Tag Archives: motorcycle
Familiar Errors Motorcycle Consumers Often Make When Shopping To Get A Motorcycle Loan (Page 1 of 2)
Regardless if motorcycle loan rates are increasing or decreasing or its the closing of the model year with tons of dealership promotions, many motorcycle consumers tend to make the same common mistakes when shopping to get a motorcycle loan. Normally there are four common mistakes motorcycle consumers often make with motorcycle loans.
1. Looking for a motorcycle before considering looking for a motorcycle loan.
A lot of motorcycle consumers frequently enter the showroom looking for a motorcycle before considering how much money a motorcycle lender is willing to loan to them for the purchase of a motorcycle. There is not a lot of need to look for a twenty thousand dollar Harley motorcycle, whenever a lender is only willing to allow a loan amount of less than the motorcycle costs.
Additionally, once motorcycle consumers enter the showroom slick salespeople many times pressure them into motorcycle financing using much higher loan rates than they could have gotten had they shopped for a motorcycle loan at a bank, credit union or on the net. Salespeople don’t like motorcycle riders to leave the dealer to shop for a motorcycle loan. In the salesperson’s view this simply increases the possibility of loosing a sale and commission. Thus, salespeople more often than not attempt for a quick sale which normally results in pushing motorcycle buyers to get motorcycle financing at the dealership.
The bottom-line is that it is always best to shop for a motorcycle lender before entering the dealership showroom.
2. Plunging into the unknown motorcycle loan.
Motorcycle buyers many times get motorcycle financing that they don’t wholly understand or may not be the right alternative for them. These days motorcycle OEMS more often than not focus their promotions around credit card motorcycle financing on their own private-label credit cards. However these consumer financing incentives usually offer a reduced interest rate for a very short term like twelve or 24 months and have a tremendously higher interest rate after the short promotional term. On a private label credit card promotion if motorcycle buyers can not manage to pay off the loan during the short promotion period, then they are generally better with a little higher rate on an installment motorcycle loan for an extended term.
3. Borrowing too much.
The most reoccurring mistake the first time motorcycle buyer makes is normally not getting a clear feel of how much motorcycle they might be able to afford. This is particularly true for young motorcycle purchasers who look to purchase the most advanced sport bikes. What they neglect to understand is that financing a $10,000 – $15,000 motorcycle may hurt them financially resulting in them having little cash to enjoy themselves and the motorcycling lifestyle. They may also have too little cash to pay for insurance, maintenance, registration or new accessories for their motorcycle.
4. Not asking the right questions.
Motorcycle Loans: Ride the bike of your choice
Speed and unique looks of the motorcycle is the reason why most people look for in buying a motorcycle on their own, rather than any other two-wheeler. And, to add as an advantage, motorcycle has a low maintenance cost and they are very comfortable. Everyone wants to buy their own motorcycles in their own choice. However, while carrying the daily activities, there are so many other unavoidable costs which can not take care of everything and one can think to forget his dream of buying a motorcycle of his own. Cheer up guys like loans on motorcycles was introduced in financial markets to fulfill the dreams like poor people and make them ride their own bike.
Motorcycle loans are classified into two types, namely secure and unsecured. To secure loans, borrower is required to put any of his valuable property as any property, building or any real estate as security against the loan. The lender in this case is not at risk if the borrower does not repay the full loan amount of time available for his value on the basis of security that benefits the borrower with lower interest rates and a larger amount of debt. But the unsecured loan, the borrower is not required to put any of his valuable property as security against debts. It is clear that the lender in this case is at risk if the borrower does not pay the entire debt of the time, so he was imposing higher interest on the loan amount. The loans are suitable for borrowers like tenants and non-Homeowners who can not place any of their valuable property as security against debts. Using the loans, borrowers can also buy older motorcycle with only the condition that the motorcycle must not exceed 5 years. Repayment duration for such loans is about 18-84 months and loans can finance up to 90-100 percent of the total cost for the motorcycle. Even the borrowers with bad credit history like CCJ’s, bankruptcy, arrears, default, late payments etc. can also help such as loans without any kind of problem or hesitation. But before applying for loans, borrower must satisfy certain conditions that he should be above 18 years old, he should have a job and must be a citizen of UK.
The online method of application is easy and quick to help with loans. After filling out a simple application form the required personal details, the lender confirmed it and submit the required amount of directly checking the borrower’s account. You will receive your money deposited into your bank account the same day or next business day. Good online search can get you the best loan deal and never too from the very comfort of your own home.