Dedicated to the acquisition of a new or used motorcycle, the motorcycle loan is an affected consumer loan, but it is also possible to take out a personal loan to buy a motorcycle. In all cases, this type of financing can be the subject of a grouping of credits.
As part of the so-called “consumer finance” family, motorcycle credit has a special feature. Indeed, if it is affected, it can do only one thing: finance the acquisition of a motorized two-wheeled vehicle. In other words, he is solicited and granted only to acquire a new or used motorcycle. Thus, the granting of financing is tied to the purchase of the motorized two-wheeler. As a result, like all loans, the non-realization of one automatically cancels the other, according to the legislation in force. In addition, it is also possible to take out a traditional personal loan to finance the purchase of a new or used motorized two-wheeled vehicle. In all cases, a motorcycle credit, whether assigned or personal, has a very simple operation, depending on its budget and its choices, the borrower sets the amount of financing, its repayment period and the amount deadlines with the lender. The lender may require the subscription of a borrower insurance guaranteeing the reimbursement in case of unemployment, accident or death. The interest rate of a motorcycle loan depends on the length of the loan, but also varies if the vehicle is new or used. In any case, it can not exceed the usury threshold in force for consumer loans (personal or affected). Namely, even if the borrower can opt for a bank or a specialized institution, dealers or brands can also offer a “tailor-made” financing dedicated to the purchase of a motorized two-wheeled vehicle.
Considered as a consumer loan, motorcycle financing may be the subject of a combination of real estate loans or consumer loans subject to eligibility. By opting for this banking operation, the borrower collects all its outstandings (real estate, personal, motorcycle, car, work, money reserve.) in one at reduced monthly rate. The principle is simple, the banking institution solicited prepay the initial loans in order to set up a new loan with a new maturity calculated according to the finances and projects of the borrower. Namely that in the context of this banking operation, the borrower has the possibility to request the financing of a new project affected. As a reminder, the purchase of motorcycle loan can significantly reduce its monthly payments and therefore its debt ratio, reorganize and aerate its budget with a single credit, a single monthly payment and a single interlocutor. This bank transaction also allows to claim a lower interest rate than the total initial scales. In addition, a borrower who owns or leases a motorcycle acquisition project may also opt for a combination of outstanding loans and request financing for a motorcycle acquisition. This type of operation can be carried out in a bank or a banking institution. However, to qualify for the best offers in force, it is recommended to seek the services of a specialized banking intermediary such as personal credit.
The motorcycle loan grouping is for all bikers, whether they are employees, retirees or civil servants. It also concerns all borrower profiles (owners, tenants, hosted). Like all types of financing, its development consists of several stages. First, the demand. At personal credit, the request can be made online, by phone or directly in an agency. Once the motorcycle loan buyback request has been made, a specialized advisor studies the project, assesses the needs of the borrower and proposes the most appropriate financing offer. Then, the borrower transmits to personal credit, the documents necessary for the assembly of his project. Namely that all documents and information remain confidential at personal credit. After receiving the necessary documents, this expert will finalize the project and send the borrower the offer to buy the final motorcycle loan. To know that the legislation in force imposes a minimum period of reflection of 14 days. This period can be reduced to 8 days under certain conditions. Finally, once the reflection period has passed and the final offer has been accepted and received by personal credit, its banking partner releases the funds and reimburses the loans of its new client to different creditors. If the loan consolidation includes the financing of a new project (purchase of a motorcycle, work), the borrower receives the necessary funds directly by bank transfer or by check.