A motorbike loan is an amount of money you borrow from a bank or lender to buy a motorcycle, whether it is a new or used motorcycle. Unlike personal loans, the loan is intended specifically for purchasing a motorbike, so you can’t use it for other things.
Motorbike loans are mostly secured loans, which means you need collateral to back them up. The collateral is usually the motorcycle you are buying. The lender can repossess the motorcycle if you fail to make your payments in the future.
A motorbike loan is similar to a car loan in many ways. Getting both loans as a foreigner can be hard, which is why careful planning and preparation are important. The tips below may help you get started with your motorbike loan.
The conditions you apply for, including your interest rate and monthly charge, will be influenced by your creditworthiness.
Find out what you can afford to pay for before you fall in love with a new motorbike. Eventually, affordability relies on your personal budget.
Making comparisons can help you find the lowest selling price on a motorbike and the best loan offered throughout the buying process.
Be sure to review the overall annual percentage rate (APR). The interest rate and other fees should be included in your loan agreement.
There is no one-size-fits-all funding process for your new bike, so make sure to explore the market. Compare interest rates and determine how much debt you can afford to take on.
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It has been great dealing with the Thaiger, their customer support team has really helped me throughout the whole process, in normal circumstances I would never apply for a bike loan.
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Thank you, Thaiger, for providing me with useful information; I’ve been thinking about getting a bike for a long time. Now with your services I actually can.
Been looking into getting a bike for a while to help me get about in Thailand but I was never able to afford the bike I wanted. Now I didn’t realise how easy it is to apply for the loan until the thaiger’s services.
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Shop around and compare various lenders’ loan deals to ensure that you get the right price and consider all your options before you sign up for a motorbike loan. Here are two different ways to finance a Motorbike Loan.
A motorbike loan works like getting a car loan from a financial institution such as a bank or credit union. If you agree to the terms of the loan, you apply for a loan (you can even apply to be preapproved, much as for a car loan), accept a bid, and sign a loan agreement.
If you buy a motorbike from a dealer, as with cars, you will usually finance the bike through the dealer as well. You will get the motorbike and the loan to pay for it all at the same place. Travelling through the store offers you the ease of a one-stop-shop.
Riding a motorbike is the fastest and easiest way to get around. That’s why I’d always wanted to own one. I thought it would be difficult for an expat like me to get approved for a motorbike loan, but the Thaiger made it easy and simple. They really take their time to ensure that I got the best deals too!
Top tip: Make sure you know what the requirements are and try to gather all the documents before applying for your motorbike loan.
By offering you different choices and the best advice, the Thaiger provides the needed support to make your deciding process easier. It’s our duty to help you understand exactly where you’re at and what options you have. We will answer all your questions and navigate you through all the options. We’ve got your back, from start to finish.
Whatever loans you may need, we can help you. Below are some of the recommended loans to help finance your dream.
A motorbike loan can certainly make it easier for you to acquire your dream two-wheeler, but before moving on that path, there are several things you have to remember.
There are some things to keep in mind when you plan to zoom away on your dream bike, most specifically the amount of loan you can afford.
Taking a loan is a contract of shared benefits between two persons. If the financier wishes to be sure of your credibility, then you should do the same. Go for someone who takes your interests into account and is versatile enough.
Having a loan is not like purchasing a commodity. The lender may decide whether you are able to get a loan after you apply for your application, so plan your documents accordingly.
Now that all the tedious formalities are over, it is time to finally get your dream bike. Chances are, you already have one on your mind, and if you don’t know which bike to get yet, decide whether the bike is your privilege or need.
It is time to go for a test drive after you have locked down the bike of your choice. It is important that the bike is perfectly right for you.
It is time to purchase your motorbike, but before that, make sure to sort out some final stuff, including the extra costs.
You have chosen a suitable car, negotiate a good price, but you don’t have a substantial amount of savings to pay for it in cash? You probably need a car loan.
A car loan can help you buy your dream car even if you don’t have the cash on hand to pay for it. If you borrow wisely, you can even enjoy spending less than on your car and have the flexibility to fund your other goals.
You collect the money as a lump sum anytime you take out a motorbike loan from a financial institution, and pay it back (plus interest) over time. The amount of your monthly bill is influenced by how much you spend, how long you take to pay it back and the interest rate
Your motorcycle loan pre-approval would also contain a quote on loan terms such as an expected interest rate and the amount you will be able to repay, much like a car loan. If you plan to follow that path, conventional lenders may also provide unsecured personal loans.
For a motorcycle loan, there’s no minimum credit score necessary, so the higher the score, the easier it could be to apply for better rates and conditions. IN addition, a higher credit score would result in a better interest rate on the loan and therefore, over the duration of the loan, less expended on interest charges
Specialty loans provided by certain banks, credit unions, and online lenders are motorbike loans. They can be secured or unsecured depending on the lender
Yes, foreigners can get a motorbike loan. However, It such an important condition for qualifying a foreigner to get motorbike loans such as they should have at least 1 year work permit and show their annual salary to the loaner.
For a motorcycle loan, there’s no minimum credit score needed. Anyway, the higher credit could be easier to apply for better rates and conditions. A higher credit score would result in a better interest rate on the loan.
Most options for borrowing are limited to between 36 to 60 months.
Taking out a loan may be a good choice when you need to get the motorbikes and you don’t have to conserve the money. Financing will allow you to purchase a motorbike right on time and repay overtime for your repayment. It also lets you establish your credit by repaying a used motorbike loan as well.