COMPETITIVE MOTORCYCLE LOANS
COMPETITIVE SCOOTER FINANCE SCOOTER LOANS
COMPETITIVE MOPED FINANCE MOPED LOANS
||Looking for a competitive motorcycle loan, competitive scooter loan or competitive moped loan; here at inter-bike we know (cause we're bikers too) that raising the necessary competitive motorcycle loan to purchase a motorcycle, scooter or moped can be a major headache, irrespective of whether your looking for new or used motorcycle financing. If your new to motorcycling and purchasing that first bike be it a scooter, moped or motorcycle, or upgrading your existing motorbike, scooter or moped for a larger or newer model or even purchasing a second machine, raising the required motorcycle financing or a competitive motorcycle loan (or competitive scooter finance or competitive moped finance) could be the key to owning your new machine.
The old fashioned way was slow: Not very long ago, obtaining affordable motorcycle finance could be difficult. Applying for the motorcycle financing meant going to the bank, completing lots of paperwork and hoping that sometime in the next week or two they might approve your motorcycle loan ( or scooter loan or moped loan) and in the meantime you had to wait and wait... and hope.
Now it can be faster and easier to obtain online motorcycle finance (or by phone) : Times have changed for the better! Many motorcycle loan companies, motorcycle finance houses, banks and building societies offer online financing for your motorcycle, scooter or moped purchase. Hassle free motorcycle loans and fast approval motorcycle finance is now a reality, with online motorcycle loan application forms or telephone loan applications you can know in minutes if you are motorcycle, scooter or moped loan has been approved. Yes minutes!
Just click on the links to some of the UK's leading competitive motorcycle loans providers and competitive scooter finance providers and you could know TODAY if you can buy that dream motorcycle, scooter or moped. Do you really want that motorcycle? Then stop waiting and apply today!
Free comprehensive motorcycle finance guide
Financing your competitive motorcycle loan
- Today many people are unable to purchase their motorcycle, scooter or moped outright. Many now look to the web for competitive online motorcycle finance. Many motorcycle finance companies do not usually require a down payment or application fee. To cut down the cost of your motorcycle loan or scooter loan it is best to put down a payment or deposit against the bikes's value and arrange the motorcycle loan or scooter loan to cover the balance. The repayment periods can range from 12 to 36 months and or even longer, up to 72 months, usually dependant on the size of your loan. However, the longer the loan term, the more you will pay in loan interest but a 60 or 72 month loan term can make your monthly repayments smaller and more affordable than the monthly repayments on a 24 or 36 month loan period.
Are there any other charges other than the interest?
You should always find out the following before signing your motorcycle finance agreement:-
- Is there a loan or finance set-up fee?
- Is a loan down payment required?
- Are there any extra charges at the end the loan period?
- Are there any extra charges for paying the loan off early (early settlement penalties)?
- Are there extras being charged for (which you may or may not want depending on your circumstances) e.g.:-GAP (Guaranteed Asset Protection) or payment protection insurance?
- Is the interest rate you've been quoted the APR (annual Percentage Rate) or the flat rate?
Benefits of arranging your motorcycle finance online
The APR is usually lower and thus more competitive for on-line motorcycle loans and approval times are generally much shorter, which can be important if your trying to secure that dream bike! Without leaving your home or work you can get, from many on-line lenders, a response for your motorcycle loan application in as little as 15 minutes!
How much to borrow?
Make sure when you arrange your motorcycle finance to make sure you've borrowed enough to cover that required for your motorcycle purchase and those added costs which will occur, such as road tax, motorcycle insurance, warranties, loan insurance, service contracts etc., Consider your monthly financial budget and make sure you will be able to pay the loan repayments easily. Larger loans can have a preferential interest rates or lower interest but don't get a motorcycle, scooter or moped loan larger than you need or can pay back comfortably!
Why it may not be a good idea to arrange your motorcycle loan or scooter finance via the motorcycle or scooter dealer
Dealer arranged motorcycle loans or scooter loans are often at a marked up price. This is because many motorcycle dealers sell the motorcycle financing contract to another banker or lender. To add to the motorcycle dealers profit on your motorcycle or scooter purchase, they can often increase their profit they often simply add a few extra interest points before selling the loan. By going to a separate finance company you can cut out the expensive middleman and potentially save yourself a lot of money.
With your motorcycle loan or scooter loan cheque in hand you will have the same power as a cash buyer. You will have more power to negotiate a deal with the motorcycle dealer who will know you are a serious buyer and not someone just window shopping!. The motorcycle dealer will know that he or she will be able to sell a motorcycle or scooter that day if they can agree a deal with you. An already arranged motorcycle loan or scooter loan could be just the extra bargaining tool you need to get a better price and secure that dream motorcycle, scooter or moped.
Often motorcycle dealerships will give you a higher interest rate because of 'bad credit'. If you take out motorcycle financing with them they can often use non-standard consumer reporting agencies which could give you a lower credit score than that which is reported by the major agencies when reviewing your motorcycle loan application. By obtaining your motorcycle loan from a separate company your credit score will be checked by leading consumer agencies, giving you a more accurate credit report, which should lead to a lower interest rate and hence a more competitive motorcycle loan or scooter loan, saving you money. Remember it is always important to check your own credit report before applying for motorcycle financing, so you don't give them outdated or wrong information, incurring higher interest rates.
