Owning our vehicles is a recurring dream of many people. While this dream is fair, not all of us might have the savings or means to buy a new shiny motorcycle. But worry not, for there is a solution to every problem! The solution to this problem resides in buying a second-hand motorcycle.

If you are worried about the financing aspect, then this article will guide you on how to get loan buying second hand motorcycle (จัดไฟแนนซ์มอไซค์มือสอง, term in Thai).

1. Budget

Before starting any processes, it is imperative that you establish the limits you can stretch yourself to. Consider not only the cost of the motorcycle but also the extra added expenses of insurance and taxes. And not only this, there are also maintenance charges that you might have to incur quite frequently to help the motorcycle function optimally.

2. Credit Score

If you want to buy something on loan, then it is important to take a look at where you stand with respect to your creditworthiness. Based on your credit score, companies will consider you and verify if you qualify for a loan. And based on the same credit score you will be in a position to get better loan terms and interest rates.

3. Prepare Required Documents

Before going out to get a loan for a second-hand motorcycle, it is important to get the necessary documents required for clearance. Common documents like driver’s licenses, income tax returns and even proof of address might be needed before being qualified for a loan.

4. Choosing the Right Motorcycle

Some loan companies might have certain restrictions on the type of motorcycle you choose. Check the mileage, condition and the type of motorcycle that you can buy within the limits of that loan agreement.

5. Comparing of Interest Rates and Terms

Before finalizing, it is crucial to consider all your loan options. Make sure you scope the market for the best deal and choose one which puts you in a better financial position. Pay close attention to all the details of the agreement. Choose the best option from all of these, the one which seems to fit within your range of interest rates and the one whose terms are agreeable.

6. Reviewing the Loan Agreement

Before signing the loan agreement make sure you review it carefully under a microscope. Once the document is signed there will be no scope for change or improvement. Pay close attention to the rates of interest, duration, instalments and any added fees associated with the loan.

7. Good Financial Habits

After securing the loan, it is crucial to keep a close eye on your expenses. Make sure that you do not overspend on anything. Make regular scheduled instalment payments. Avoid delaying any instalment payments if you wish to maintain a positive credit history. This will not only improve your credit score but also benefit you in the future for any loans.

Conclusion

In summary, while it is crucial to remember these tips and advice while securing a loan, the loan approval is not only based on the above tips but may vary based on subjective conditions.