With an engine you have all freedom in your hand. To avoid that a new moto or second-hand engine costs your entire savings account, you can also decide to take out a motorcycle loan.
Why should I borrow money through a motorcycle loan?
Especially not to balance your monthly budget. You pay a fixed amount every month via a motorcycle loan. This payment depends on how much money you borrow and within which period you want to repay the loan. If you do not decide to borrow for a motorcycle, you will have to pay the entire purchase amount in one go. As a result, you keep less money on your savings account to cover unexpected costs. Like a broken washing machine.
Can I also take out a motorcycle loan for a second-hand engine?
Yes. Most lenders allow you to borrow money for a new bike as well as a second-hand motorcycle. Contact your lender for confirmation. The majority of the banks consider a motor as new as long as the motor is not older than 2 years. For motorcycles that are parents than 2 years, the interest rate will be higher. That is because borrowing money for a new bike is cheaper than borrowing money for a second-hand motorcycle.
Difference between motorcycle loan and car loan
In fact, there are few differences between a motorcycle loan and a car loan . Both loans are in form an installment loan. That means that there is a maximum term within which you have to repay the loan. Furthermore, you will have to submit proof that you have actually purchased the motor and the car via the loan, both for the motorcycle loan and the car loan. Certain creditors do not even offer a specific moto loan, so you are actually obliged to borrow money for a moto via the car loan. Good to know is that with car loans there is a cheaper interest rate for the purchase of an environmentally friendly car. With the motorcycle loan there is no special rate for a green loan.
What amount can I borrow for the bike?
Creditors allow you to borrow up to 110 or 120% of the purchase price. This means that you can not only pay for the purchase of the motor via the loan. At the same time, you still have sufficient budget for the payment of your first insurance premium, the tax on entry into service (BIV), etc.
Request online motor loan
You can easily request your motorcycle loan via the internet. At the providers we list you can make a motorcycle loan simulation. When you enter the amount of money you want to borrow and the period within which you want to repay the loan, you immediately get an overview of the monthly amortization table. Because of this you already know in advance which fixed amount you have to pay monthly.