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The used bike market has become quite popular in India. Whether looking for a cruiser, sports, naked, or commuter bike, you can find your desired model in the used bike segment at affordable rates. However, the real challenge arises when it comes to used bike valuation. How do you determine the fair market value of a used bike? Here is a guide to checking a used scooter or bike's resale value.
Since used vehicles do not have a fixed MRP, you must consider their Fair Market Price (FMP) to determine their value. The FMP depends on the pre-owned bike's model, manufacturing date, kilometers driven, physical and mechanical condition, etc. An online two-wheeler value calculator helps determine the bike resale value based on several variables you provide.
Follow these steps to calculate used bike valuation in India:
Enter the required details in the form. It may include the bike’s make and model, category, trim, year of manufacturing and purchase, kilometers driven, etc.
Click “Submit”
Get the “Valuation Report”
Obtaining the valuation report is important before purchasing a used bike, as it offers the following benefits:
Provides the old and current price of the new bike
Allows you to calculate the total ownership cost
Useful for bike loans, buying or selling the bike, or getting insurance
Estimates the value depreciation for the next few years
Past payments for similar bikes
Provides expert ratings and reviews
Checking the used bike's resale value helps understand the pre-owned bike’s Fair Market Price. Accordingly, you can plan your budget and apply for a bike loan, if necessary, from Hero FinCorp. Based on the used bike's value, you can choose a bike that comes within your budget without compromising on the desired features.
Once you check the used bike valuation, you can check your finances and determine if the vehicle fits your budget. When you apply for a bike loan, you can borrow an amount sufficient to finance the purchase without stressing your EMI affordability. So, before choosing a used bike to purchase, sure to check the bike's resale value.
Here are a few factors determining the used bike valuation:
Physical condition
Fuel efficiency
Local trends and demand
Modifications
Repair and service history
Once you check the bike's resale value, a bike loan can help you in the following ways:
Keep your savings intact
Distribute the bike’s cost into EMIs
Easy repayment through flexible terms
Reasonable Two-Wheeler Loan interest rate
High LTV ratio with an ample loan amount
Follow these steps to apply for a bike loan online:
Step 1: Visit the Hero FinCorp website.
Step 2: Open the Two-Wheeler Loan section.
Step 3: Click ‘Apply Now’.
Step 4: Enter the required details and upload the necessary documents.
Step 5: Agree to the ‘terms and conditions’.
Step 6: Submit the application.
Provide any other details or documents that the customer representative requests.
Using an online value calculator for a two-wheeler, you can choose the bike you want to purchase and finance its cost with a bike loan. At Hero FinCorp, you can finance the bike by paying only a small down payment and distributing the cost into easily affordable EMIs.
Why is it important to check the value of a used bike before purchasing it?
Checking the used bike valuation before purchasing is important as it helps evaluate the finances, choose an affordable bike, and apply for a bike loan adequately.
Can a valuation report help me negotiate a better price with the seller?
The valuation report contains complete details about the bike's model, history, condition, etc. You can identify any loopholes and negotiate a better price based on them.
Are there any financing options available for purchasing a used bike after valuation?
After the valuation, you can take a bike loan from Hero FinCorp to purchase a used bike.
How can I get a bike loan with the lowest interest rate?
You can get the lowest Two-Wheeler Loan interest rate from Hero FinCorp by maintaining a decent credit score, reducing the debt-to-income (DTI) ratio, and showing sufficient income to afford the EMIs.
The act of paying out money for any kind of transaction is known as disbursement. From a lending perspective this usual implies the transfer of the loan amount to the borrower. It may cover paying to operate a business, dividend payments, cash outflow etc. So if disbursements are more than revenues, then cash flow of an entity is negative, and may indicate possible insolvency.
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