One of the major signs of independence for every person is the ownership of a vehicle. Teenagers are especially are thrilled to get a license to ride a two-wheeler in India. The time spent on learning to ride is full of excitement. But, it is nothing compared to the thrill of searching for and owning a bike.
This blog post is designed as a guide for people buying a bike for the first time.
With hundreds of bikes available for the riders, you need to identify the bike that interests you. But, you should not buy the KTM Duke bike because your neighbour is riding it – identify why you need the bike and then make a choice. Are you planning to use it for a daily commute to college or office? Are you planning to ride the highways or go adventure biking? The answer to these questions will help with the research.
A bike can cost thousands and lakhs of Rupees. Deciding the budget will help identify the bikes you can afford. Once you have shortlisted the bikes that fit your budget, determine if you are interested in buying from your earnings and savings, or are you interested in taking a bike loan. Interest rates are important to consider while taking a loan as they directly impact your monthly instalment.
Additional Read: How To Get A Two Wheeler Loan?
Once you have shortlisted the bike you want to buy, it is time to study the specifications or specs. Hence, mileage, weight, and comfort, torque, underpinning and other technical details need to be studied and understood. Take the help of the Internet or a representative at the bike dealer to understand the terminologies and what they mean for you as a bike owner.
You may have set the budget and are aware of your requirement; what you have to do is compare. You need to compare the bikes on all the above factors – and yes, even bike loan interest rates as they may vary for different models. There are two ways to do is, go the site of the lender and look at the offers.
Once you have made a choice, it is time to go to the dealership. Talk to a customer care executive and discuss all the details. The representative will help you complete the formalities for purchasing the bike. At the dealership, you can also interact with representatives of the bike loan providers.
Now, that you are reached the end of the bike purchase journey, there is a need to study finance options, if you are taking a loan. You need to understand the bike loan interest rates, the tenure, monthly instalment and more. Always compare the interest rates, along with processing fees, to know if the loan is viable for you. Do not forget to pay your EMI on time to avoid penalty. Remember, you are the owner of the bike, though the ownership papers stay with the loan provider. At the end of the loan, make it a point to take back the ownership and other documents that you have submitted to the loan provider.
Additional Read: What Are The Documents Required For A Two Wheeler Loan?
Purchasing your first bike is an exhilarating experience. It's one of the best decisions towards independence and a decision you will remember for the rest of your life. But, before all that you will need to follow the above steps to buy a two-wheeler of your choice while ensuring you can arrange for the funds to make the purchase.