So you are dipping your toe in the world of moped motorcycles. You've researched a lot of models and are nearly ready to go looking for the perfect ride. Before you start the hunt for the ideal moped motorbike it is very, very important to make sure your finances are in order. This will give you the best chance of finding the perfect moped motorcycle for you and your budget. This article will reveal the most important aspects of obtaining finance for that moped motorcycle you so dearly want.
The loan application process for moped motorbikes is a lot like applying for a car loan. There are certain hurdles to clear before being approved. Financial institutions are gradually becoming more amenable to providing finance for moped motorcycles. If you are young with an unproven or possibly a bad credit history, follow these tips to give yourself the greatest chance of getting the best finance deal and being approved.
Make sure you have included all the additional costs in the loan application. Moped motorcycles require riding gear, a helmet, registration and insurance. You need to include these expenses in your budgeting so that you can afford to ride the bike as well as make the regular repayments. Importantly, get the loan approved or pre-approved before you get your heart set on your dream bike.
Avoid dealer financing at all costs. Whether it's a Moped 50cc or a top of the range Hog, the salesman may seem super friendly and magically sweep all the financial obstacles to owning that gleaming, shapely new bike under the carpet. However, the extra fees, high interest rates and inflexible terms will come back to haunt you. You will find it much cheaper in the long run to get your loan approved by a reputable financial institution before you walk into a moped motorcycle dealership.
Shop around for your loan. Loans vary a lot in terms of interest rate, establishment fees, frequency of repayments, penalty fees for paying off the loan early. Enquire as to whether the interest rate is fixed or variable - with a fixed interest rate your repayments are locked at a predetermined amount. Repayments for variable interest loans go up and down with the interest rates. Finance companies differ in the customer service they offer and generally how easy they are to deal with. Try negotiating for the establishment fee to be waived, this is usually easier and more beneficial than negotiating a lower interest rate.
Stick to your budget and shop for a moped motorcycle within your financial means. This includes both the approved loan amount and any savings you have allocated to buying the bike. This is a mistake many young (and not so young) riders make. It can lead to financial hardship and you won't have the spare cash to enjoy your new ride.
With a little time spent getting your credit rating sorted out, applying for a motorcycle loan can be simple process. Follow the simple rules of being realistic about the loan amount, shopping around for your loan and staying within your budget. Do this and you will soon join the other moped motorcycles cruising the highways on the dream ride of your life.
The loan application process for moped motorbikes is a lot like applying for a car loan. There are certain hurdles to clear before being approved. Financial institutions are gradually becoming more amenable to providing finance for moped motorcycles. If you are young with an unproven or possibly a bad credit history, follow these tips to give yourself the greatest chance of getting the best finance deal and being approved.
- Obtain a copy of your credit rating
- Work out how much finance to apply for
- Stay away from dealer financing
- Shop around for a loan
- Shop for a bike within your budget
Make sure you have included all the additional costs in the loan application. Moped motorcycles require riding gear, a helmet, registration and insurance. You need to include these expenses in your budgeting so that you can afford to ride the bike as well as make the regular repayments. Importantly, get the loan approved or pre-approved before you get your heart set on your dream bike.
Avoid dealer financing at all costs. Whether it's a Moped 50cc or a top of the range Hog, the salesman may seem super friendly and magically sweep all the financial obstacles to owning that gleaming, shapely new bike under the carpet. However, the extra fees, high interest rates and inflexible terms will come back to haunt you. You will find it much cheaper in the long run to get your loan approved by a reputable financial institution before you walk into a moped motorcycle dealership.
Shop around for your loan. Loans vary a lot in terms of interest rate, establishment fees, frequency of repayments, penalty fees for paying off the loan early. Enquire as to whether the interest rate is fixed or variable - with a fixed interest rate your repayments are locked at a predetermined amount. Repayments for variable interest loans go up and down with the interest rates. Finance companies differ in the customer service they offer and generally how easy they are to deal with. Try negotiating for the establishment fee to be waived, this is usually easier and more beneficial than negotiating a lower interest rate.
Stick to your budget and shop for a moped motorcycle within your financial means. This includes both the approved loan amount and any savings you have allocated to buying the bike. This is a mistake many young (and not so young) riders make. It can lead to financial hardship and you won't have the spare cash to enjoy your new ride.
With a little time spent getting your credit rating sorted out, applying for a motorcycle loan can be simple process. Follow the simple rules of being realistic about the loan amount, shopping around for your loan and staying within your budget. Do this and you will soon join the other moped motorcycles cruising the highways on the dream ride of your life.
Grant is a mild mannered financial consultant by day and free wheeling moped devotee & maniac by night. A regular moped commuter and afficianado of moped motorcycles history and culture. He is currently planning a moped road trip from San Diego to the deserts of New Mexico.
http://www.mopedmotorcycles.net/
http://www.mopedmotorcycles.net/moped-motorcycles/moped-motorcycles-%e2%80%93-a-cultural-phenomenon-2
http://www.mopedmotorcycles.net/
http://www.mopedmotorcycles.net/moped-motorcycles/moped-motorcycles-%e2%80%93-a-cultural-phenomenon-2
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