How To Guide: Finance A Motorcycle Without Breaking The Bank

Finance a motorcycle today

Need to finance a motorcycle? There are so many options out there it can be hard to know what should you be looking for to get the best deal when financing your dream motorbike.  Once you have seen the motorcycle of your dreams in the showroom or on the sales lot, it’s time to think about how you are going to pay for it. Truth be told most of us aren’t lucky enough to pay cash, so finance is the most popular and common option, so it pays to know what to look for to get the most bang for your buck.

Why do you want it?

Think about the motorbike you wish to buy; is this going to be a daily commute for you or a pleasure ride that you intend to take out only on weekends? Asking yourself this question then helps you determine a cost per ride scenario. If you are only going to take your motorcycle out in the summer, the cost per ride rises sharply. This should be your first consideration before taking the plunge on a large purchase.

Don’t rush your motorcycle purchase

Shop around and really take your time before committing to finance. See what other motorcycle showrooms have to offer, or take a look at online motorcycle sellers. Have a notebook or spreadsheet with columns listed of important factors such as interest rates, payment terms etc. This will help to simplify all the marketing material and offers you receive from different motorcycle retailers, making it easier for you to compare deals like for like.

finance a motorcycle

The hidden fees

With most finance, the small print hides the hidden fees. If looking at terms and conditions isn’t your thing, ask a friend to take a look who can advise you of any hidden catches or terms hidden in the small print.

Interest rates for motorcycle finance

If you buy a motorcycle at the very top of your budget, can you afford the repayments when the 0% interest rate period ends? Think about the whole lifetime of the loan and calculate exactly how much you will be paying for your motorbike.

Negotiate your motorcycle purchase!

There is no harm asking for some extras and you will be surprised at what you can negotiate. Ask for extended warranties, accessories, cash back and other deals. There is always fierce competition for a vehicle sale. Before you sign up for motorcycle finance take control and see what you can negotiate.

Motorcycle finance can be tricky

If you aren’t 100% comfortable with the entire terms and conditions of your motorcycle finance wait a bit. The deal will still be there no matter how hard the salesman will say otherwise, and if not, there will always be another seller with a great deal which is right for you.

Read terms carefully when financing a motorcycle

When it comes time to finance a motorcycle, always look at the term of the whole loan as what seems too good to be true for the first 6months can then change, also look at what the options are if you need to sell your motorbike before the term ends. You never know what is around the corner, so it is always wise to plan ahead.