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For a long time the engine was mainly used for relaxing trips during the weekend, but today the engine is increasingly used as an alternative to the car. The engine is indeed useful for slaloming between the cars, to avoid traffic jams and also finding a parking space is a lot easier. With the engine you can save a lot of time and it is often also a cheaper alternative, depending on the model.

Let’s see how you can finance this practical gem.

 

The motor loan

bike loan

When you want to buy a motorcycle, taking out a loan is sometimes the ideal solution. A motorcycle loan allows you to quickly dispose of the desired amount if, for example, you have insufficient money or if you would rather not get your savings.

The motor loan can also be used for any type of vehicle that has two wheels: motor, scooter, quad, jet ski, etc.

With this type of loan you know in advance exactly how much you will pay monthly and what the term of your credit will be , since it is a credit with a fixed term and a fixed interest rate. The longer the duration, the lower the monthly installments, but remember that if you choose this option, you will have to pay more in total. In short: the longer the term, the more the credit will cost you, and vice versa.

The minimum duration of a motor loan is 6 months, but rarely exceeds 60 months.

If you want to get an overview of the different interest rates of the credit institutions, you can consult our comparison table, and then perform an online simulation to find out exactly what amount you can borrow.

 

Financing a new engine versus a second-hand engine

bike loans

The conditions for financing a new or second-hand engine differ.

If you want to buy a new motorcycle, you can get a loan for 110 percent of the purchase price: this way you have enough money for the purchase and the other costs, such as insurance, taxes, etc.

For the purchase of a second-hand motorbike (older than 3 years), you can usually not borrow more than 100 percent of the purchase price.

Of course, the interest rate of a loan for a new motorcycle will be more interesting than the interest rate for a second-hand motorcycle.

If you submit your application online, you will obtain a more interesting interest rate from certain credit institutions. Before submitting your application, we recommend that you consult our guide to get a complete overview of the different steps to obtain financing.

Post Author: Jeanette Fenwick