Owning your own bike gives a different sense of independence. It simplifies your commute, saves you money on public transportation, and allows you to spend time with your friends exploring the city's outskirts. However, before purchasing a bike, particularly on a bike loan, several factors should be considered. To learn more about those aspects, read this post.
1. Create a budget
The preparation for any large investment starts with a budget. Setting up a budget will help you narrow down your long list of desired motorcycles. For example, if you only have Rs 20,000 to put up as a down payment, a high-end sports bike is not an option. Furthermore, the budget aids in the selection of the best two-wheeler lender. You may also use the EMI calculator to check if the interest rate and EMI are within your budget.
2. Decide on the vehicle type
After you have decided on a budget, the following step is to decide on the type of bike you desire. Two-wheelers in India are divided into several categories. Some of them are street bikes, cruiser bikes, dirt bikes, sport bikes, and adventure bikes. To further assist you, below is when the various sorts of motorcycles are best for you.
- Street Bikes: If you are looking for a budgeted bike with amazing fuel economy, turn to street bikes. These bikes are ideal for daily commuting and have minimal bodywork.
- Cruiser Bikes: Cruiser bikes are known for generating high power and torque. Such bikes are ideal for both Indian traffic and rough roads. Since cruiser bikes are a bit costlier than street bikes, choose your options wisely.
- Dirt Bikes: Dirt bikes are not very common in India, and you will find a handful of them on the roads. These bikes are ideal for rough surfaces like sand, gravel, and mud.
3. Look for the desired features
Gone are the days when bikes were all about fuel efficiency. Bike manufacturers nowadays offer bikes with a variety of high-end features. Some of them are digital instrument clusters, adjustable brakes and suspension, liquid cooling, and performance tyres. As a motorcyclist, you must be aware of the various functions and how they work. You should also try to figure out which characteristics your bike should have based on your requirements.
Remember that the more advanced features a bike has, the higher its price.
4. Look for the list of service centres
It's worthless to spend thousands or lakhs of rupees on a bike if the manufacturer does not have any service centre in your city.
Assume you bought a new bike, and after a few months of riding it, you begin to notice certain flaws. Your new bike is still covered by the manufacturer's warranty. In this case, how would you go about getting repairs? Will you tow your bike to a service centre in another city or wait days for someone from the service centre to arrive at your home?
In either case, you will have to rely on public transportation to go around. Furthermore, there is no guarantee as to when your bike will be fixed.
Therefore, while choosing a bike, make sure you choose a manufacturer with a service centre in your city.
5. Online Reviews
After you have narrowed down your options to two or three bikes using the methods above, it's time to look at online reviews. Customer testimonials and reviews help you better understand the bike's functionality and features. You can compare mileage, maintenance costs, and engine performance, among other things. Also, consider the resale value as it has a significant impact on the bike loan interest rate.
If you have any further questions, you can post a comment on the bike aggregator's website or call their expert at the number listed on the website.
6. Compare Lenders
After you have decided on a bike, take some time to look into the various bike financing alternatives available from various bike loan providers. Check the interest rates, other loan related costs, the maximum and minimum loan amount, and repayment tenure. You must also compare the maximum LTV offered by different lenders. It will assist you in determining if the amount you are expecting to pay as a down payment is sufficient.
7. Check eligibility criteria
Unlike other loans, bike loans do not have strict eligibility requirements. Under this loan, the bike is hypothecated. As such, the bike loan interest rate is also lower. You must be over the age of 18 and have at least one year of work experience to qualify for this loan. The mandatory documents required for this loan are KYC and income proof.
To Conclude
The above checklist ensures that you get the perfect bike that is best suited to your budget and body type. It will also make the process of getting a bike loan easier for you.