How You Can Afford To Buy The Right Motorcycle – Growing numbers of people enjoy getting out on the open road by riding their motorcycles. Without getting into the “cars vs. bikes” debate, motorcycles are the preferred way of getting from A to B for millions of folks.
In city centers, they are a great way to commute without getting stuck in the traffic jams that car drivers have to suffer on a daily basis. They are also cheaper to buy than cars, regardless of whether they are new or used.
But for people that want to get a motorcycle, the main bugbear for them has to be finding the money to buy their dream model! Don’t worry though, because the news isn’t all bad. If there is a specific motorcycle you have your heart set on, I’m here today to tell you that you can still buy it!
And don’t worry; I’m not about to suggest you get yourself into a mountain of debt just for the sake of buying a motorcycle! But what I am going to suggest are some practical ways to make that dream bike a reality! Intrigued? Good! Keep reading to find out how to afford the right motorcycle for you!
How good is your credit score?
In most countries, lenders use a profiling system called a “credit score” to determine how risky a borrower you are. If you were careless with your finances in the past, it’s likely you will have a bad credit score.
But what if you make your monthly installments on time and don’t default on (i.e. miss) any payments? It’s quite likely you will have a good credit score. And lenders will consider you a good credit risk!
Lenders are still licking their heels from last decade’s credit crunch. It’s for that reason that they are more cautious about who they lend to these days. Unless you have some cash saved up, I will assume that you want to borrow some money to buy your dream bike.
You can do yourself a favor by ensuring that your credit score is respectable. Don’t worry if your credit history is a bit patchy. There are plenty of things that you can do to repair it so that you can have a good credit score again.
Doing a simple Google search on “credit score repair” will yield some guides on how you can rebuild your credit score.
How much debt have you got?
Let’s face it; every adult in the United States and beyond owes money to some degree. It’s OK to have some debt, but it’s not OK if the amount of money you owe is spiraling out of control.
Buying a motorcycle is a big commitment and requires a lot of investment. Not only do you have to pay for the bike itself, but you also need to cover regular expenses like servicing, maintenance and gas.
If you’re on a low salary and you have a lot to pay out each month, it might not be the best time in your life to buy a motorcycle. For those of you with lots of debts, you should consider finding ways to lessen or merge that debt so that you pay less money each month.
Some folks take out low-interest loans to pay off any credit cards. The thing about credit cards is that you get charged interest on top of any interest already charged! Loans aren’t so bad because you just pay a fixed amount each month, and the debt is clear at the end.
So if you’ve gone a bit crazy with your credit card spending, consider getting a loan to clear them. And then cut your credit cards up if you can’t trust yourself to not use them again!
OK, so we have to talk about the elephant in the room: motorcycle insurance! It’s something that you need to have so that you are road-legal. Some people choose not to pay for motorcycle insurance, but they soon end up in jail as a result.
As with cars, motorcycle insurance premiums get based on many different factors. The bike you own, how old it is, how old you are and what your driving track record is like are just some of many factors.
There isn’t a magical formula that I can suggest to get the cheapest insurance for your motorcycle. But there are a few suggestions that I can make. Check them out:
- Shop around. Don’t just get your insurance from the first company you contact! Get quotes from at least five different insurers. Compare the details and prices to see which one offers the best value for money;
- Review which ones are the best. When choosing an insurance provider, make sure you only contact legitimate insurers;
- Play the game. When you get quotes, you will get asked what your best quote is. Be sure to give them your cheapest quote, so that you can determine whether they will better it or not.
It’s also worth using your judgment to determine what sort of insurer each company is like. For example, a few weeks ago I got some motor trade quotes here. They seemed quite helpful and answered any queries I had.
But some other places I spoke to were less-than courteous and they only had one agenda: to rip people off.
Save or borrow?
Earlier I spoke about the importance of having a good credit score. That’s because most people tend to borrow money to buy their motorcycles. Of course, there are a good few people that would rather save up the cash instead.
It’s not something to be ashamed of if you borrow the money. It means you can ride your dream bike sooner rather than later. But if you’re not in any rush to get a motorcycle, saving up the cash is a brilliant idea.
If you buy a used motorcycle, it can even help you to command a better deal because you have the money to buy it immediately.
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