Additionally, most lenders and NBFCs have now extended their crediting services to include second-hand bike loans. This means you can make the purchase even more pocket-friendly by opting for a used bike loan and paying for the value in EMIs. Moreover, since you have access to a two-wheeler loan EMI calculator, you can estimate your EMI payments for the tenure to prudently budget your finances.
If you’re confused about how to go about buying a used bike with a second-hand bike loan, here’s a list of essentials you cannot forget.
Buy it from a Reliable Seller
When buying a used two-wheeler with a second hand bike loan, you can purchase it from a used bike seller or a private individual. While your friend reselling his Royal Enfield may give you a better deal on the bike, buying one from a reputed reseller will ensure it’s in proper shape. Since reputed used bike sellers usually conduct extensive checks on their inventory, buying a used bike from a reliable source would be better than the second option.Narrow Down Your Purchase Purpose
Before you proceed to the shortlisting stage, you need to find the answer to the ‘why’ question. In other words, you need to understand why you need a bike and how you propose to use it. For instance, an adventure tourer would be better suited for weekend off-roading trips, while a mileage bike would be better for daily commutes. You should also remember that the used bike's cost may vary per its segment, thereby affecting your second-hand bike loan amount. You can run this quoted loan amount through the two-wheeler loan EMI calculator to see if it fits your budget.Inspect the Bike
You shouldn’t have to compromise on quality just because you’re buying a second-hand bike. To ensure that your used bike doesn’t have missing and malfunctioning parts, you should spend some time inspecting it. This process should ideally include both external and internal checks. Begin by checking the vehicle's body for scratch marks, dents and rust damage. You can then check the cables, chain and electricals like headlights and DRLs. Doing physical checks in the morning is prudent because there’s improved visibility. Also, remember to check the chassis for the vehicle identification number (VIN). This will help you review the insurance history of the bike and verify if it's been involved in any legal issues.Seek Professional Help
It is always prudent to seek professional assistance if you’re not a bike enthusiast and are just armed with basic knowledge. You can either hire a mechanic to check out the used bike or take a bike enthusiast friend along to shortlist a model. Remember that a professional eye will always be able to tell if you should invest in the vehicle. Knowing the vehicle's real value will also allow you to better negotiate prices with the seller and, in turn, lower your second-hand bike loan amount. You can then use the two-wheeler loan EMI calculator to estimate your monthly EMI burden.Check the Engine Performance
Since the engine is the heart of the bike, you should dedicate some time to inspect it thoroughly. Taking the bike out for a test drive can help you understand its engine’s health. Doing this will also help you check the brakes, clutch and gears. Depending on how well the bike performs and its overall riding feel, you can decide if it's the right fit.Review the Bike’s Service Record
When purchasing a used bike with a second-hand bike loan, you would ideally want to opt for a model that’s been well-maintained. Reviewing the service records of the bike is the easiest way to know how well it has been maintained. Remember to check for regular servicing appointments and those taken to fix damages sustained in accidents.Ensure all the Paperwork is in Order
When you apply for a second-hand bike loan, you have to furnish a certain set of documents. While second-hand bike loans share the regular KYC-document bundle with new bike loans, a few extra documents are needed for such loans. Most lenders require copies of the bike’s Registration Certificate along with the sales receipt. However, during the transfer process, you will also need other documents like the bike’s PUC certificate, insurance papers, tax certificate and RTO forms 28, 29 and 30.To Conclude
Whether new or used, buying a two-wheeler is a big step for many. You can follow the above-mentioned pointers to ensure that your purchase is foolproof. If you’re looking for a trusted second-hand bike loan provider, you can visit Bajaj Markets. Here, you can opt for second-hand bike loans against affordable interest rates to make your dream of owning a two-wheeler a reality. You can also use the two wheeler loan EMI calculator available on the website to chalk out your monthly loan expenses and plan better.
Advertisements