Financing a two-wheeler in cash is not within the reach of all budgets. Motorcycle credit is a solution suited to many situations, especially since the best rates are very attractive. We will focus our efforts on finding a cheap motorcycle loan, on the reliable basis of the APR rate. We will finally see how to ensure that we get a favorable opinion without any nasty surprises.
Motorcycle credit: several possibilities
You should know that motorcycle credit is generally included in auto credit solutions. Some specialists distinguish the two offers, but most of them have the same conditions. There are several ways to get a motorcycle loan:
- Thanks to auto / motorcycle credit from organizations (Bankate, Viloan, Eicredit auto credit, etc.).
- Directly in concession, with the credit of the manufacturer.
- From a bank or an insurer offering car credit.
It is not clear where to look first to ensure you get a cheap motorcycle loan, especially as the rates vary depending on the profile of the borrower. The best motorcycle loan rate can also be different depending on whether it is a loan for new or a used motorcycle loan. Let’s go over what to know about each potential lender. We will be able to more easily trace the route leading to the best rate.
Cheap motorcycle credit, but not without proof
The new or used motorcycle loan is a loan with mandatory proof. You should therefore expect to provide the racing car order form in the supporting documents of the credit contract. When the purchase order is impossible to obtain, as during a second-hand purchase from a private individual, it is then necessary to turn to a consumer credit without proof. Personal loans are the most suitable product for “unjustified” financing.
Motorcycle credit from online organizations, option # 1?
Motorcycle loan from specialist organizations is the preferred option when looking for cheap car credit. Our cheap motorcycle * credit simulations indicate that the best rate is usually always owned by the credit agencies.
However, do not rush to the first organism seen on television. Using a credit comparator can identify the best motorcycle credit without making a mistake. There is considerable competition between all the specialists, making it possible to obtain particularly advantageous borrowing conditions. Rates may also fluctuate with special offers. This is why we note the best rates offered by organizations on a daily basis.
* We have carried out cheap motorcycle credit simulations with all brands (see Yamaha credit or Kawasaki credit). Just perform a search including the brand name at the bottom of the site (credit search) to land on the corresponding article.
Comparison of APR rates
Let’s use our comparator to simulate an expensive motopas loan of 15,000 USD over 60 months (5 years). The goal is to realize how much the APR rates can vary, including between the most reputable specialists.
|New car / motorcycle loan of $ 15,000 over 60 months||Fixed APR rate||Monthly fees||Total cost of credit|
|Best Credit Organization||4.30%||277.72 $||1663.20 $|
|Organization 2||6.06%||289.28 $||2356.80 $|
|Organization n ° 3||6.07%||289.35 $||2361.00 $|
The cheap motorcycle loan N ° 1 is much more attractive than that of two other organizations completing the podium. The three concerned are, however, big names in consumer credit. The observation is the same by modifying the amount and the duration of repayment, in always different proportions.
Motorcycle loan from banks, a leap into the unknown
Banks are lagging behind on the issue of cheap motorcycle credit. They are actually behind all consumer credit solutions. The loan offer from banking establishments is intended to build loyalty. They therefore offer cheap motorcycle credit solutions only to their best customers. Those whose savings are significant or who justify a stable situation over time. It is always best to ask the credit agencies before looking into the offer from your banker. It will almost never be a cheap motorcycle loan.
What about motorcycle credit directly in dealerships?
Dealers enjoy great attractiveness, with motorcycles directly available. They obviously offer credit solutions, either through their own financing branch or with an intermediary. The classic credit offered by brands is generally very expensive. In any case, this is what our different comparisons of cheap motorcycle credit reveal. It is also not easily accessible.
Should we give in to the temptation of LOA?
Manufacturers are increasingly offering LOA solutions (rental with purchase option) as an alternative to organizations’ cheap motorcycle credit. The business promise is simple: easy credit and small monthly payments. Always calculate – and be wary – of the total cost of an LOA solution. Our opinion on the LOA warns of this formula, yet adopted by the French.
How to get a favorable opinion online?
Our cheap motorcycle credit comparator lists the best rates, but above all questions organizations immediately. Connected to all specialists, the tool is therefore able to provide an immediate response in principle. It is actually possible to obtain a favorable opinion at the best rate in a few minutes. Confirmation will take place within 24 hours, by email. Here is how to go about applying for a loan in the state of the art.
- Indicate “new car loan” or “used car loan” on our comparator. The rates for auto credit are identical to those for motorcycle credit.
- Enter the desired amount and the repayment period. It is necessary to aim just and not to choose too important monthly payments, under penalty of being confronted with a refused credit.
- Organizations offering the best APR rate are offered. The best is questioned immediately (and without obligation).
- In the event of a favorable cheap motorcycle credit opinion (acceptability> 50%), the confirmation is sent by email within 24 hours.
- A request refused (acceptability <5%) by the best organization is not unacceptable. It is possible to interrogate with a single click the second, and the third. The conditions for accepting a loan vary considerably from one organization to another.
A favorable cheap motorcycle credit notice triggers a concrete contract proposal (by email). It then remains only to check the APR rate, before comparing it with that proposed by its banker or the dealer. This is the best way to get cheap motorcycle credit.