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.