But if you prefer not to make such a large outlay at once, or simply cannot, finance is your solution.
After a few complicated years, now the credit has become more accessible and it is an excellent opportunity to fulfill your dreams. There is no perfect formula in terms of financing, but there are a series of steps that must be taken to get the loan that best suits your needs. We want to guide you so that you choose what is right for you.
1 Who can ask for a loan?
The entities require fulfilling a series of requirements to qualify for a loan: Be over 18 years. It is required to have indebtedness capacity to be able to repay the loan. Not appear in any delinquent and unpaid file that would exclude any option to loan. Some financial entities also require contracting another series of services. Beware of that, because if it is a service that is not needed or already has, this would in practice increase the budget for the purchase of the motorbike.
2 What documents do you ask?
They need to have economic information about you with the objective of guaranteeing your solvency: the last two or three payrolls if you are employed by another person or a VAT return for the last year if you are self-employed. If it is a bank, it will also ask for the last declaration of income and assets or proof of income.
3 Study the options
There are different ways to buy a vehicle in installments: banks, financial and loan companies. Banks have consumer loans, tailored to specific needs; Brand financials offer customized terms for the purchase made while the loan companies specialize in quick loans.
To make things easier with this third way, at Scooter.co.uk motorbike finance we offer you our new comparator loans, faster and agile way to meet financing offers that exist in the market.
4 Compare offers
When you are clear that you are going to ask for a loan to buy a motorbike, do not rush. It is important that you consult in different entities and compare the characteristics of the loans that they propose because they can be varied. You have to assess the repayment term, and if the total of the operation is financed or only a part.
5 Interest rate
As with any other type of loans, the interest rate can be fixed, the most common used in credits for the purchase of motorbikes, or variable, following a reference index It is important to take it into consideration, because if you opt for the latter, in case of a change in the interest rate, the monthly fee can vary significantly.
6 Request a cost simulation
The easiest thing is for you to perform a cost simulation to know exactly what the fee will be and to show you an amortization table where you can see which part is capital to be amortized and which part is interesting.
Also, keep in mind that the term is another condition in a loan: it is not the same to ask for a loan at 24 months than at 60. It will be good to see all the possibilities and study each possibility.