If you’re considering getting your first motorcycle, you’ll certainly be wondering what your options are when it comes to affording it. As it turns out, there are a good variety of options when it comes to motorcycle financing. Using these financing options can help you get your motorcycle sooner than you might think…
Motorcycle Financing: Buying Your First Bike
Taking a personal loan
Taking out a personal loan is one of the more direct methods of motorcycle financing. This is especially true if you have a good credit score. Good credit will mean lower interest rates, and in turn less money you’ll be spending on payments.
Taking a loan is also a quick way of getting you to outright own your bike. You can use you the money from the loan to buy your bike straight away, as the loan can be taken out for any reason. However, make sure that you’ll be able to make whatever payments your loan will require beforehand!
Installment plan
An installment plan is another more common motorcycle financing method. Similarly to the personal loan, you’ll be taking out a loan to pay for the bike over time. However, the bike still belongs to the dealership during this time. You’ll still get to use it like it’s your own, but it’s not “technically” yours yet.
Your new bike’s cost will be split between an initial deposit and then follow-up monthly payments. These payments will be influenced by your initial deposit and how quickly you wish to pay it off. This option is useful if you’re close to having the full amount for your bike, but want to buy it just a bit sooner.
Take a lease
Taking a bike lease is similar to an installment plan. However, in a lease, you won’t automatically own your bike at the end of your payments. You’ll have to make an optional final payment to keep it. The trade-off is that your initial and monthly payments will tend to be less than the other options.
Do your research!
The key to choosing the best motorcycle financing option for you is to do your research! Look around for the best rates and consider if you can make any needed payments. Saving up to buy in full is always a safe option if you have any worries about other alternatives. Out of all the beginner biker mistakes, getting a raw deal is one you’ll want to avoid at all costs.