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, 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
O You have no protection against the bike’s depreciation in value.