To obtain a motorcycle loan, you can choose a loan from a dealer or a simple personal loan, which can also be obtained in just 24 hours, provided by a bank or a finance company. The choice has significant repercussions on the practices to be performed to obtain the financing and on the economic conditions to which it will be subjected. So let’s see what the differences are and what the most advantageous solution looks like.
The first opportunity to purchase a motorcycle is to contact a dealer who distributes the brand of our interest. Usually, we turn to these facilities to buy new motorcycles, zero kilometers, but many also handle used motorcycles. Using this credit solution means relying on a loan for the purchase of our motorcycle (a case of consumer credit): this is possible thanks to an agreement established between the dealer and the bank. In this case, the customer does not have to handle the loan application procedures in person, given that it is the dealer who handles it. This is certainly an advantage. On the other hand, accepting the distributor’s offer also means not being able to compare different financing offers and risking not getting the most advantageous one.
This comparison is possible when choosing to apply for a personal loan. This type of financing does not require that any purpose be specified to link the use of the money received on loan. Thus, the customer can request a loan for the purchase of the motorbike, but can then use part of the amount also for other expenses, such as the transfer of ownership, the stamp, the insurance, or simply as liquidity for his own family. Sometimes the personal loan is used to buy a used motorcycle from a private citizen. Furthermore, the amount is received directly on the applicant’s account.
In both cases, the financing for the purchase of a motorcycle requires some guarantees, starting from the demonstration of a stable income and a solid economic situation, in the form of a presentation of a pay slip and a tax return. Furthermore, the credit status of the applicant will always be checked to verify that he is not a bad payer. Once these checks have been passed, it is possible to receive loans of up to € 30,000, which also cover 100% of the purchase value, with a term from 1 to 5 years. Finally, interests can be more basic, because you could use the bike as a guarantee.