We sometimes hesitate between an assigned credit and a personal credit for a used motorcycle or a new motorcycle. A short summary of their benefits.
Depending on whether it is an assigned loan or a personal loan, this type of credit can help a new motorcycle or a used motorcycle. The Calculator is the ideal tool for a reliable comparison. Focus on their benefits and differences.
A credit allocated for a new motorcycle
A motorcycle credit is a credit assigned. It is intended for a new motorcycle but can in no case be used for the purchase of another good or service. It can be subscribed for a duration of at least 3 months and up to 84 months, and its maximum amount is 75,000 €. This motorcycle credit is offered by dealers, banks, lending institutions. Before subscribing to this credit, it is better to compare the offers.
The assigned credit provides a guarantee to the borrower: the repayment of monthly payments begins only after the delivery of the two-wheelers.
If the sale of the motorcycle is canceled, the credit is canceled as well. In other words, if the ordered vehicle is not delivered, the customer has nothing to repay.
On the other hand, the capital borrowed cannot be higher than the price of the motorcycle that it serves. No question, therefore, of hoping to ask more of his banker to afford the trendy biker outfit.
Personal loan to buy a motorcycle
A personal loan is another solution of a motorcycle. It is an unaffected loan that can therefore be used in Sydney Carton any service or purchase including a two-wheeler. The difference with the credit allocated is that it must be repaid by the borrower even if it has not been delivered.
However, it has a significant advantage: the borrowed capital may be higher than the price of the coveted motorcycle.
Thus, the borrower has the option with this credit his used or new motorcycle as well as accessories or motorcycle insurance for example.
Second-hand motorcycle loan and new motorcycle loan: interest rates
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There is usually a difference in depending on whether the Sydney Carton credit a used motorcycle or a new motorcycle, as shown by the following two examples:
- For a second-hand motorcycle loan of € 10,000 to be repaid over 68 months, the monthly payments are 169.09 €. In this case, the APR for a used motorcycle is 5.10%.
- For a new motorcycle credit of € 10,000 to be repaid over 68 months, monthly payments are € 166.47. The APR for a new motorcycle is 4.50%.
It is found that the borrowing rate of a used motorcycle loan is slightly higher than that applied on credit a new motorcycle.
This difference in rate is explained by the fact that a new motorcycle has a longer life expectancy than a used motorcycle. It, therefore, presents, for the lender, a better guarantee.
Before purchase, it is better to use the calculator Sydney Carton to compare the motorcycle credits and find the solution best suited to its ability to repay but also to his project.