The motorcycle loan terms a motorcycle dealer may give you can be more restrictive than those arranged from open market motorcycle loan lenders. Motorcycle dealers usually offer more inflexible terms when you borrow via them like secured down payments, shorter length of time to pay it off, meaning the payments are higher and some loans may be restricted to older models of motorcycles that the dealers are having a hard time to sell. By using an open market lender you will have more flexible terms, longer to pay the loan off and usually lower interest rates, saving you money, which is what you want when arranging a competitive motorcycle loan or scooter loan!
Obtaining competitive motorcycle finance rates
The following are the factors that have a bearing on the final rate of interest that you will pay on your motorcycle finance:-
- Your credit report score - Lenders for motorcycle finance usually rank your credit history as the most important factor in setting your motorcycle finance rate. The higher your credit score usually the less you will have to pay in finance interest rates. This makes it very important for you to check your own credit rating before applying for a motorcycle loan, as any outdated or incorrect information could mean you will be paying higher interest rates on your motorcycle loan rather than more competitive motorcycle loan interest rates.
- The loan term - The longer repayment period you have your motorcycle loan or scooter loan for the more interest you will end up paying. Whilst motorcycle loans taken out for 60 months may have a lower monthly interest rate than a 36 month loan, the overall interest total will be larger for the 60 month loan.
- The price you pay in total for the motorcycle and any dealer add-ons -
- The motorcycle purchase price - fully research the market price for the motorcycle, scooter or moped you intend to purchase. Know how much the motorcycle, scooter or moped you intend to buy is actually Don't pay to much for the motorcycle of your choice either from a private seller or a motorcycle dealer as this will have a great effect on your monthly motorcycle loans payment, as you could end up having to borrow more to finance the higher price.
- Buying a new motorcycle - Try and determine what the dealers cost (the price he paid) for the motorcycle is? The ideal sales price is somewhere in the dealers purchase cost between that and the sales price (the price they are trying to sell it for), because obviously the motorcycle dealer still needs to make a profit from his sale. It is important to know this if you can because you will be able to tell if the motorcycle dealer is trying to make a huge profit from the motorcycle, and if you have room to negotiate with them over the price and hence lowering your motorcycle financing repayments.
- Buying a used motorcycle - If you are going to buy your used motorcycle from your local motorcycle dealer they may price it at the highest listed retail value they can which includes the cost of reconditioning the motorcycle at the motorcycle dealers expense. A private seller may price their used motorcycle at the highest "Private Party Value" regardless of the motorcycle's condition. To reduce the amount you pay for your motorcycle, and ultimately your motorcycle loan, become knowledgeable on the condition and price of motorcycles being sold in your area, so that you can get a fair idea of how much is a reasonable selling price for a used motorcycle. Sellers will normally assume that you will try to negotiate with them over the selling, hence their asking prices will be higher than they expect to get, so adjust your offers accordingly.
- Dealer add-ons - Many fees and options that motorcycle dealers add to a new motorcycle's asking price you may not need to pay for, as all they do is increase your motorcycle loans total value. Some of these options may include a setup or assembly charge, freight expense, paint sealant, dealer advertising association holdbacks, sales promotion fund etc Shop around various motorcycle dealers to look for the best price and also get to know which items should be included in the asking price and which should be removed.
Glossary of Terms
Please note these definitions are for guidance only. For full definitions please refer to your loan document or lender.
- APR (Annual Percentage Rate) - A standard method of calculating how much the loan will cost you over the full period of the loan expressed as an annual percentage rate. (The cost of a loan being interest, loan insurance and all other fees.)
- Flat Rate - The monthly interest rate charged. Be careful, the flat rate is not the true cost of the loan. Make sure you are told the APR, the flat rate can be as little as half the APR so it looks much cheaper.
- Fixed rate loan - A loan in which the interest rate does not change during the entire term of the loan. For an individual taking out a loan when market rates are low, the fixed rate loan would allow him or her to "lock in" the low rates and not be concerned with fluctuations. On the other hand, if interest rates are historically high at the time the loan is taken out , he or she might benefit from a variable rate loan, because as the market rate falls to historically normal levels, the rate on the loan would decrease.
- Variable rate loan - Any interest rate that changes on a periodic basis. The change is usually tied to movement of an outside indicator, such as the Bank of England base rate. Movement above or below certain levels is often prevented by a predetermined floor and ceiling for a given rate. For example, you might see a rate set at "base rate plus 2%". This means that the rate on the loan will always be 2% higher than the base rate, which changes regularly to take into account changes in the inflation rate.
- Secured loan - A loan backed by a pledge of collateral such as you bike or home. The lender can repossess the collateral pledged if you fail to pay the money owing under the loan.
- Unsecured loan - A loan that is not backed by collateral loan, that is the lender has no security against the loan.
- Hire Purchase - Under a Hire Purchase agreement the lender owns the motorcycle, scooter or moped. The customer purchases the bike over an agreed loan period with monthly repayments. A deposit is usually required and the finance is usually secured on the motorbike, scooter or moped itself. At the end of the repayment period they may be an additional fee to pay before the bike is legally yours.
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