed person should be working in his current company for at least 1 year.
- Self-employed person should be doing his/her current business for 1 year.
- You must have a good credit score.
- You must have a permanent telephone number.
- You must have all KYC documents.
- An employed person should be working in his present company for at least 1 year.
- A self-employed person should be doing his present business for 1 year.
- You must have a fixed telephone number.
After you have determined that you are eligible for a bike loan by satisfying all of the necessary requirements, you should make it a point to check the change using the online bike loan EMI calculator by going to the website of the financial institution that you have chosen.
Apply for the loan only after you have verified all of this information.
In order to apply for the loan for the bike, you are going to need some important documents. Let us now learn about them.
Documents required for a two-wheeler loan
- Identity Proof: Passport, Voter ID Card, PAN Card, Driving License, Aadhaar Card, etc.
- Residence Proof: Rental Agreement, Telephone Bill, Gas Connection Bill, Ration Card, etc.
- Income proof: 6 months salary slip for salaried person
- Bank statement for last 1 year for businessman
Before you apply for a loan anywhere, you have to make sure you meet the requirements and have the right paperwork.
It is very important that you do this because it guarantees that you will be able to satisfy the fundamental requirements of any financial institution.
If you follow these steps, the process of applying for the loan shouldn’t present too many challenges for you.
Some Important Things Related to Bike Finance
The loan taken for two-wheelers is a relatively small amount. That can be very easy and simple for you to repay.
Suppose your salary is $30,000 a month, out of which you put $8,000 in a savings account. With the remaining 18,000, you can pay your EMI every month.
This will give you many advantages:
1. By choosing short, medium, or long loan repayment periods at your convenience, you do not put yourself under too much pressure.
2. Apart from this, a positive loan repayment history will also form a strong foundation for the loan you take next.
3. The best part is that taking a small loan motivates you to be financially responsible and save, due to which you are careful and judicious while spending extra money.
4. Financing options: Due to finance, you will now be able to buy those two-wheelers that were out of your budget until now.
Some Useful Features of Two-Wheeler Loan
It is the same as taking a loan against any other product. You will need to meet the criteria for your documentation, age, and required income.
And before applying for this, you will need the following documents: You must have proof of identity and address such as an Aadhaar card, passport, PAN card, etc. Income proof should be from the last six months.
These types of loans are available to both salaried individuals and self-employed individuals.
You will need to submit certain records, such as salary slips for the last 6 months or income tax returns (if running a private business).
Remember that you can choose from some of the flexible loan repayment methods and tenors suggested by the lending institution at your convenience.
Some financial companies that aren’t banks give you easy ways to pay back loans and offer very low interest rates.
Remember that two-wheeler loans are a secured type of loan.
This means that if you fail to pay your EMIs, the finance company can take your vehicle back from you and recover the cost of it.
It is up to you at what interest rate and for how long you want to avail of your loan
Remember that many scammers in the market may offer you loans at very low interest rates.
Read all the information and records provided by them very carefully before taking the loan.
When you take a loan, you should gather maximum information in this regard and always take a loan from an institution that has a good history.
We really hope that the information in this article about loans for two-wheeled vehicles will be helpful to you.
If you are also thinking about purchasing a vehicle, you should take into consideration the above-mentioned recommendations so that you will be able to acquire the bike of your choice at a rate of interest that is manageable.