Where to Borrow a Motorcycle?
The dude is a dream of many Finns: Thanking the high speed along the summer highway, always stopping when the mind does. However, not everyone will have enough cash to buy a full bike, but will have to resort to external financing. What are the alternatives currently available to the average consumer? We went through a few options!
Frequently, a motorcycle is financed in the same way as a car, that is, taking a consumer loan, bank loan or installment loan from the same shop where you buy the bike.
Best way to finance a motorcycle?
It is not always easy to say what would always be the best option for financing a motorcycle. Sometimes, for example, good personal offers can be made to someone, but the good principle is that the different loan options must be comparable. So always insist on knowing the final amount you will pay!
Installment finance is popular because it is considered a flexible way to finance different vehicle purchases. However, it also has a reputation for being an expensive loan, stemming, for example, from the fact that the deal may offer a deal with a disproportionate last installment. In addition, making additional repayments may not automatically reduce the loan period, as the repayment is not targeted at the principal loan. You must specifically agree that you want the loan to be repaid.
Ordinary consumer loans do not have this problem; In this case, the consumer will also benefit from a faster loan repayment. Consumer loans are unsecured loans offered by various banks and financial institutions.
It is important to compare consumer loans before applying for a loan. There are many different types of consumer loans, for example Santander and Norwegian Bank offer consumer loans up to € 50,000.
Always find out the total cost
Do not stare at the simple interest rate but at the actual annual rate. This includes, for example, any loan opening charge and other costs associated with the loan.
Make a payment plan. For example, you can use an Excel budget to help.
You can easily compare different consumer loans with different payment terms and different loan amounts in our free loan comparison:
Credit card payment for motorcycle
If you have been saving your motorcycle for a while and need only a little extra funding to get the bike of your dreams, check out the options offered by your credit card. Credit cards generally have a credit line of between $ 5,000 and $ 10,000, so the amounts required for this range may well be considered for offsetting on the credit side of the credit card. Some cards (such as Amex) do not have a predefined credit line at all, which means even larger credit card purchases are successful.
It is often also possible to apply for a higher credit limit on credit cards if and when the need arises, for example, for a more expensive one-off purchase – for example now on a motorcycle.
What kind of credit card do you have? You can easily compare credit cards with our comparison tool.