Owning a bike is typically something that people want to accomplish. A bike not only looks good on the road but can help you to be on time and save the hassle of using public transport on a daily basis. While some people can afford a new bike, others might not be able to. For these people, getting old bikes is a very good choice. These used bikes cost roughly half as much. As a result, you can save up a portion of the money yourself and borrow the remainder to purchase a used bike and you need to know how to get loan buying second hand motorcycle (จัดไฟแนนซ์มอไซค์มือสอง, term in Thai).
Benefits of a used bike loan
Among the key characteristics of a used bike loan are:
Amount: Lenders often issue loans of various ranges. Additionally, the loan’s value varies based on factors including duration and car cost.
Rate of Interest: The lenders who finance used bike loans provide low interest rates and these rates vary from lender to lender. Therefore, it’s crucial to conduct thorough research before selecting a lender for used bike loans.
Duration: In most cases, second-hand bike loans may be repaid over a maximum of five years.
Age: Generally, applicants must be at least 21 years old and at most 65 years old. Few lenders, nevertheless, impose an 18-year-old minimum age requirement.
Income: The person seeking the loan require to produce his or her income proof as it would guarantee their capability to pay the loan off in the right time.
Fee: After your loan application is approved, you might need to pay a processing fee to the lender. On loans for used two-wheelers, some lenders don’t impose a processing fee, but others may charge you a certain amount.
Pre-closure: Review the pre-closure fees outlined in the contract if you intend to repay your used bike loan in full before the term has expired.
Before applying for a second-hand two-wheeler loan, consider the following
Before applying for a used bike loan, a person needs to be aware of a lot of crucial information. Among these the key points are:
Prior to applying, establish a budget and be certain of the loan’s amount. The EMI amount should not go beyond your monthly budget and should remain within it. Maintaining a high credit score is crucial since it will make it easier for you to obtain a loan for a used bike. Low-credit-score applications are typically turned down by the reviewers. A lot of banks and lenders provide financing for used bicycle loans. Before choosing a lender or bank, it is important to do some research and examine different aspects like interest rates, additional benefits, tenure, etc.
Choose a reputable lender who is willing to offer a decent deal with cheap interest on the amount. It is recommended to apply for a loan from a bank with which you already have an account because these institutions offer low-interest loans to their current clients. Online applications are always simpler and more hassle-free. You can access all the necessary documentation digitally, which saves you time and effort.