Financing for your bike at the best price

The cheapest loans to finance your motorcycle

Many consumers decide to finance two or four wheel vehicles through the dealers themselves, because it is more convenient than going to a bank. However, if we want to obtain financing for our motorcycle at a good price, it is better that we choose to ask for a loan from the bank or a financial credit facility , since their products are much cheaper. Let’s see what are the most attractive motor loans of the moment:

The credits we have shown in the previous table have a very attractive interest rate, which will allow us to obtain financing for a motorcycle at a very low price. In addition, unlike dealers, the entities that grant these credits will not charge opening or study fees , so we will save a significant amount of money in the hiring. If we want to know the conditions of each loan in detail, we just have to click on its name or on the red button.

Get financing for your bike through crowdlending

Banks and EFCs are not the only entities that can finance us the purchase of a vehicle with attractive conditions. During the last decade, so-called crowdlending platforms have appeared in Spain , new financing providers that connect individuals or companies that need money with independent investors interested in lending it. Let’s see what characteristics a motor loan granted through one of these platforms can have:

In this case, as we have said, it is not a bank that grants us the financing for the motorcycle, but rather the investors that are registered in the crowdlending platform. In these cases, when studying the application, the platform assigns an interest rate to the project (which will depend on the credit rating granted) and uploads it to its website so that the investors contribute the capital of the loan. Once the desired amount has been reached, the money is transferred to the borrower’s account so that it can finance the purchase of your motorcycle.

Calculate the price of financing a two-wheeled vehicle

Now that we know who can grant us financing to buy a motorcycle with attractive conditions, it is time to compare all the options to see which motor loan suits us. In that sense, it is important that we not only look at the interest rate applied by each entity, there are many other factors that can make the credit we hire more expensive to finance our new motorcycle. Let’s see what are all the aspects that we must keep in mind when calculating the price of a loan:

The interest rate applied : is what determines how much we will pay in each installment and in total. Currently, the best loans have an interest below 8% APR.

The fees charged by the entity : when looking for financing to buy a motorcycle we must also look at the opening and study costs charged by each lender. Some entities will never require us to pay these surcharges, but many others will charge us a commission for studying our application or for the formalization of the operation.

The other additional expenses : it is also important that we look at the possible costs of connection or notary, as they can significantly increase the price of the loan we hire.

If we want to know in advance how much money it will cost us to finance a motorcycle with a loan that interests us, we can calculate its price with the loan calculator from HelpMyCash.com , a useful tool that will show us how much we would have to pay to amortize the product and show us other alternative offers.

Guide to find the best motor loan

Finding the best motor loan in the market is not easy, since the offer is very varied and each product can be adjusted to a certain profile or needs. Therefore, before opting for a loan or another to obtain financing for the motorcycle, we recommend downloading the free HelpMyCash.com guide “How to ask for a personal loan to the bank in 25 minutes” , because in it we will find what conditions a consumer credit to be able to consider it attractive. In addition, this tool shows what our rights as consumers of these products are or what issues we should ask the bank to avoid falling into deceptive offers.

e-bike insurance: Is it worth it?

An e-bike is a bicycle that helps the driver to pedal with his own electric motor. For example, with this engine assistance, users can more easily negotiate inclines or drive faster with less effort. From a legal point of view, there is still no exact classification of the e-bike.

Often the term “pedelec” is used synonymously to e-bike. These two-wheelers are also bicycles with electric motor. Unlike a conventional e-bike, the engine can also be switched on by turning handle. Legally equated to the bicycle, pedelecs are equipped with a power limit of 250 watts and a top speed of 25 km / h.

So-called “S-pedelecs”, which offer higher speeds and higher engine performance, are considered low power mopeds. You need an insurance number and an operating permit. However, drivers do not need a driver’s license.

Moped license required with some pedelecs

If pedelecs have an engine up to 500 watts, a moped driving license is required to drive and the driver must be at least 15 years old. In this case, other provisions for insurance apply.

Insure pedelec as e-bike?

If you want to secure a pedelec with a conventional e-bike insurance, it must not go faster than 25 km / h and the engine must be less than 250 watts. If the service is higher, another insurance cover applies. You have to be registered as a moped and need liability insurance if you want to use it on the road. This liability insurance can be increased, for example, with a theft protection.

Why an e-bike insurance?

According to figures from the Zweirad-Industrie-Verband eV, the sales figures for e-bikes have risen steadily in recent years. In 2015 alone 535,000 of these two-wheelers were sold.

Rising demand also means an increased need for hedging. Because bicycle theft is also common in Germany. According to the German Insurance Association, more than 200,000 bicycles were stolen in Germany in 2014. According to GDV, the insurance companies paid out 100 million euros in damages this year (as of November 2016).

