Motorcycles are versatile. If you are an adventurer, it’s the perfect ride to quench your thirst for thrill. If you are a practical man who just wants an easy way to get around, a motorcycle is the perfect choice. And, compared to other vehicle investments, a motorcycle offers the variety and affordability that no other can par.
If you plan to get your own and take the path to motorcycle financing, this article takes you through the step by step process of getting a motorcycle loan.
a) Estimate the cost
How much can you afford based on your current financial standing? Cost and your capacity to carry the burden of the debt every month should be the first things to consider when getting any loan. The cost of your motorcycle loan is dependent on various factors:
– your down payment
– your credit score, which determines the interest you will get on the loan
– the term of the loan
– the make and model of the motorcycle you will finance
To get a good estimate of how much your motorcycle loan will cost, you can utilize various tools available online such as an auto loan calculator. It would be helpful as well if you have a good background of the rates in your area or how much you are more likely to be offered based on your credit score.
b) Choose a motorcycle
Once you have a good grip of your financial situation and have a range of how much you can afford, you can now start shopping for a make and model that fits the bill. Establish a range, and consider the specs of the models. That includes weight, the engine, the riding position, and most importantly, the price. The easiest place to look first is online.
c) Shop for Insurance
The next step is to secure yourself and the vehicle from potential liabilities that might come from hazards and accidents in the future. Shop for insurance quotes for the motorcycle model you chose and integrate this cost to your budget.
d) Get a Loan Approval
File your loan application and get pre-approved. This is an advantage when you make a deal in dealerships. It also helps you stay within your price range.
e) Visit the Dealerships
Get a feel of the vehicle by giving a physical visit to the dealership. This will reconcile the gap between expectation and reality and help you get a professional opinion on the bikes you are comparing. This does not mean you have to limit yourself to one dealership. You can shop around and get information from various dealerships to compare pricing and offers. Exhaust your options before you settle into a deal.
f) Test Drive
Get your hands on the handle, test the engine, take it around a bit. Like buying an SUV or a car, the test drive is a significant part of ensuring you really like the vehicle you have your eye on.
Now, you are ready to make your purchase. But before you hand out your check, make sure you understand the total cost of motorcycle ownership, its pros and cons, the risks involved, maintenance, and loan payments included.
Talk to an experienced lender about your motorcycle loan plans today and get your wheels on the road in no time.