Considering the current situation across the world, it is safe to say that public transport is no longer the first choice of commute. While life is slowly going back to normal, we need to keep our guard up and take the necessary precautions. If you have to resume work or start your business, you need to consider the best way to commute. There are certain restrictions on public transport and it might not be the safest option as well. This is why it helps to own a bike to take you wherever you want to go. There are abundant options available in the market today and manufacturers introduce new models from time to time. It can become confusing to choose one but you need to consider your needs and preferences before you zero in on the bike. You can also enjoy low bike finance interest rates when you bring home your new bike. Follow these steps to bring your brand new bike home without stressing about the funds.
Consider the Purpose of Purchase
You should be very clear about why you are buying the bike and how you intend to use it. This will help shortlist the available options and you can make a buying decision accordingly. If you like to take the bike on hilly terrains, you need a bike with a high engine capacity. If you are only going to use it for the daily commute, you can buy an economy model. Consider the usage and purpose well before you head out to the market.
Take a Test Drive
Do not make the mistake of buying a bike without taking a test drive in it. You need to take a test ride on all the bikes that you have shortlisted. It will give an idea about how comfortable you are in riding it. If you feel that the seat is too high or the bike is too heavy, you might want to change your mind. Understand the features of the bike and then zero in on one.
Make a Down Payment
Now that you have decided to purchase the bike, you will have to make the minimum amount of down payment. The lender will not offer a loan for the 100% value of the bike. Hence, you will have to make a down payment and the balance amount will be your loan.
Make the Loan Application
Individuals above the age of 21 who have a valid driving license can apply for a bike loan. The lender will require income proof and if you do not have consistent income, ask for a guarantor to make the process easier. Proceed with the online loan application. Start to fill the form and upload scanned copies of necessary documents including proof of identity, proof of income, proof of residential address, proof of down payment, and passport-sized photographs.
The loan will be processed and approved in 24 to 48 hours. If you have a good credit score, you will get quick loan approval. Timely payment of EMI will help build a strong credit score. You can repay the loan amount in EMIs and when the bike finance interest rate is low, the EMI amount will be low. This means manageable monthly outflow and timely repayment of the outstanding amount. Choose a reliable lender for the loan and always compare the interest rates before making an application.
It is important to understand the terms and conditions of the loan thoroughly. Owning a new bike is a matter of pride and with the right lender by your side, you will be able to bring home the bike you have always dream of.