Getting a two-wheeler at a cut-rate value is no longer possible these days. If you visit any nearby store in the market for the best desirable model or your dream model from India’s top brands, some of them cost slightly higher than the actual value of some particular four wheeler.
The elevated cost of two-wheelers, especially bikes, has made people worried about their financial state and question their affordability. Since the pandemic outbreak has staggered the financial stability of civilians of every stage, the mediocre people scare to touch their savings at this moment.
In this situation, the two wheeler finance appears like a knight in shining armour to the people who eagerly are willing to get a two-wheeler for easy commuting.
How can you get a two-wheeler loan?
Many people get flooded with their emotions when the matter is about buying a two-wheeler, including let their passion for a bike or scooter overpower their capacity to compose level-headed judgments. This situation often can mislead an individual. Hence, one may end up with heavy debts.
Therefore, you must get familiar with the process of getting finance for a two-wheeler. So, you don’t rush with the decision.
Here, we have jotted down some vital points, will simplify your action and help you get two-wheeler finance.
- Focus on your credit score –
One of the above essential factors that may influence your eligibility for the loan is your credit score or credit point. If you focus on maintaining a healthy credit score, it can elevate the chance of your loan getting granted. Your credit score makes you more reliable in front of lenders. So, it is advisable to clear off all your pending credit card bills or debts before you apply for a two-wheeler loan. This way, you can prevent your reputation from depravity in front of the financers.
- Get familiar with all financing options –
In general, people who face this situation for the first time get misguided and think financial institutions like credit unions and banks only help you get the loan. But that is not at all true. However, in some situations, these financing institutions are much reliable and a better option. Yet, there are other dependable options too. Your motorcycle manufacturer and bike dealers also offer loan-granting facilities to provide added convenience to the customers.
- Compare all finance providers carefully –
The only way you can save yourself from getting tricked is to reach extensive finance providers in your area. This way, you can hold your hands on the perfect deal possible. Keeping all the data in front of you will help you make proper decisions regarding your loan. You can browse online and find out India’s top lenders, check out their online portals, read about their offerings, company, and lastly, consult with the one that suits your eligibility in-person to apply for the loan online.
During the consultation, you can easily clear out all your doubts associated with the loan schemes, terms and conditions, loan lending process, eligibility criteria, documentation process, rate of interest, debt clearing condition and EMIs, including other concerns.
- Things you should not do –
Knowing about what activities you should not attempt is also equally important as acknowledging the process of financing. It is ideal to not fall for any assumption that you have to buy a motorbike no matter what happens, even if you are not in the financial state to afford it. Financing products like loans are an easy and convenient option to help people through their monetary crisis. However, if you consider this option, you must be capable of paying the whole amount off within the agreed tenure period with all interest. Also, restrain yourself from falling deeper into debt.
Besides, you should not possess more expensive assets, which are crucial than your two-wheeler. Do not display them as collateral, for instance, your home. Anybody would not want to risk his all valuable assets for the sake of a new bike.
Most importantly, financial advisors suggest people not buy any two-wheeler on a credit card. If you fail to repay the credit card debts or bills, you might face disastrous consequences.
So, let us put everything in a nutshell. You need to objectify and slash down being indecisiveness with plenty of research and maturity. You must make sure that you have all the necessary information on the table before you decide anything regarding two-wheeler finance.