Buying a second-hand or pre-owned bike is an amazing way to save money. It will be the best option if you are tight on your budget but need a two-wheeler urgently. People are mostly sceptical to get one as they fear the bike’s condition. But if you are careful and invest time in research, you will be able to buy a second-hand bike which will look and feel as if it is brand new. Not only this, you can get on even on EMIs.
Before making your purchase, here are some things you should remember before buying a second-hand bike on EMI.
1. Check the bike’s history
Research it before buying it. Look for any signs of damage, accidents, or repairs. If anything feels fishy, look for a different buyer.
2. Physical inspection
Inspect the bike in person before buying it. Online purchases are convenient, but you should inspect the bike yourself to avoid any regrets in the future. Check the frame, wheels, brakes, and gears to ensure they are in good condition. Check for rust or corrosion, indicating that the bike has been poorly maintained. Also, get it inspected by a trusted mechanic for better clarity and assurance.
3. Test ride
Take the bike for a test ride to get a feel for how it handles and to see if there are any issues. Check the brakes, gears, and suspensions to ensure they work properly.
4. EMI options
Consider the EMI options available for second-hand bikes. Some lenders or financial institutions may not offer second-hand bike finance, or the interest rates may be higher. Go with a lender that offers interest rates from your pockets.
5. Price
Research the market to see what similar bikes are selling for. Compare prices and make sure you are getting a fair deal. Before finalising a decision, look for different options and compare the prices. Do not forget your budget while doing the same.
6. Documentation and Warranty
Check that the seller has all the necessary documents, including the bike’s registration papers, insurance, and PUC certificate. The availability of proper documents is necessary to ensure the credibility of the bike.
Ask the seller if the bike comes with any warranty or guarantees. Make sure you understand the terms of any warranty and what is covered.
7. Insurance and Legal compliance
Make sure the bike is insured and the policy covers all necessary risks. Check if the policy can be transferred to your name.
Also, check if the bike complies with all local laws and regulations, including emissions standards.
Factors To Look For Before Getting a Two-Wheeler Loan
Most lenders also offer bike loans. Your tight budget can be met with easy EMIs. however, before applying for a loan, you need to consider certain factors for a seamless experience. These factors include the following.
– Eligibility Criteria
Check if you meet the criteria of the lender or financial institution. The criteria include age, income, address proof and identity proof.
– Interest Rates
As the market is competitive, lenders and financial institutions offer attractive, pocket-friendly interest rates that do not feel like a burden.
– Repayment Tenure
Most lenders offer 12-60 months tenure, making it easier to repay the loan amount. You can also use the Muthoot Capital Online two-wheeler loan calculator to learn about the structure of EMIs across the repayment tenure and interest rates.
– Documentation Process
Look for the documents your lender is asking for. They might ask for your Aadhar, PAN card and income proof for verification. Not only this, but if your KYC is completed, then the process becomes quicker for you.
– Credit History
Before applying for a loan, ensure your credit history is good and healthy. A good credit history is maintained with timely repayments of EMI and a credit consumption of less than 30 per cent.
In conclusion, buying a second-hand bike can be a good way to save money, but it requires careful research and inspection. Ensure you understand the bike’s history, take a test ride, and check all necessary documents and legal compliance. Consider maintenance and insurance costs, and negotiate the price with the seller. Work with a trustworthy seller and have a trusted mechanic inspect the bike before you buy it.
