Which loan suits you best and how much money you can borrow depends on your personal situation. Our credit specialists therefore always first delve into your situation and loan requirements. Based on that, they will send you a suitable proposal. This way you know for sure that you are taking out a responsible loan for a motorcycle.
Term loan for a motorcycle
If you take out a loan for an engine, choose a term that matches the estimated useful life of the engine. That way you avoid paying money for a motorcycle that you no longer own.
Borrowing money for an engine: the possibilities
To borrow money for a motorcycle you can choose from one of the following loans:
- Personal loan
- Revolving credit
Financing with a Personal Loan
You set the term for financing a motorcycle with a Personal Loan. Just like a car, an engine has an economic life of a few years. So do not take out a loan with a term of 10 years, because the engine has already been written off while you still pay off the loan every month. In addition to the term, the interest and monthly charges are fixed, so you know that at the end date of the loan the motorcycle is fully paid off. Do you want to borrow money for a motorcycle and pay off the loan more quickly? That may be fine.
Continuously Take out credit
Taking out a Continuous Credit gives you the opportunity to have extra money in hand for, for example, extra expenses for motorcycle clothing, major maintenance or if you want to pimp your motorcycle by, for example, wrapping it or having it sprayed. The interest rate of this loan form is variable and the term is not fixed; you receive less certainty than with a Personal Loan. Most clients opt for a Personal Loan because of the security and benefit from the current low interest rate that they fix for the entire duration of the loan.
Purchase by installment
The dealer can also offer you the option to purchase your motorcycle on payment: you then pay the motorcycle in installments afterwards. That seems like a great option: arrange your purchase and financing at one address. This form of financing is expensive; in almost all cases the statutory maximum interest rate of 14% is calculated. You are therefore a lot more expensive than financing your motorcycle with a Personal Loan or Continuous Credit. Another disadvantage is that you are usually not the owner until all installments have been paid; selling the engine before that time is not an option. If you finance the motorcycle with a loan, you are the direct owner.