OP­TION 3 PER­SONAL LOAN

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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

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