A motorcycle loan is a consumer loan granted by a bank or financial institution to an individual to enable him to acquire a motorcycle.
The motorcycle loan is an assigned loan, ie it is intended totally for the purchase of a motorcycle, new or used. Generally, the invoice of the motorcycle is paid directly by the lender and the supplier is responsible for delivering the machine to the owner (applicant of the loan).
Like car loans, the obligations of the plaintiff vis-à-vis his lender do not begin until the delivery of the motorcycle.
The motorcycle loan agreement is null and void if the applicant has not purchased the motorcycle or if the delivery has not been made by the supplier.
Where to find a motorcycle loan offer?
Almost all motorcycle dealers offer loan packages for the purchase of a two-wheeler. You can also apply for a motorcycle loan from a financial institution or a banking institution.
The conditions for granting this loan vary depending on the loan institution. Before you commit, it is important to compare the offers of each financial partner to benefit from a better rate: this is what offers our comparator.
How to compare motorcycle loan offers on the market?
To help you realize your project as quickly as possible, we offer several offers from our financial partners. Thanks to our loan simulators, you can find a motorcycle loan adapted to your repayment capacity. All you have to do is provide some information about your project (the type of motorcycle you are considering, your current financial situation, etc.). Thus, our comparator will be responsible for presenting you with the different proposals listed on our platform.
The choice is not always easy when there are several offers, we advise you to focus on three criteria for comparison: the total cost of the loan, the total effective rate (APR), the amount of the monthly payments. For the same duration of loan, these criteria vary from one financial institution to another.
Characteristic of a motorcycle loan
A motorcycle loan is defined by four important elements namely:
– the capital which is the sum placed at your disposal for the purchase of the motorcycle;
– the duration which is the number of months you will put to repay the loan;
– the monthly payment which is the refund paid each end of the month
– and finally the nominal rate which makes it possible to calculate the interest paid to the lender.
How to find a motorcycle loan with better conditions for your project?
Motorcycle loan offers on the market are many and varied. Each lender tries to offer his offer with more or less flexible conditions to attract more customers. That is why it is recommended to compare offers to see which one has conditions that better fit your project.
Your motorcycle loan comparison should be based on two elements necessary to know: the overall effective rate or TEG and the total cost of loan.
The benefits of a motorcycle loan
You want to buy a motorcycle but you do not have enough resources to finance your project? The motorcycle loan provides you with the desired amount to finance the purchase of the motorcycle. Nevertheless, this type of loan is subject to a well-regulated regulatory system.