Employees don’t have to spare a budget to pay the fare to commute to their workplace because they can get bike loans. Today, you can seek financial assistance to purchase a motorbike to use to visit your family to commute to work
4 Riveting Reasons to Seek Bike Loans from Credible Lenders
To save time
The beauty of getting bike loans is that you can acquire a motorbike in no time to ride to your workplace. Therefore, you don’t have to waste time at the tram station, provided you have sufficient fuel.
To invest in other ventures
Technically, a motorbike is an expensive vehicle buying it with your money can drain all your savings. For this reason, getting a loan ensures you have sufficient cash to start a business or to buy shares.
You can use the profits to repay the loan per the terms stipulated by your lender.
To have sufficient money for an emergency
Experts advise against using your savings to purchase an asset, such as a motorbike, to free up money for an emergency. Technically, unexpected emergencies like an illness or accident demand fast financial response.
To own your dream motorcycle
Unfortunately, affording a classy bike may be an impossible dream for low-income earners in 2024. Fortunately, you can approach a money-lending institution like your SACCO or bank for reasonable bike finance.
Do Money Lenders Offer Low Interest Rates for their Bike Loans?
Yes, some do! Borrowers shouldn’t rush to pick a random bike finance institution because they may charge an exorbitant interest rate. A good strategy is to do due diligence and compare the interest rates that different notable lenders offer.
Why Borrowers Should Get Bike Loans from Registered Banks
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Reasonable regulations
The beauty of this option is that the respective country’s central bank regulates all commercial banks. For this reason, these institutions do not exploit the borrowers because all must disclose loan terms upfront.
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Unprecedented interest rates
Secondly, non-bank lenders usually propose a high interest for their loans, making them too expensive. Conversely, the country’s central bank stipulates the interest rates commercial banks charge for different loan types.
Closing Words
Today, applying for bike loans is a relatively simple process today that requires minimal documentation, making it less hectic. Additionally, the lenders process your loan application within a week if you provide all the required documents. Therefore, you’re a few steps away from owning a two-wheeler, so you should choose a suitable lender to get started.