The purchase of a motorcycle can be done through different financing solutions, several credits can meet this need.
Personal loan for used motorcycles
Most second-hand motorcycle purchases will be made from individual to individual, so it is more useful to turn to the personal loan to be able to finance the acquisition of a new two-wheeler. It is a consumer credit whose sums can be obtained without having to justify the purchase, that is to say that the biker who will buy a motorcycle will not have to present a quote or a voucher. control. The sum is directly paid into the applicant’s account and the latter can then use it freely to buy a used motorcycle.
The advantage of this solution is to be able to define an envelope which will be available on the bank account and which may include the amount of purchase of the motorcycle but also formalities like the regulation concerning the modification of the gray card or the purchase of equipment for two-wheelers. This loan can also be used as part of a second-hand motorcycle purchase at a dealership.
The motorcycle loan allocated for new
Purchases of new motorcycles will generally revolve around an assigned consumer credit, it is the same credit as for the purchase of a car but the difference with a personal loan will lie in the allocation. That is to say that the credit contract and the purchase of the motorcycle will be intrinsically linked, it will be necessary for the buyer to present proof that takes the form of a quote or an order form. It should be noted that some of these credit agreements sometimes include prohibited motorcycle resale clauses. This means that the borrower must settle his credit before he can resell the motorcycle.
The restricted loan is generally used in connection with the purchase of new motorcycles and especially when this purchase is made from a dealer or a professional. The sums are often larger in the case of a loan by assignment, the rates will generally be more attractive compared to the personal loan.
Credit consolidation when you have credits in progress
When a buyer wishes to acquire a new motorcycle, it is important to have the repayment capacity necessary for financing. Whether it is a personal loan, a restricted loan or a rental with option to buy, it is necessary to have sufficient debt capacity to be able to accommodate a new monthly payment on the bank account. Sometimes, studies of borrowing capacity reveal an excessively high debt ratio or an insufficient living allowance. Using credit consolidation can prove to be interesting in order to finance the purchase of the motorcycle.
Loan consolidation is a banking operation that offers to buy the credits of a borrower by a single establishment, this allows to readjust the repayment conditions by setting up a fixed rate and a longer duration. The main advantage of this solution is that it reduces the amount of the new monthly payment more or less. It is also possible to include the funding of a new project such as the purchase of a motorcycle in this operation.