To buy a motorbike…to own a motorcycle of your dreams, you need to save up, right? Wrong! You no longer need to scrimp and save for months or years to buy your dream ride. In fact you can ride away on your dream motorcycle today. There are lots of ways you can own your very own motorcycle, without having the money to pay for a brand new one upfront. Here we will look at all the ways you can buy a motorcycle that is perfect for you and your pocket.
Buy a motorbike on finance
Most reputable motorcycle dealerships will be able to offer you finance on your motorbike. The interest rates, your eligibility and whether you need to pay a deposit, will all depend on which type of finance agreement you choose and of course, this will depend on what finance options your motorbike dealership has to offer.
At Chelsea Motorcycle Group (CMG) there are a range of finance options, so there is something perfect for everyone. To give you an idea of whats available and what the difference between these finance options are, here are the types of finance options available from CMG:
- Personal Loans. A loan that is based on your credit score and ability to pay. The lender does not have security over your motorcycle. You will usually have to pay a deposit, as well as monthly repayments until you have paid the balance, and you can change the motorcycle at any time.
- Hire Purchase (HP). Like a personal loan, except this is secured against the motorcycle. You own the motorcycle only when you have paid for it in full and if you want to change your motorbike, you’ll need to settle the balance first.
- Personal Contract Purchase (PCP). This is where the finance company leases a motorcycle to you over a fixed period. You will need to pay a deposit and a monthly fee, you will be limited to an annual mileage count and to own the vehicle you’ll need to pay a final purchase value. At the end of the agreed term, you can either pay to own the motorbike, you can give it back to the finance company or you can part exchange it. This is the best option for anyone who changes their motorbike regularly.
Buy a motorcycle second-hand
If you want a new bike but can’t afford new prices, then why not look for a second hand model. It is commonly known that motorbikes, just like cars, depreciate in value over time, so you could get a bike that is relatively new, for much less than it would have been brand new. If you do buy a motorbike second hand, take the time to look at what you are buying and who you are buying it from. Ideally, choose a seller like CMG, a reputable dealer who only sells high quality motorbikes. Buying privately can be much more problematic and might leave you disappointed. If you do buy privately, it is a good idea to get your bike checked over by a professional. This will make sure you are buying a quality bike that doesn’t need any expensive work doing to it.
Hire or lease a motorcycle
Like leasing a motorbike in the finance options, you can simply hire a motorbike from a reputable dealership, like Chelsea Motorcycles Group. Not only does this give you the freedom to upgrade your motorbike whenever you like, but it also gives you peace of mind that your motorbike is fully serviced, in good working condition and that you will have a replacement if anything should go wrong. This is especially useful for business owners who need motorcycles for deliveries, etc.
Trade in your old motorbike
Dealerships who buy and sell second hand motorcycles should be able to offer you part exchange, allowing you to use the equity tied up in your old bike, to finance part of your new motorcycle. This sis a great way to get a new or upgraded motorcycle at a fraction of the cost. Of course, this isn’t a viable option for everyone, especially those who want to keep their old motorcycle, and in some cases, you might get more money for your motorbike if you were to sell it privately.
Things to consider
Before you apply for finance, buy a motorbike second-hand, hire or lease one, here are some things you should think about:
- What is your credit score like? If it is poor you may not be accepted for some finance agreements, such as a personal loan. But you are more likely to be accepted for a finance agreement secured against the motorbike, like a hire purchase. Your credit score won’t be an issue if you are buying second-hand or trading in your old bike.
- How much can you afford to pay each month? You need to make sure you can keep on top of your monthly repayments. Take a look at what you can comfortably afford before you decide what to do.
- Do you want to own the motorbike? Some finance agreements give you ownership of the bike once you’ve paid off the balance. Others give you the option to become the owner, but provide alternative options too. If you hire or lease a motorcycle, you never own it. But you have other benefits instead, such as the ability to exchange it for a different motorcycle.
- Do you want to be able to exchange your bike? Some people like to update their bike every couple of years while others prefer their own bike, for keeps. If you like change and want the freedom to upgrade, a finance agreement like a personal loan, would be perfect. While other finance agreements don’t allow you to change your bike unless you pay the balance of the bike first.
Options with CMG
Chelsea Motorcycles Group has lots of options, all designed to help you ride away on the bike of your dreams. From finance options, to lease agreements, to second hand bikes. All of our bikes are the highest quality, all come serviced and in full working condition. To find out more, or to apply for finance, click here.