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A Beginner's Guide for Buying a Bike

  • Two Wheeler Loans
  • 30 October 2019
  • Manya Ghosh
  •    131,153
6603eb9612d0a_A Beginner's Guide for Buying a Bike.webp
For a lot of you out there, this might be the season or year when you finally decide to take the plunge, ditch the public transport and buy your dream motorbike. But before you go ahead and purchase your two-wheeler and dream of riding it it is important to consider the choices that lay before you and what is practical when it comes to your monetary situation.

That is exactly where this beginner’s guide to buying a bike comes in handy. Whether you are buying your bike today or tomorrow, our experts have got you covered. Here is everything you need to know before you buy your dream motorbike.

  1. What kind of bike should I go for?
  2.  Which accessories should you buy?
  3.  How to evaluate a bike?
  4. How to finance the purchase of a bike?
  5. What should you keep in mind while taking a two-wheeler loan?

1. What kind of two-wheeler should I go for?

When it comes to buying a two-wheeler, there are a variety of styles and configurations out there in the market. The best way to know which bike to buy is to consider what you will be using your bike for. Here are a few options:

  • Standard:

Standard motorbikes are general street motorcycles that are easy to operate. Since they are cost-effective, they are the preferred choice amongst new bike riders. These bikes come with optimal comfort and their handles are placed at a high level so that it helps the rider have better control of the bike. They do not have to lean forward and can maintain a natural riding posture. Standard bikes come in different engine sizes between 250cc (cubic capacity) and 1200cc. For beginners, any bike with low cc engine is ideal.

  • Scooter:

These two-wheelers are less powerful than the standard motorbikes. They are great for travelling short distances at relatively lower speeds. Owing to their lack of speed, the fuel consumption of scooters is also low. They are ideal for rides on smooth roads as they might break down if used on rough and irregular terrains. Modern scooters are stylish and lightweight, making them a favourite among female riders. Their engine size starts at 50cc.

  • Electric:

There are already cars running on electric motors. They eliminate the use of gasoline to operate the engine. Now motorcycles equipped with electric motors are also coming to the Indian market. They are ideal for urban areas where there is heavy traffic. They are fast, since they reach the peak power and torque quickly. They are also good for saving money that you would otherwise spend on purchasing fuel for your bike.

  • Sport:

Every bike enthusiast dreams of owning a sports bike. These top-end motorcycles are built mainly for speed and they can outpace even a sports car. High-end sports bikes have powerful engines that can go even higher than 1000cc. Although they are not appropriate for beginners, manufacturers are introducing sports bikes in a lower range, 300cc to 500cc, that are more manageable for the novices.

  • Touring:

Touring bikes are those that offer the comforts of a car, and they are often termed as dressers as they can be dressed up with options such as windscreens, stereos, GPS, heated seats, and more. They can be heavy, large and extremely powerful. Their subsets, which are known as baggers, can be lighter, yet equipped with powerful engines.

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2. Which accessories should you buy?

Motorbike gear is not just to add visual appeal or extra oomph to your riding experience. You need these accessories to ensure you have proper protection while riding your bike. It is imperative to take all necessary precautions to stay safe. You should prioritise the following accessories when buying a bike:

  • Helmet:

A helmet is a legal obligation for motorbike riders and no one should ride without a well-fitting helmet. As the majority of accidents affect the head and face, wearing a helmet can save you from a lot of damage in the event of a fall. Buy a helmet that meets the standards put forth by the Bureau of Indian Standards (BIS). A good helmet for daily use should give you all-round visibility. Look for one with a scratch-resistant visor that shuts watertight. Any air entering through the opening would also mean that water could also seep in causing problems while riding in the rain. Do thorough research on what suits you before buying a helmet.

  • Gloves:

Wearing gloves while riding a motorbike is mostly associated with aesthetic appeal. However, that is not the case. Wearing gloves will help you get a better grip on the handle besides safeguarding your hands from dust, sun and pollution. Find a pair of gloves that covers your hands. Do not buy gloves that have uneven stitches as they can easily give up during an impact. Above all, make sure the gloves do not obstruct you from operating your bike controls properly.

