OPTION 3 PERSONAL LOAN
Short of saving up your pennies until they become a tide of pounds, benefitting from a windfall, or being in the simplistically enviable position of being loaded – you could fall back on option three: the personal loan.
The beauty is that it’s just a lump sum, which you can use to fund whatever takes your fancy – the loan is not tied to the bike. The only proviso is that you pay it back at the rate and times agreed. Buy a bike, add some kit or accessories, something nice for your partner – the choice is yours.
There are various routes to a personal loan, but your own bank is a good place to start... O Get your budget worked out based on what you can afford to repay across the period of the loan – you can borrow anything from £400 to £25,000 over one to five years O Find your perfect bike (the fun bit) O Set a repayment term of one to five years, based on your monthly budget This option’s great if... O You want to own your motorcycle outright from the start of your loan O You want fixed, regular payments O You want the flexibility to buy kit or accessories at the same time agreement and hand the motorcycle back to end the loan agreement O You have no protection against the bike’s depreciation in value
‘I bought using a personal loan’
Simon Brown bought his black and yellow Ducati Scrambler Full Throttle in January of this year using a personal loan. At a rate of 4.9%, he has since put about 1500 miles on it and doesn’t regret his payment decision, saying: “Well it means I can have a nice bike.”
Simon used the loan to cover the cost of the bike’s price and is paying £200 a month over a 36-month agreement. Put off by the treadmill of replacing vehicles every three years with PCP, the bike is free of dealer restrictions – meaning he can do whatever he wants with it.
Since owning the bike, he has only fitted crash protection, with the bike already coming fitted with a Termignoni exhaust. Money is taken from Simon’s account by direct debit, much like a mortgage and there are no penalties for making over-payments.
It’s hard not to be won over by the Scrambler’s charms