A two-wheeler can be a real blessing when travelling on jam-packed roads during rush hour. What’s more, a two-wheeler minimises your fuel costs and is fairly cheap to maintain too. The economical aspect alone makes it a worthwhile mode of transport.

Thankfully, owning one is also quite easy, especially since many lenders now offer a specialised two-wheeler loan. This loan also comes with nominal interest rates, making it easy to repay the two-wheeler loan, even if you wish to get done with it quickly.

Adding to this benefit, you can access a digital tool known as the bike loan EMI calculator, this makes planning the loan easy. It enables you to calculate the EMI in advance so that you don’t face any financial issues down the line. However, remember that a two-wheeler loan is still a financial responsibility, and you need to find ways to make it easy to manage.

To that end, here are a few tips to keep in mind when purchasing a two-wheeler.

Finalise the two-wheeler model

The most important part of the process is knowing which bike you want to purchase. Accordingly, you can know the price for the variant you want and then avail the two-wheeler based on your needs. Keep in mind that certain models will be costlier, and may even have certain features that you will not require.

Besides that, costlier bikes may end up negatively affecting your budget. This is especially important to consider if you plan to avail a two-wheeler loan. Shopping for a bike outside your budget will only increase the pressure on your finances, and could lead to issues. Moreover, you may not get approval for the loan, if your income doesn’t make the cut.

So, do your research and choose a vehicle that suits your financial standing. Be economical so that you don’t have to bear the burden of hefty EMI payments, along with any other costs associated with getting a new vehicle.

Check your credit score before applying for a two-wheeler loan

When buying a vehicle, if you have decided to avail a two-wheeler loan, be sure to check your credit score beforehand. It plays a crucial role in loan approval. If you have a high credit score of 750 or above, availing a two-wheeler loan is easy. In some cases, it may even help you get a lower interest rate on your loan.

On the other hand, if you have a poor credit history, getting approval for a two-wheeler loan can be difficult. As the loan has a short tenure, your credit score significantly influences the interest rate and sanctioned loan amount. A low score may not only increase the interest rate you get, but can also lead to loan rejection. So, ensure that you maintain a healthy credit score to avail a two-wheeler loan easily.

Decide if you want a new or a second-hand model

This is another point to consider before purchasing a two-wheeler. Once you choose the brand and fix the budget, check if you require a new one or a second-hand vehicle.

Based on your budget, choose the right option. If you are a person who requires a two-wheeler for a daily commute, a new bike may be the best option. You are less likely to face issues and may enjoy better fuel economy as it is a newer vehicle.

However, this does not mean that second-hand vehicles are a bad choice. You may have to shop around for longer in order to find a good vehicle, but you can get great deals. Best of all, it is far cheaper than getting a new bike, and you could get one that is barely used.

Whatever you choose, note that availing a two-wheeler loan for a second-hand bike is definitely the cheaper route to go. The loan amount will be lesser, and so the payments will also be easier to manage.

Reduce financial burden by planning the purchase well-ahead

If you want to purchase a two-wheeler, it is ideal to plan it at least a few months before you buy. This can help you assess your two-wheeler loan amount and the down payment. While you can fund your purchase with a two-wheeler loan, you must pay a small percentage of the vehicle amount upfront.

Planning your finances can help you save funds that can minimise your loan amount too.  An effective way to go about this is using a bike loan EMI calculator. With this online calculator, you can easily compute the EMIs within seconds. A bike loan EMI calculator helps you calculate how much amount you need to repay every month and the total interest payable.

This helps you decide if the current terms are efficient and cost-effective. Moreover, it shows you the EMIs payable, and you can ensure that it fits in your budget. The bike loan EMI calculator is a handy tool not just after your loan gets approved but also for selecting the right lender. So, be sure to use it wisely.

Check the mileage factor before getting a two-wheeler

Once you decide on factors like budget, brand, type and two-wheeler loan amount, check if the model you have chosen offers good mileage. Fuel economy is an important factor to consider, especially since the cost of fuel has increased over the years. Ideally, you should pick a vehicle that offers adequate mileage, while also having the features you need.

Assess the availability of spare parts

This is another crucial point to consider before purchasing a two-wheeler. Spare parts of some manufacturers are not easily accessible. Choosing such brands can delay the repair of your vehicle or make it very costly. Therefore, when choosing a vehicle model, ensure that its spare parts are easily accessible.

Owing a two-wheeler has become quite popular, and by following these tips, you can own a bike in no time! In addition, these tips come in handy when applying for a two-wheeler loan, thus ensuring that you enjoy a hassle-free experience.