  • Motorcycle Jacket:

Similar to gloves, motorcycle jackets are also thought to be a fancy add on. However, they offer you protection against impacts and abrasions, besides safeguarding you from the natural elements such as rain and sun. Jackets meant for motorcycle riding can be of either textile or leather. The former type are made of high-quality fabric and are much more affordable and flexible as compared to leather jackets. Classic leather biker jackets are incomparable as they are crash and slide-resistant. Buy a jacket that fits properly and has double seams to protect the stitches from abrasion.

3. How to evaluate a bike?

Before you get involved in the serious process of buying a bike, it is important to review the following parameters:

  • Budget:

The prices of commodities are going up every day and hence, it is important to set a budget for your purchase. Decide which type of motorcycle will best suit your needs. Once you have done your research and narrowed down the type of bike you want, it is time to figure out your budget. Your budget must include the cost of the bike and all the accessories you might need. This will help you create a short list of models that meet your requirements and fit well within your budget.

  • Comfort:

The comfort of the vehicle matters the most, as you will be using the vehicle regularly. For example, a heavier motorbike is not suitable for a person who cannot handle its weight. Likewise, if the handlebar of the vehicle is too high for you, it can force you to bend forward and cause stress on your back and neck. The height of the bike must be just right so that you can place your feet on the ground to balance it from falling. Both gearless and automatic two-wheelers come with an auto-start option. Turning on the engine with the push of a button can be a very convenient feature for riders.

  • Mileage:

It does not matter whether you are going to ride the vehicle every day or occasionally, the mileage the bike offers makes a great difference. With fuel prices always on the rise, buying a fuel-efficient motorbike can save you a lot of money. A good two-wheeler should offer you a mileage within the range of 35 km per litre to 40 km per litre.

  • Cost of Maintenance:

Regular maintenance is a crucial requirement for all vehicles including two-wheelers to ensure that the vehicle is always in a good condition. Most two-wheelers come with free servicing for a certain period, after which you will have to pay for the maintenance service. Enquire about the costs involved in regular servicing of the bike. It is important to perform these checks and services in authorized service centres of the bike manufacturer. Also, check for the availability of service centres near your residence.

4. How to finance the purchase of a bike?

Bike Finance

You can purchase a bike either by paying the amount in full or by taking a two-wheeler loan from a reputed lender.

  • Direct payment:

People who can afford to pay the price of the vehicle often prefer to make a direct payment for the two-wheeler. By doing so, they do not have to worry about making monthly payments or paying interest. This also grants them the ownership of the bike from the date of purchase.

  • Two-wheeler loan:

With many reputed financial institutions in the market, availing a two-wheeler loan has become very easy. You should look for a loan that will not only fund your purchase but also make your monthly payments easier. Shortlist a few reputed lenders and compare how much loan amount they offer and their interest rates. Some lenders also charge you a one-time documentation fee or processing fee. Evaluate the costs involved and understand how much you will end up paying during the loan tenure. This will help you analyse which lender you should opt for.

Also Read: Why Should I Opt For A Two-wheeler Loan Over Making A Direct Cash Payment?

5. What should you keep in mind while taking a two-wheeler loan?

  • Eligibility:

Each lender has different eligibility criteria, which are the pre-requisites to qualify for the loan. Check with the lender if you are eligible to apply for the two-wheeler loan they are offering. Most lenders have an online presence, making it easier to check your eligibility with a few clicks.

  • Loan Process:

Gone are the days when financial institutions took days and even months to approve loans for their customers. With proper documents (KYC and income statements), applying for a loan and processing it has become easy. Most lenders finish their approval process within a few minutes.

  • Loan Amount:

You can purchase a bike either by paying the amount in full or by taking a two-wheeler loan from a reputed lender.

  • Direct payment:

People who can afford to pay the price of the vehicle often prefer to make a direct payment for the two-wheeler. By doing so, they do not have to worry about making monthly payments or paying interest. This also grants them the ownership of the bike from the date of purchase.

  • Two-wheeler loan:

With many reputed financial institutions in the market, availing a two-wheeler loan has become very easy. You should look for a loan that will not only fund your purchase but also make your monthly payments easier. Shortlist a few reputed lenders and compare how much loan amount they offer and their interest rates. Some lenders also charge you a one-time documentation fee or processing fee. Evaluate the costs involved and understand how much you will end up paying during the loan tenure. This will help you analyse which lender you should opt for.

Also Read: Why Should I Opt For A Two-wheeler Loan Over Making A Direct Cash Payment?

