The preferred place of purchase for motorcycles is the two-wheeler trade, because its employees provide comprehensive advice. If the vehicle brand represented by a car dealership also produces motorized two-wheelers in addition to motor vehicles, many dealers also sell them. Since motorized two-wheelers, depending on the model, cost about as much as a small car or a mid-range car, most buyers need a loan for a motorcycle. This can be obtained through the dealer, but credit from a neutral bank also offers advantages.
Motorcycle loan through a commercial bank
Few banks advertise a motorcycle with a special loan. More common is the note with the car loan that customers can also use it to buy a motorcycle. The advantage of motorcycle financing through a bank independent of the dealer or manufacturer is that the buyer acts as a cash payer in the motorcycle trade and can negotiate an attractive discount on the vehicle price. For machines under 125 ccm, the registration certificate part II is not applicable.
The transfer of security as credit protection is still possible for a motorcycle, since this already comes into force through a corresponding agreement in the loan agreement. The document handover, which is largely customary in the case of motor vehicle loans, only serves to reinforce the situation and effectively prevents the financed vehicle from being sold without the bank’s consent. Such is inadmissible due to the agreed security transfer anyway.
Motorbike credit from the dealer
If the motorcycle is bought from a car dealer, the car dealer passes the financing on to the manufacturer’s bank. Two-wheeler dealers also work with a bank with which they have agreed special terms for their customers. The credit for the motorcycle taken out at the point of sale is associated with a lower interest rate than the loan from an independent bank, however the motorcycle buyer receives little or no discount on the motorcycle list price.
Two-wheeler buyers who rely on small installments agree on final installment financing or more flexible three-way financing. The latter offers the additional advantage that the customer can also return the motorcycle at the end of the contract period. Since the lending through the car bank or through the partner bank of the two-wheeler dealer also serves to promote sales, a loan for the motorcycle can be taken out of the season on favorable terms and easier lending terms.
Buying a new motorcycle in the autumn instead of in the spring is worthwhile in many cases thanks to the cheaper financing. Motorbike buyers with poor credit score or fluctuating income increase their credit chances with the bicycle dealer or in the car dealership if they offer a third of the purchase price as a down payment. This service serves as proof of creditworthiness and thus partially eliminates weak credit data. The down payment also includes the sale of the machine previously driven to the dealer.
Personal loan for a motorcycle
As an alternative to bank financing, a private motorcycle loan is basically available. Since the members of the online platforms for personal loan brokering who are registered as lenders pay particular attention to the intended use when making their decisions, he gives motorcycle buyers understandable the reasons why he wants to buy a motorized two-wheeler. The fastest way to subscribe to a personal motorcycle loan is when lenders who are enthusiastic about motorcycles also have free amounts at the time of their publication.
Private lenders rate weak credit ratings less strictly than banks if they do not even prefer to take out a motorcycle loan in favor of applicants who can only borrow from a conventional financial institution to a limited extent.