Used Bike Loan – Why Are Used Bikes Still Relevant in India?

Apply for a used bike loan or second-hand bike loan from Loan Singh's digital lending platform.

“Dhoom Machaley, dhoom machaley, dhoom… dhoom…” Oops! Got carried away there for a bit. I loved the Dhoom movies. Many still consider John Abraham as one of the best, but for me personally, it has to be Hrithik. What awesome days they were! The Yash Raj flick got all of us (most of us were in school back then) to pin-up superbike pictures on the wall, get the old Rajdoot modified and what not. I don’t remember a better time to be riding a motorbike in India (no offense to old timers).

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India’s Bike Segment

As of last year, India had pretty much overtaken China as the world’s largest market for two-wheelers. With close to 48,000 units being sold each day, our love affair with the two-wheeled machine is only getting stronger. This also indicates that many of us still prefer riding the motorbike to work. With traffic becoming intense, especially in metros, bikes don’t take up much parking space and also helps maneuver through jams. In fact, we are also seeing more and more women motorcycle riders on the streets. China’s motorcycle market is seeing a decline, perhaps due to the heavy growth in its car sales market. Petrol two-wheelers are also prohibited in some cities. Electric scooter sales, on the other hand, continue to rise in China.

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There is government spending that is happening in rural areas and small towns. There are wider roads now and a lot many corporate parks opening-up. Both these pointers suggest that an average salaried individual can now afford a bike. With a brand-new one being too expensive, a salaried individual can easily apply for a used bike loan. It may be his/her first loan, with no prior credit history. Despite this, our digital lending platform of Loan Singh provides credit to first-time credit applicants.

There is also another category of used-bike enthusiasts. The ones, who already own a car, but want a second-hand bike for shorter commutes or small errands. It is hard sometimes to move in congested cities, a used bike is perfect for short-distance rides. There are also many who want to sell their premium bikes because of high maintenance.

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6 Things to Remember When Buying a Used Bike

There are a few pointers you need to keep in mind before going ahead with the purchase of a used bike. Firstly, what about the cash? Do, you have enough cash to purchase the second-hand bike? Can you really spend that much directly from your monthly savings budget? Borrowing from friends and family will look awkward.

Get a Used Bike Loan

Good conditioned used bikes don’t remain unsold for too long. So, the best option left for you to get quick funds is a digital lending platform. At Loan Singh, everything from application to disbursement happens online. With only Aadhaar, PAN and Bank statement/netbanking credentials, you can apply for a personal loan and pay for your emergency requirements. Having no collateral gives a personal loan an advantage over a secured loan.

A personal loan can also be availed for a number of reasons such as the purchase of household appliances, electronic gadgets, purchase of gold, holiday travel, home improvement, job relocation, medical expenses, home renovation, marriage, etc. The loan amount for a personal loan at Loan Singh range from Rs.50,000- Rs.5,00,000. The repayment is done via EMIs, with interest rates on a reducing balance method. The personal loan tenure can be from 3 to 36 months.

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Apply for a used bike loan or second-hand bike loan from Loan Singh's digital lending platform.

Make a List of Requirements

A ‘list’ does not necessarily mean a physical sheet with all your requirements scribbled on it. It is just a mental note of things that you will check when you first see the bike. For example, you might want a used bike that is not being driven much or the comfort offered by the seat or the tires need to be in perfect shape or if the oil has been changed regularly or not. In case, you are looking up some online second-hand bike sellers, then having a ready requirement list makes sense.

Selecting the Bike

The advantage of going to a used bike dealer is that the dealer will check for the bike’s condition before purchase. So, the bike you choose will surely be in good condition otherwise, it wouldn’t have made it to the dealership. A reputed dealer will sell you a good product. The other option is going to a bike owner directly and negotiating a deal. You can negotiate better when dealing with a direct bike owner. With a dealer, you won’t get to do much bargaining, because the final price of the bike will include the covering cost of bike refurbishing.

Buying the bike directly from an owner will need you to be knowledgeable enough to check for the condition of the bike and also to look for points to negotiate on. If you know the bike owner yourself, it will certainly help; because you might know how he/she keeps maintains the bike.

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Test Ride the Bike

The next step is the obvious task of taking the bike for some revs. You can even ask a mechanic to accompany you, so that while riding, in case there are problems, you can get the noises and other problems rectified or at least get an estimate for it. Along with listening for rattle and squeaks, also look for visible scratches and defects. Avoid purchasing the used bike if you find anything amiss or else you will regret it later.

 

Apply for a used bike loan or second-hand bike loan from Loan Singh's digital lending platform.

 

Inspection of Papers

After you have inspected the bike, it’s time to look for proper documentation associated with the bike. Also, while you are at it, inspect the battery, rust, tire pressure, brake fluids, suspension, clutch lever, drive chains and brakes. Check for the bike’s insurance papers; see if the bike is indeed second-hand and not third or fourth. Match the engine number with the chassis number.

Negotiation and Final Payment

Whether it is negotiation with a dealer or an owner, try to get the best deal possible. Even if the bike is pristine and appeals to you a lot, prevent the urge to paying whatever is asked. You already have the amount in your bank, thanks to Loan Singh’s used bike loan disbursement. Lastly, finalize the amount, transfer the cash and find out how to transfer the documents on to your name.

Start the bike, ride to a sweet mart and head home with a box of sweets.

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1 thought on “Used Bike Loan – Why Are Used Bikes Still Relevant in India?

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