5. What should you keep in mind while taking a two-wheeler loan?

  • Eligibility:

Each lender has different eligibility criteria, which are the pre-requisites to qualify for the loan. Check with the lender if you are eligible to apply for the two-wheeler loan they are offering. Most lenders have an online presence, making it easier to check your eligibility with a few clicks.

  • Loan Process:

Gone are the days when financial institutions took days and even months to approve loans for their customers. With proper documents (KYC and income statements), applying for a loan and processing it has become easy. Most lenders finish their approval process within a few minutes.

  • Loan Amount:

Based on your eligibility and the two-wheeler you want to purchase, lenders decide the loan amount they can offer you. Some lenders give up to 95% of the real value of the bike as LTV (Loan to Value).

  • EMI:

For a borrower, EMI or Equated Monthly Instalment matters a lot. This is what you will pay every month to pay off your two-wheeler loan. The loan amount, interest rate and the tenure of the loan are the determinants of your loan EMI. When the lender fixes an interest rate and loan amount for you, you can adjust the tenure to bring about an EMI comfortable for you.

  • Offers and discounts:

Some lenders also announce special offers on loans at certain times of the year. Check with your lender if they have any discounts during festival season or any upcoming anniversary sales. The offers might not be on the total price of the vehicle. Grab the opportunity even if it is on the rate of interest or the processing fee charged during loan application.

Also Read: I Want To Buy A Two-wheeler Vehicle. How Should I Proceed?

Hero FinCorp is one such financial institution that offers two-wheeler loans to eligible borrowers. Salaried and self-employed Indian nationals above the age of 18 are eligible to apply for a two-wheeler loan from Hero FinCorp. You can apply for a loan if you are a salaried individual employed for at least 1 year with minimum 6 months in your current position. Self-employed individuals availing the loan must be in the current business for a minimum of 1 year. You can submit your documents online and check your eligibility quickly. Through Hero FinCorp, you can avail an LTV of up to 95% of the bike’s value by submitting the required documents that prove your eligibility.

Now that you have decided to buy a motorbike, it is important to spend enough time to research, which is the most suitable bike for you. Remember that motorbikes are a big investment even though they are cheaper than cars. If you have sufficient cash to spare, do not hesitate to buy it outright with that money. However, if you have other financial commitments and cannot spare the entire amount, it is time to apply for a two-wheeler loan. Ensure that you understand all the loan terms and conditions before you sign that agreement to make that dream bike your own.

Based on your eligibility and the two-wheeler you want to purchase, lenders decide the loan amount they can offer you. Some lenders give up to 95% of the real value of the bike as LTV (Loan to Value).

  • EMI:

For a borrower, EMI or Equated Monthly Instalment matters a lot. This is what you will pay every month to pay off your two-wheeler loan. The loan amount, interest rate and the tenure of the loan are the determinants of your loan EMI. When the lender fixes an interest rate and loan amount for you, you can adjust the tenure to bring about an EMI comfortable for you.

  • Offers and discounts:

Some lenders also announce special offers on loans at certain times of the year. Check with your lender if they have any discounts during festival season or any upcoming anniversary sales. The offers might not be on the total price of the vehicle. Grab the opportunity even if it is on the rate of interest or the processing fee charged during loan application.

Also Read: I Want To Buy A Two-wheeler Vehicle. How Should I Proceed?

Hero FinCorp is one such financial institution that offers two-wheeler loans to eligible borrowers. Salaried and self-employed Indian nationals above the age of 18 are eligible to apply for a two-wheeler loan from Hero FinCorp. You can apply for a loan if you are a salaried individual employed for at least 1 year with minimum 6 months in your current position. Self-employed individuals availing the loan must be in the current business for a minimum of 1 year. You can submit your documents online and check your eligibility quickly. Through Hero FinCorp, you can avail an LTV of up to 95% of the bike’s value by submitting the required documents that prove your eligibility.

Now that you have decided to buy a motorbike, it is important to spend enough time to research, which is the most suitable bike for you. Remember that motorbikes are a big investment even though they are cheaper than cars. If you have sufficient cash to spare, do not hesitate to buy it outright with that money. However, if you have other financial commitments and cannot spare the entire amount, it is time to apply for a two-wheeler loan. Ensure that you understand all the loan terms and conditions before you sign that agreement to make that dream bike your own.

To Avail Two Wheeler LoansApply Now