When you plan to buy a two-wheeler, you will get two payment options; a full cash down and a finance option. It is your choice to decide which of the payment options will be ideal for you.
However, if you cannot choose a payment method, we will give you tips that justify why two wheeler finance is worth considering.
1. Your savings will remain unaffected
The most appreciable aspect of buying a bike or a scooter on two wheeler finance is that the process will not jeopardize your savings in most cases.
A considerable number of banks and financing institutions offer such loans with the option of zero down payment. It means you do not have to pay a single penny from your savings when you buy a bike or scooter on finance.
2. You can buy your preferred vehicle
When you plan to expend your savings to buy a two-wheeler, you often have to abandon the desire of buying your preferred vehicle. The reason is straightforward; you might not be able to afford a high-priced bike with the money that you have in hand.
But when you buy a two-wheeler on finance, you can enjoy the freedom to ride your favourite bike without worrying about its price. Basically, your financing institution will pay the total amount to the seller and divide the paid amount into smaller EMIs.
This EMI is calculated based on the principal amount of the bike and the bike loan interest rate. As you are supposed to pay the entire amount in smaller installments, so you will find that situations are within your control.
So, when you plan to buy a two-wheeler on finance, the dream of owning your preferred bike gets fulfilled successfully without making you bear a substantial financial burden.
3. You can customize payment schedule
There is another reason why buying a two-wheeler on finance will be more convenient for you. You can decide the tenure till when you pay the loaned amount and the amount you will pay at regular intervals as EMI.
Let us simplify this; if you think you cannot pay a hefty amount as EMI, your financing institution will give you an alternative option where the amount of this regular payment is less. But you have to simultaneously acknowledge that the tenure of payment of the entire loaned amount will get extended.
Such a thing happens because your financing institution will use a two-wheeler loan EMI calculator to calculate the loaned amount that you have taken and the amount that you have opted to pay as EMI. The financing institution will calculate and inform you about the tenure of your loan payment accordingly.
4. Your eligibility criteria will never be a constraint
Another great thing about two-wheeler finance is that you will never have to think about your eligibility criteria when you think of buying your favorite bike on finance.
Generally, you have to submit your age proof, income proof, and citizenship proof as documents when you apply for a two-wheeler loan. If all the documents are authentic, you will get financial assistance promptly.
While the above reasons give you the reasons to choose the loan, always research for a lender you can trust!
