OPTION 3PERSONAL 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, such as your bank... 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
Be aware that... O You can’t just terminate the agreement and hand the motorcycle back to end the loan agreement O You have no protection against the bike’s depreciation in value.
If you’d rather deal cashin-hand, a personal loan could be your best route