In recent times, the process of seeking a loan has become efficient and simple. You get to choose from a variety of schemes and options, especially when it comes to vehicles.
However, most people get confused between a two-wheeler and car loans and end up delaying their application process. Therefore, you should be aware of how they are different from each other to know which one is right for you.
This article focuses on the major differences between these two loan categories and how to apply for a motorcycle loan.
Although two-wheeler and car loans both fall under vehicle loans, the two have certain differences as the lender views them as two different investments.
The difference two wheeler loans vs car loans have are fundamentally based on the following factors:
There can be certain additional differences between the two loan types, but the factors mentioned above comprise the basic differences. Let us view some of these points in-depth to understand the difference two wheeler loans vs car loans.
Various factors are taken into consideration while applying for a car loan. For instance, the lender checks your credit history, the payment pattern, and the history of your past loans, including repayment tenure or any due future payments.
On the other hand, if you are thinking about how to apply for motorcycle loan, the application process is quite simple, and the requisites are fewer than car loans.
The average repayment tenure standards are as follows:
1. The duration of repayment tenure for a two wheeler loan is usually 2-3 years.
2. The maximum tenure for new car loans is five years. It remains the same for used cars, but it can be extended depending upon various factors.
3. Interest Rates
The interest rates applied over car loans differ from the ones on two-wheeler loans. In addition, different lenders offer different loans and interest rates. Therefore, it is best to seek a loan with the lowest and most suitable interest rates.
With the proper information regarding the different facets of the loan process, individuals can get a fair idea of how to apply for motorcycle loan. Furthermore, you can make the right decision by understanding the differences and similarities between two-wheeler loans, car loans, and even second-hand car loans.
Now that we have discussed how two-wheeler loans differ from four-wheeler loans, we can look into how to apply for a motorcycle loan. Of course, different lenders have varying procedures regarding the loan process. But the fundamental measures that go into the process of purchasing a two-wheeler loan remain the same.
The following pointers will provide you with an insight into how to get a motorcycle loan:
1. Fill a loan application with your full personal details and the bike details you want to buy.
2. Calculate your eligibility and the repayment tenure.
3 . Proceed to get your loan approved.
4. Next, generate your loan approval letter.
5. Finally, walk into the dealership, like Bajaj Auto, where you wish to make your preferred purchase, and own the bike of your dreams.
The points mentioned above answer the question of “how to apply for a motorcycle loan”. The loan process for two-wheelers is comparatively simpler and easier to avail. In addition, there are many loan schemes offered by lenders with low-interest rates.
This makes the entire procedure extremely accessible, thereby allowing people to apply for a two wheeler loan and make their desired purchase.
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