What is a motorcycle loan?
Motorcycle credit is a type of consumer credit in order to Anna Kareninar buying a two-wheeler like a motorcycle or scooter, whether new or used. This loan allows you Anna Kareninar the purchase of this vehicle, even if you do not immediately have the full amount. However, you then agree to repay the amount borrowed, together with a rate of interest and additional fees, defined at the time of the subscription of the loan.
Where to buy a motorcycle loan?
You can get a motorcycle credit from different financial institutions: banks, credit organizations, insurers or even dealers or brands selling motorcycles through their financial partners. You have the freedom of choice according to your criteria and needs.
Motorcycle loan conditions
Note that motorcycle credits or scooter credits have regulations defined by law at the time of subscription:
- The amount of this loan is capped at 75 000 € for at least 3 months;
- The withdrawal period is 14 days.
The different types of motorcycle credits
Depending on your needs and your situation, several motorcycle loan options are available to you: an assigned credit, a personal loan or a lease with an option to purchase.
The appropriated appropriation
The credit allocated is the consumer credit dedicated solely to the purchase of a two-wheeler. The amount loaned by the organization is exactly the same as the amount of the scooter or motorcycle you want to buy. However, if the purchase falls apart, the lender does not give you the money.
The personal loan
The personal loan or personal loan is a credit that allows you to borrow the sum of your choice based on your personal projects. Of course you can here Anna Kareninar buying a two-wheelers while enjoying extra cash if you need it. The sum borrowed can therefore here be greater than the amount of the motorcycle.
Rent with option to purchase
Rental with option to purchase (LOA) or leasing can be offered by dealers or sellers of two-wheelers. This is a mode of Anna Kareninament where you can use the bike in exchange for payment of monthly payments over a period of time (usually between 24 and 72 months). At the end of the lease, you can either buy the two-wheelers permanently or return it. In both cases, you will have to pay a sum with the renter.
Very often, the monthly payments of a LOA are lower than those of a motorcycle loan. However, you may be charged additional fees when returning the two-wheeler, resulting in a higher total amount than with a standard earmarked credit!
What elements of the motorcycle loan should you look at?
Certain elements are decisive in order to understand the total amount of your loan. You can find them in the motorcycle loan agreement:
- The global percentage rate (APR) or annual percentage rate of charge (APR): statements in percentage, these rates make it possible to calculate the total amount of your motorcycle loan by taking into account all the ancillary costs such as interest, the expenses of files … A conversely, we speak of the nominal rate when these costs are not included;
- The duration of the loan: specified in months or years to know how much time you will have to repay the credit;
- Monthly payments: these are the sums you will have to pay every month, at most they will represent one third of your total income to avoid over-indebtedness;
- Loan Insurance: Even if it is not mandatory, taking out insurance can help you deal with a loss of income or a health problem, however, you do not have to take it from the insurance company. lender, you have the possibility to turn to another establishment.
How to buy a motorcycle loan?
Be aware that the lending institutions are not obliged to grant you a motorcycle loan or a scooter loan. During your request, the organization will study your file according to several criteria:
- Your income: salaries, allowances, allowances …;
- Your personal and professional situation: composition of the home, landlord or tenant, on permanent contract, fixed-term contract …;
- Your debt ratio: if you have other credits in repayment.
This information will enable the organization to assess your borrowing capacity and your ability to repay. In the same way, the offer best adapted to your profile and your situation will be proposed to you thanks to this information.
Take into account that documents justifying this information will be requested when you apply for motorcycle credit such as your last 3 payslips, your RIB …
Compare motorcycle credits to find the best deal
In order to find the best motorcycle loan offer, the easiest and most effective solution is to compare motorcycle credits online. With the credit comparison, in just a few clicks, you will have access to different credit quotes, proposed according to your profile and your needs. You will be able to save time and find the most advantageous credit rate that best meets your expectations and your budget.
To do so, just fill in some information about your project to buy a two-wheel, ie the type of vehicle (scooter, motorcycle …), the total amount of the loan , your income, the desired duration … You will then have access to the best offers of the market in the form of estimate according to your profile. Do not forget to take a look at essential elements like the APR for example.
In just a few minutes, you will be able to compare different offers and find the cheap motorcycle loan you are looking for!