In today’s time, it’s important to at least have a two-wheeler vehicle in every household. There’s no compulsion that you have to go for a new piece only, you are free to even opt for a pre-owned bike.
Having a used bike adds a world of convenience to your life. Be it driving around the city traffic or going for an outdoor trip, a bike is a must-have vehicle for every household. If you are opting for a pre-owned bike, you will be happy to know that you can opt for bank financing to buy a used bike.
Some of the top banks and leading financial institutions have come forward with loan offers for motorcycles. Since you will have a lot of options to choose from, it is good to first keep in mind a few key pointers that will make it easy for you to procure a loan for a used bike.
1. Check Your Credit Score
Credit score or in other words, your CIBIL score is one of the essential factors that’s basically taken into consideration for every kind of loan, not only in the case of a personal loan for a used bike. If you have a credit score anywhere between 750-800, then trust us, the process of loan financing will be smoother and the chances of getting financed will be a lot higher. Understand what all goes that makes up the credit score, and accordingly take the necessary actions to higher your credit score.
2. Be Straightforward!
Of course, you have to remain very attentive and also play a bit smart when it comes to applying for a personal loan, but that doesn’t mean that you have to put your lender into darkness. Yeah, even the same is expected from the lender towards you, but at least you can be assured from your side, that you have got the transparency set up. Ascertain that major elements determining the success factor of the loan like repayment capability, credit history, etc. are well communicated to the lender.
3. Look For Reliable Lenders
In the market, you can find a lot of lenders claiming to provide you the best offers on a personal loan, but that’s where you have to act smart. Not every person who claims to be reliable is actually trustworthy. There are a lot of lenders who are just on the lookout for innocent and uninformed borrowers whom they can trick. That’s why, do your homework from a prior basis and only choose the lenders that are reliable and have a good market standing. These lenders will have some strict rules, terms, etc. that they work on and accordingly that will be communicated to you beforehand.
4. Set a Strict Budget
When you head out in the market for shopping of used vehicles, trust us, you are going to come across deals that look very promising, but dear, always remember that not every deal out there is the one made for your budget. You have to clearly know, acknowledge and set your budgetary limits so that you don’t end up in issues later on. The budget that you have kept in mind should not be crossed at all, no matter how attractive some upper the budget deal sounds to be. Also, try not to opt for credit card financing as that can lead to a lot of payment load.
5. Inspect the Offers Clearly
We were also a little surprised to know earlier that different models of vehicles could have different offerings. The lenders have different conditions, but when it comes to the basic offers, they are pretty much the same. Enquire clearly on the different available loan options and credit offers for the model that you are planning to go for. If you want, you can even look for similar models financing options, as that may turn to workout more for you.
6. Always Ask!
Ask anything and everything that concerns you about the personal loan! You have to ascertain that all the doubts regarding tenure, EMI, etc. have been cleared up and there’s no confusion left at all. This is the last tip that we are recommending to you, and this may look like a simple tip, but sadly, when it comes to application, a lot of people feel hesitant to ask questions, and that’s alright as we can understand that not everyone is very communication friendly. That’s why we have told you prior to the questioning session so that you know the best way to carry forward it!
We sincerely urge you to follow these above-mentioned tips as if followed correctly these will play a very big role in landing you up with the perfect personal loan for your used bike/motorcycle. That being said “stay safe and stay alert”!