Used Motorcycle Finance Guide
Finance has changed the way we buy things and motorcycle finance in the forms
of loans have changed the way we can buy bikes.
Our used motorcycle finance guide will walk you through your options, define
the key terms that are important to know and then show you how to get a free
quote to finance your new bike within a couple of minutes...It's really easy.
The Beauty Of The Internet
| In the past you had to actually visit or phone your bank or local
motorcycle dealer to have any chance of getting finance for your new bike.
It was a long and drawn out process of back and forths in which you had
limited choice.
With the rise of the internet this has all changed and just as you're
using this site to research and purchase your new motorcycle you can also
use the internet to get a non-committal quote (ie one that you are not
under any obligation to take out) for free. You simply enter a few personal
details click the submit button, wait a few minutes and you'll have an
answer back telling you whether or not your loan application has been
accpeted and if so the rate and terms of the loan you have been offered.
You can then decide whether to accept or decline at no cost to you.
However, before we get to that part let's walk through how a motorcycle
loan works and what you need to understand.
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How A Motorcycle Loan Works
| A motorcycle loan is like any other loan, be it a personal loan or
a business loan.
There are three parts to it:
1. The Sum Lent - This is the amount you want to borrow to purchase your
used motorcycle (eg $5,000)
2. The Interest Rate - This is the amount of interest you will pay back
on top of the original sum lent.
3. The Repayment Period - This is the length of time over which the original
loan and associated interest will be paid pack. Most motorcycle loan repayment
periods range between 12 and 60 months.
Once you've decided on the amount you want to borrow and the period of
time you will be comfortable paying that amount back over the most important
part of the loan is the interest rate as this will determine how much
extra you will have to pay back.
Two principal factors affect the interest rate of a motorcycle loan:
1. The Length Of The Repayment Period - The general rule is that the longer
the repayment period (eg 60 months as opposed to 36 or 12 months) the
higher the interest rate.
2. Your Own Credit History - A poor credit history will also generally
increase the interest rate that you are offered but a bad credit history
is not the brick wall it once was with regards to attaining motorcycle
finance and on the internet you will often find that you not only get
a motorcycle loan offer but that the interest rate is also pretty competitive.
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Getting A Free Quote
| With a basic understanding of how motorcycle loans work the best thing
to do is actually get a few quotes.
As we've stressed throughout this guide you are under no obligation when
you get a quote and the final decision of whether or not to go ahead and
use finance to purchase your next bike is and remains yours.
It will take you just a couple of minutes to fill out the motorcycle loan
application and you will generally hear back with an offer within a few
minutes.
At least at that point you will have the facts in front of you and can
then go over your personal situation and finances to either validate or
cross off finance as an option.
The following two companies are well respected amongst riders and their
customer service is top notch:
> E-Loan
> Motorcycle Loan Center
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