The popularity of two-wheelers is increasing. The main reasons for this are easy maneuvering in traffic, lower maintenance costs and efficient fuel prices. While purchasing a bike, you may be confused with the different types of models available in the market. Therefore, here are four factors you need to consider before purchasing a bike.
- Know your budget
This will help you eliminate those models that are beyond your financial capacity. Nowadays, you may easily purchase an expensive bike with a two-wheeler loan. The borrowed amount is repaid in Equated Monthly Installments (EMIs). Therefore, knowing how much EMI you will be able to afford without facing any financial difficulty is important.
- Determine the usage
You must determine your needs before making a purchase decision. You should consider if you are going to use the bike for your daily commute or enjoy longer rides. Choosing a motorcycle with higher mileage is advisable if you wish to ride the bike for short distances. However, for longer rides, you must opt for a bike that gives you comfort and more power.
- Buy from a reliable dealer
There are several well-reputed brands and it is recommended you test ride a few models before making your choice. Dealers may give you attractive offers, such as free add-ons, discounts and low two-wheeler loan interest rates. However, you should be cautious and procure multiple estimates from various dealers to make an informed decision.
- Check financing options
Banks and non-banking financial companies (NBFCs) like Mahindra Finance and Capital First offer attractive terms on bike loans, such as competitive interest rates up to 95% off on-road funding and extended loan tenure to help you purchase your dream bike. Before selecting a lender, you must evaluate and compare various options. Determine the loan tenure, effective bike loan interest rate, processing fees and other charges prior to signing on the dotted line.
Riding a bike is enjoyable and exhilarating. You may significantly enhance your experience by choosing the best bike as per your personal requirements. Consider the aforementioned factors and purchase a bike on EMI to maximize your benefits.