A two-wheeler is one of the most cost-effective and efficient ways to move around. Be it a big city or a small town; a two-wheeler has become an essential commodity in every household. It is cheaper to maintain and the best when it comes to navigating dense traffic.
There are so many options for two wheeler loans available today. If you have been eyeing one and are looking for ways to finance it efficiently, here’s some help. To choose a bike loan must be an effective choice for you. So it is important to choose it wisely. In this article, we give you six financial tips for buying a two-wheeler in India.
Tips For Buying A Two-wheeler In India:
- Choose a cost-effective two-wheeler:
There are so many options of two-wheelers in the market. Their price keeps on increasing as you add features to them. A two-wheeler can cost you a few thousand rupees to lakhs of money. It merely depends on your budget. If you’re looking to navigate the city for your daily commute, choose a gearless two-wheeler. It costs much less than bikes which are more useful for travelling long distances. Bikes are strong and sturdy, and might not be the best option when you’re looking for a cost-effective two-wheeler on a budget. Gearless two-wheelers are much cheaper to maintain too.
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- Look at some used two-wheelers:
Various owners sell their rarely-used two-wheeler. They are high and cost much less than a new one. You can do in-depth research and find a two-wheeler which looks and functions as good as new. Choosing a used two-wheeler over a new one entirely depends on your usage as well as your pocket. If you require your two-wheeler to run great distances with the most efficiency, buy a new one. If your two-wheeler is going to spend most of its time under the shed or as back-up support, a second-hand one should be good enough. But remember to keep your options open. Some financial institutions offer two-wheeler loans for used two-wheelers too.
- Decide Your Budget: Your budget should be the first thing you decide when you think about buying a two-wheeler. Begin looking for options within your budget. There is stiff competition in the automobile industry. Hence, there is a reasonable probability of you finding all the features you need within your budget. Even if certain features don’t fit within your budget, do not fall for them.
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Overshooting your budget and taking a higher two-wheeler loan can significantly affect your finances.
- Maintain Your Credit Score: If you are looking to avail a two-wheeler loan for your new purchase, it is essential to maintain your credit score. The credit bureaus of India decide your credit score. It depends on your credit history, including your credit card payments. A high credit score means that you can avail a two-wheeler loan on low-interest. A bad credit score increases your rate of interest. Defaulting on payments on EMIs for previous loans or delaying your credit card payments can plummet your credit score.
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- Plan: It is always better to plan well-in-advance before purchasing your two-wheeler. You can look at a two-wheeler EMI calculator to know your monthly payments. It allows you to decide your budget for your two-wheeler as well. Planning a few months can help you save some money to pay as a down payment for your bike loan.
- Credit Cards: You can always buy a two-wheeler on your credit card as well. Most credit cards allow you to convert your purchases into a comfortable EMI. However, the interest rate on credit cards is high. So, be mindful before choosing this option.
It is advised to compare all your financial options to make the best two-wheeler purchase.