Tips For Financing a Motorcycle

After the strong crisis we have been through. The opening of the mortgage loan has reopened, so before buying a motorcycle we must choose the most suitable loan.


We must know what to request a motorcycle loan

motorcycle loan

You must be over 18 years of age, not appear on any list of delinquents and have sufficient borrowing capacity to return the requested amount. It is also likely that, depending on the financial institution in question, the contracting of other attached services will be required for the granting of the loan.

The documents requested are usually the last 3 payrolls or a VAT declaration for the last year in the case of the self-employed, the last income statement or the relevant proof of income as well as the photocopies of the DNI.

Once these steps have been completed, we will have to see the possible options that exist to finance the purchase of this vehicle. In this sense, you can go to traditional banks, lending or financial companies. Then you will have to compare all offers with their respective interest rates, repayment terms, etc.


It is advisable to request a simulation of costs to know what will be the fee to pay

motorcycle loan

Capital to be amortized and interest. And of course, know all the commissions and expenses like the following:

  • Opening and study commission . Percentage that is applied when formalizing the loan.
  • Commission for early amortization . Amount charged if part of the outstanding capital is amortized.
  • Commission for total cancellation . Amount charged for canceling the loan in advance.
  • APR (Annual Equivalent Rate). It is the annual percentage to be applied
  • TIN (Nominal Interest Rate). Interest percentage to be charged for the loan.

To this we must add other additional expenses derived for example from the registration tax, the circulation tax and the insurance.

You know, check all the options at Lord Carry Wimpsey before applying for a loan to finance your motorcycle and get the conditions that best suit your situation.