Many at times it will be an affordable option to buy a bike from a private seller rather than opting for the licensed dealers. But there are a certain things that you need to keep in mind to make your purchase affordable and secured as well. Most of the bike financers are against allowing the bike purchase from private sellers when they that as a security over the loan that they provide for the bike. There are a lot of reasons for this, and one of the most important reasons is the fear of fraudulent activities that take place in the bike market. Unlike a licensed seller, it is very difficult to track down a private seller if something goes wrong. Due to this valid reasoning there are many finance companies that will offer you an unsecured loan by not keeping your bike as a security. However, this will attract more rate of interest.
On the other hand you also have other options to go for the private sale bike finance. With this option there are a lot of benefits and there are also some drawbacks. So before opting for this option it is best to get a clear idea about it. If you are dealing with a private seller then you have the option to ask all the questions to the seller; something that you cannot do with the dealer. This freedom helps you get a better idea about your bike. However, in most countries the private seller is not required to provide a guarantee for the bike and so there is always the uncertainty with the purchase.
What are the different things you need to look at in private sale bike finance?
The process is very simple in private sale bike finance but if you are not getting any guarantee on the product then it will be important to consider some important questions like.
- How is the bike condition?
- Has the previous bike owner regularly serviced the bike?
- Are there any issues in the bike that you cannot understand just by glance?
- Is a third party professional suggestion on the condition required?
- How much finance will I get on this given bike condition?
When you ask all these questions, you will be in a better position to make the decision.
How to get the best finance
Although there are limited financers for private sale bike finance you will find it beneficial to look up their information on the internet. On the internet you will find a lot of different options and financers available in the market. When you look up on the internet you will find many private sale bike finance offices located even away from your area but most of them will offer services or finances in your area as well. These days most of the work is gone online and so you will find it easy to get finance on the private sale bike.
However, before opting for a loan there are a certain important things that you need to consider.
- One of the most important things that you need to look at is the interest rate, EMI, and the payment terms and condition.
- In order to calculate your interest rate it will be good to make use of the emi calculators that are available online.
- In the emi calculator all that you need to feed is the loan amount, interest and the number of years you want to take to repay the loan.
- This will give you a clear picture about the amount you will need to pay. After considering all the above mentioned factors you will be able to enjoy your bike for a long time in a hassle free manner.
Private sale bike finance help you to get your bike, but you need to be very careful and study the agreement that you are going to sign before you get your bike. Once signed you will have to oblige with their terms and conditions, so it is best to consider it well before you accept the finance.