Things to Consider Before You Buy a Two Wheeler in India

Karan Mehra recently got his first job in Delhi as a Sales Associate in a reputed firm. The role requires him to travel a lot in and around the city to market his company’s products. For convenience, he is planning to buy a two-wheeler mainly because it will help him navigate through the traffic better and be on time to meet the clients. In addition, it not only gives a sense of ownership but being a fuel-efficient vehicle, it also helps save a lot of money. However, with so many options of two-wheelers available, Karan cannot decide which one to buy. So, to help him and others like him wanting to buy a two-wheeler, we have listed things one should consider before getting their own two-wheeler.

Two-Wheeler Market in India

Let us first look at how big the two-wheeler market is in India. Since two-wheelers are the preferred mode of transport for lakhs of Indians, they remain high in demand. India’s two-wheeler market annually gets flooded with new models with different features, designs, and capacities. From Indian companies like Hero Motorcorp to foreign manufacturers like Harley Davidson and Suzuki, all compete in this sector as does the new entrant, the electric bikes.

A Guide for Your Two-wheeler Purchase

• Do Market Research:

Read some reviews or meet people who daily ride the same model to know more about the bike you plan to buy. These decisions should not be made in haste or because of a hunch but after doing thorough market research about the design specifications, safety features, maintenance cost, etc.  

• Set a Budget:

From a scooter to a sports bike, the prices of two-wheelers vary depending on the sophistication of the model. Experts suggest that the buyers should go for a bike that suits their needs and set an affordable budget to zero in on the bike that meets the criteria the best. The buyer must calculate his/her income and savings and other financial obligations and then analyse if he/she can buy it in one go or needs to opt for a two-wheeler loan.     

• Select the Bike of Choice:

Whether you buy a scooter or a bike, or a new one or an old one, you must check the weight, storage capacity, engine power, mileage, etc. before signing the cheque. As far as models are considered, go for bikes that have better resale values, have more service centres and whose spare parts are easier to find.   

• Go for Test Ride: 

During the test drive, ride it on both the highway and uneven roads to understand your control over the machine and keep paying attention to details like the sound of the engine and comfort of the seat. Especially when buying a pre-owned, check thoroughly the wiring, the paint, clutch, and gears to be sure of your purchase.

• Research on Lenders:

Like it is important to visit a few dealers and hear out their offers before buying the bike, you must also compare the terms and conditions of different lenders like better interest rates, no loan processing fee, no penalty on prepayment, etc. 

• Get Your Documents Ready: 

To buy a new two-wheeler, you need to submit identity proof (Aadhaar card, driving license, passport), residence poof (electricity or telephone bill; rent agreement if a tenant) along with passport size photos. You will have to additionally submit income proof (salary slips, bank statement) in case the bike is purchased through loan.  

• Apply for Loan:

If you are an Indian citizen above 18 years old, you can easily get the loan if you have a steady source of income and a decent credit score. All you have to do is approach the right lender and apply. The whole process from application to disbursal of loan is quick and hassle-free.

Conclusion

So, having considered the above aspects, we think Karan would be surer of which bike to buy. Also, buying a two-wheeler via a loan has its own advantages. It reduces the financial burden on the owner, gradually improves the credit score, and elevates purchasing power. We at Hero FinCorp with our vast experience in financing two-wheelers bring to you attractive two-wheeler loans. We offer higher loan amounts at competitive interest rates and flexible tenures to both salaried and self-employed customers. Other features such as minimal documentation, several repayment modes (PDC, ECS, NACH, Cash, etc.), quick and simple processing make us the best choice for financing your two-wheeler.