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How Can You Easily Get A Bike Loan


People usually avoid public commuting these days due to increasing crowds. Moreover, public transport like buses, trams, cabs etc. can also be irregular. Therefore, it is always better to drive or ride your own vehicle. With your own vehicle, you have the freedom to go anywhere you want at any given time. Most people think about buying a car when we talk about buying a vehicle. However, it is usually difficult to drive a car in by lanes and city traffic. As a result, it is always better to buy a two wheeler to avoid the traffic and reach your destination on time.

Bicycles, motorcycles or scooters have many benefits over four wheelers. They are better than their four wheeler counterparts in many different ways. First of all, bicycles or motorbikes do not take much space. They are more compact than a four wheeler. Therefore, you can easily cut through traffic and crowded areas of the city. Two wheelers usually give more mileage than cars. In fact, riding a bicycle turns out to be eco friendly as you do not burn any fossil fuels. Moreover, two wheelers are very economical and cost effective. They also do not require much maintenance.

Demand for bikes has always been increasing in cities as well as small towns. As a result, many different models, designs and brands are available in the market. The best part is that easy finance schemes have been introduced by many companies. Therefore, anyone can easily afford a bike with the option of paying in instalments. Loans are being offered by many financial institutions, local money lenders and companies.

Basic Information About Applying For A Bike Loan

Most of the companies provide loans that cover around seventy to ninety percent of the on road price of your two wheeler. The rate of interest depends on many different factors including credit score, amount of loan, repayment duration, amount of down payment etc. Different financial institutions have different rates for rural and urban areas. Banks also provide discounts and special interest rates from time to time.

Usually, bike loans have a tenure ranging from three to five years. You can easily apply for a bike loan. You do not require a lot of documents or paperwork. Only few basic and relevant documents are needed which are usually processed within couple of days. In fact, if you already have an account in the bank and they know about your good credit history, the whole documentation process can be over within a day or two.

There are many companies which provide loans with special rates, discounts and no deposits. 0 finance mountain bikes at All Terrain are one such example. When you apply with such companies, you only need some photographs, a customer information form, income proof, address proof and security cheques or collateral.

When you buy mountain bikes on finance no deposit is usually needed. However, it is important to do a thorough research about the lending company. Any additional information could be useful for you while repaying the loan. You may also ask for a low rate of interest by paying some downpayment.

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