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Budget Friendly Bike Finance

One of the greatest favours you can do yourself is to do proper research on the companies that provide bike finance. 

2019-05-21

How to Get the Best Bike Finance to Suit Your Budget

Motorbikes are becoming more popular, especially in South Africa, with our lovely outdoor weather. There has been an increase of motorcycle-friendly establishments around the country to provide breakfasts and lunches for those who would like to enjoy the pleasure of outings and road trips with family and friends over the weekends or holidays. 

If you are one of the people who has always wanted a motorbike, you probably already have a bike in your sights. The problem is that motorbikes can be expensive and few people have the wherewithal to pay for a bike outright in cash. This is where bike finance helps you to fulfil your dreams by finally putting you into a position to own a bike. There may, however, be a few surprises along the way; often a bike is more expensive to buy, maintain, and insure than people realise, but if you get the right company to finance your bike, you can own the bike of your dreams.

There are many bike-finance companies out there and it can be difficult to decide on which one will serve your interests the best. In the end, they all provide the same basic service and that is to offer you a legally binding contract according to which you can take possession of your motorbike while you pay it off over an agreed term. Those are the fixed aspects of bike finance; the variables are the interest rates, repayment term, and other value-added services. You may opt for a balloon payment, which will reduce your instalments and even eliminate the deposit, but keep in mind that you will have to pay the excess in cash at the end of the term, or you will have to give the bike back. You can refinance it, but you end up paying a lot of interest that way.

One of the greatest favours you can do yourself is to do proper research on the companies that provide bike finance. Usually, the recognised financial services providers who deal with all the major banks and financing institutions are the best way to go. While many offers may look smart and cheap, it is more beneficial for you to structure your repayments in a way that will make sense in terms of your budget and financial situation.

At BIB Finance, we deal only with reputable vehicle-finance providers and banks that adhere closely to the regulations of the National Credit Act. We do not leave anything to chance and after we have analysed your credit score and affordability profile, we can adjust our bike finance according to your needs. This is exactly what you need when you are looking for reliable and trustworthy motorcycle finance that does what it says on the contract. We will also ensure that you fully understand the terms and conditions on your financing contract so that you don’t get any surprises further along the way.

If you are a bike enthusiast and looking for a bike, give our team at BIB Finance a call as soon as possible and we will do our best to help you to buy your dream bike.