Basically, any theft is one too many. But who owns an e-bike, will be even more interested in a hedge in case of theft or damage. Compared to a conventional bike, an e-bike costs significantly more. For the purchase of an electric bicycle quickly more than 2,000 euros are due. Depending on the equipment and scope of performance, an e-bike or pedelec can also cost 5,000 euros and more.

A special e-bike insurance protects the owner from high damage as a result of damage or theft. Hedging can be done with a separate policy or by supplementing household contents insurance.

There are differences to a bicycle insurance: With a conventional bicycle insurance, on the one hand, the sum insured will be significantly lower. e-bikes can cost up to 5,000 euros and more. Accordingly, the coverage amount will be canceled. In addition, as part of an e-bike insurance usually also property damage or specific damage to the engine or drive are also insured. Bicycle insurance usually does not provide this protection because there is no engine.

advantages

  • The insurance covers if the e-bike was stolen or robbed.
  • In case of vandalism damages the insurance can be claimed.
  • Hedging is also possible with expensive bicycles.
  • The insurance cover can be customized.
  • A separate e-bike insurance usually has no night clause. Thus, there is insurance around the clock.

disadvantage

  • Such insurance causes additional fixed costs.
  • The insurance can usually only be completed within one year of the new purchase of the e-bike.

Hedging through home contents insurance

Many home insurance policies also include the protection of e-bikes. However, the services from provider to provider are very different. For example, the theft protection of home contents insurance usually refers only to included e-bikes and not to thefts when you are cycling.

In addition, the scope of insurance over home contents insurance is usually limited to a fraction of the sum insured. For example, if your household contents are covered by € 50,000 and the e-bike by 2.5% of the sum insured, your e-bike would only be covered by € 1,250. In practice, however, e-bikes are much more expensive to buy.

For these reasons, e-bike owners should always check carefully in advance what extent their household insurance can offer on e-bikes and compare these services and the costs with a separate e-bike insurance.

Advantages and disadvantages of e-bike insurance over home contents insurance

advantages disadvantage
  • Low additional costs to the normal household rate
  • No additional policy required, as existing policy is simply extended
  • Suitable for electric bicycles of low value
  • As a rule, no protection against vandalism damage
  • Theft protection only for the place of insurance
  • Limited performance
  • Insurance benefits usually depend on the total sum insured

Services: From theft to personal negligence

If a separate e-bike insurance is completed, you can make the insurance coverage depending on the provider and policy very extensive. The basic insurance covers the following damages:

  • Theft : The insurance provides, if the e-bike is stolen outside your living space or your property. Depending on the policy, the claims settlement after parts theft is also taken over.
  • Property damage : The policy applies to various property damage after falls, battery defects or electro-damage. Also property damage due to design flaws can be covered with the insurance.
  • Damage due to own and third-party debt : Depending on the scope of cover, e-bike insurance can also cover damage caused by falls or breakdowns as well as accidents.

The compensation can be made by a Neuradersatzleistung or by the cost assumption of repairs.

How do I behave in case of damage?

In case of damage, the same applies as with all thefts. You should report the theft to the police. At the same time, report the theft to your insurance company. The police will give you a file number for your theft announcement. This file number is usually required for the claim to your insurance company. After examining your report, the insurance company will usually settle the claim within 14 days.

Information by insurance comparison

An overview of the best offers for e-bike insurance can be obtained with the help of an insurance comparison on the Internet. Basically, you can take care of yourself for a good hedge. However, due to a variety of tariff options and various hedging options, for example via the household contents insurance, you can also take the assistance of an insurance broker.

However, it is important that you think about the scope of the insurance cover.

These comparison criteria can help you to choose the right e-bike insurance:

  • Should the insurance cover go beyond theft damage?
  • Does the tariff include night clauses or is the insurance cover valid around the clock?
  • Can individual components of the policy be individually graded?
  • What compensation does the insurer pay in case of damage?
  • Are there any discounts if I have already taken out insurance with the same provider?
  • Is it enough if I expand my own household insurance?
  • Do bicycle locks specified by the insurer have to be used?
  • Does the insurance also cover repair costs?
  • Is the motor or drive separately insured?
  • Are there any authorized repair shops for repairs?

Cost of e-bike insurance

If you take out a separate e-bike insurance, you should expect annual costs of about 200 euros.

The following “tricks” are available for saving:

  • Try to extend your existing bicycle insurance to e-bikes.
  • Use your existing home contents insurance and check the insurance coverage for e-bikes.
  • Try to bargain with some providers.
  • Use a rate on multiple e-bikes to get discounts.
  • If you go into repairs for repairs, you can save costs as with the car insurance.

Similar to car insurance, the term for many e-bike insurance is one year. For some providers, the insurance contract then ends automatically. If the e-bike is covered by household insurance, the term depends on your household policy.

questions and answers

How can the e-bike insurance be terminated?

If you want to cancel your e-bike insurance, the same conditions apply as for all insurance. You must adhere to the notice periods or you can terminate the insurance in the event of a claim or a premium increase without performance improvement.

