Smart Tips for funding a Two Wheeler Purchase

By | June 1, 2020


Believe it or not, but nothing can beat the thrilling experience of riding a two-wheeler. Not just thrill but also the sense of freedom it provides is wholesome. Having a two-wheeler comes with a lot of advantages. From dealing with the menace of traffic to low-maintenance demand, two-wheelers cover it all. 

While some are already experiencing two-wheeler rides, some are thinking of buying one for them. Speaking of ‘buying’, guess the biggest market for two-wheelers in the world?

Yes, it is India!

Two-wheelers tend to be more economical because of the fluctuations in the price of fuel in India.

Let’s go in more detail to know what you need to keep in mind before buying a bike. 

POINTS TO CONSIDER FOR FUND BEFORE BUYING A TWO-WHEELER

There are a lot of things to consider before buying yourself any vehicle. Not just a two-wheeler but any vehicle. Here we are talking about the fund for buying a two-wheeler. Some of the things to be considered are as followed: 

1. SELECTION OF THE TWO WHEELER :-

There are several brands available for you to choose from. Some offer you a cheap deal while some can be proved a high-budget agreement. A proper study will help you make your best decision. 

2. YOUR CREDIT SCORE NEEDS TO BE CHECKED :-

It is an obvious fact that your credit score determines the rate of interest on your loan. You are more likely to get a better rate of interest with a high credit score than a low credit score. So if your credit score is high, your interest rate is most likely to below. 

3. USE OF CREDIT CARD :-

You can convert the purchase made by credit card into the scheme of EMI. You can use this technique in case you are looking to arrange funds through some external sources. Also, you must keep in mind that credit cards charge interest at a very high rate so it will be economical to apply for Bike Loan

4. PLAN BEFORE TO BE READY FOR EXPENSE :-

If you are here, it means that you are planning to buy a two-wheeler for yourself. Just plan your expenses a while ago(approx.. a year) to be ready for the purchase expense. 

5. FIX YOUR BUDGET :- 

Do not rush into buying your most awaited two-wheeler. Sit down, study everything properly, count your budget, and then if you feel that you are ready, off you go to get one!

6. BRAND NEW OR SECOND HAND :- 

Well, it’s totally your call to decide on this account. Just make sure about the vehicle you are planning to buy. Consider the daily utilization of your vehicle.

* For example– If you are planning a long run for your vehicle and to use it every now and then, you must go with a new one. However, if there is no daily utilization of the vehicle you are planning to buy and you just have to use it in case of emergencies, a second-hand is a much better option for you. Before applying an online loan keep your documents ready, also keep in mind Loan amount, Bike loan interest rate, and loan tenure.

These are a few points that tend to provide you with a better funding experience if you follow them.

Give your dream two-wheeler the time that it deserves. Rushing for anything can make you regret your decisions afterward. Choose carefully and enjoy the thrill of your ride to the fullest! 

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