What information do I have to disclose when the insurance is taken out? How do I choose the right amount insured?

When you complete the e-bike insurance, you must provide details of the model and your address and personal information. The address is important because the providers classify the insurance premium based on regional characteristics. In regions where more is stolen, the insurance premium will rise accordingly. The sum insured should be chosen so that you can buy a new e-bike in case of theft.

Many providers require minimum age of the e-bike

Note that most vendors only insure e-bikes that are no more than one year old.

Flexible and safe: that’s behind the textile bike lock

Bicycle lock made of fabric: Flexible, light and yet safe

To protect the bike from theft, there are countless variants of bicycle locks. But even expensive steel locks do not always deter criminals, so that more than 300,000 wheels are stolen nationwide . Although often a good home insurance for the stolen bike pays. But most cyclists would probably prefer it if their bike does not get lost.

Alexandra Baum and Suse Brand of Texlock have considered the possibilities of making bicycle locks better and more user-friendly and have developed a bicycle lock made of textiles. In an interview with finanzen.de, Alexandra Baum explains what hurdles they had to take when founding a company and what cyclists should pay attention to next to a safe lock.

Ms. Baum, Texlock will be launched in March 2018 and for some time already no preorders have been possible due to the high demand. Why is the lock in your eyes so in demand?

Alexandra Baum: I think that Texlock has just hit a nerve that many cyclists at the bike lock as annoying feel: the weight. As a cyclist, it bothered me to lug around a stiff, rattling steel lock scratching the paintwork so my bike would not be stolen. Thus, it came to the idea to design a more contemporary castle by bringing textile into the game.

Cycling is more and more perceived as a lifestyle. The bike is no longer just a means of transport that brings one from A to B, but also the aspect of fashion plays a role. Many people find that they now do without a second car and instead spend more money on a fancy, expensive bike. Thus, the awareness to be equipped for everyday use as practical as possible and yet stylish.

So far you are the only company that offers a textile lock. How many locks do you plan to sell in your first fiscal year, and what effect do you think your product will have on the market?

Alexandra Baum: Our plan is to sell 25,000 locks throughout Germany in the first year both via the bicycle retailer and our online shop. Of course, the effect can not yet be predicted, as we first have to gain a certain market share. In my eyes, however, the Texlock will provide a breath of fresh air in the relatively conservative market of bicycle safety .

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What were the biggest challenges you had to overcome on the way to starting your own business, for example with regard to financing?

Alexandra Baum: A big challenge for many founders is, first of all, not getting any money to develop their own innovative and thus risky idea from scratch. We were very helped by receiving an EXIST founder scholarship. This is a federally funded scholarship project. It is based on becoming self-employed as an employee or student in the environment of a university and receiving a scholarship for twelve months.

Subsequently, we received the technology start-up scholarship from the Free State of Saxony for another year. The scholarships were extremely important to us as it enabled us to focus on advancing our idea and not having to worry about making a living.

Another important step in financing our project was a crowdfunding campaign and a pre-order shop. As a result , just under € 700,000 came from patient pre-orders , with which we could boost production. This was a nice signal for us, how big the interest in the idea is. In the meantime, all pre-orders have been supplied.

Did you have to do a lot of persuading to convince bike lovers about the safety of the textile lock?

Alexandra Baum: Especially at the start of our project, crowdfunding supporters asked many questions about security and other uses.

All in all, we have experienced that we need to slow down both consumers and the media. It is often said that our castle is indestructible. Of course that does not correspond to reality. Any lock can be destroyed at some point, it depends only on the appropriate amount of time. Therefore, it is important not to arouse false expectations among potential customers. Ultimately, our textile lock offers the same safety as a good steel chain, but is much easier and more flexible to handle. Added to this is the visual aspect, according to which Texlock seems to fit better with the lifestyle than other bicycle locks.

As a potential vulnerability of Texlock, critics have identified the connector of the lock. What developments are you planning in this area?

Alexandra Baum: In general, we first asked the market about the simplest version of our product. Due to the high response, we have decided to bring them to the market first. Of course, we are planning further developments here. One of our goals is to offer a lock with an integrated lock. For the beginning, however, we want to proceed step by step, so as not to overburden ourselves financially as a small start-up.

What are your most important tips that cyclists should pay attention to next to a good lock so that their bike will not be stolen?

Alexandra Baum: The most important thing is that the bike should always be connected to a fixed object. Just securing the bike itself does not really help, as it can then simply be carried away. In addition, the bike should be connected to a busy place rather than in less frequented corners.

It is also important to secure the bike as close as possible to another object. So thieves have little space to make with appropriate tools at the castle.

Furthermore, I have been looking for years to rely not only on a hedge , but to use multiple backup variants. For example, the axles and the saddle can be secured with special screws that can only be removed with a special tool. It is important in my view, potential thieves to make their work as hard as possible.

Thank you for the interview, Ms. Baum.