Whether they are new or used, motorcycles can be financed by different consumer credits, just like a car. Among those that have showcases, we find the personal loan and the interested credit. Leasing with an option to buy (LOA) is another relatively common financing option. While the duration and repayment terms of these loans vary from bank to bank, the amount granted does not usually exceed 75,000 euros. The minimum repayment period, however, is always three months. Let's take a closer look at each of these formulas.
The assigned credit
The assigned credit is exclusively intended for the purchase of a specific good or service. Therefore, a proof of purchase must be provided to the bank. Depending on the product to be financed, we speak of motorcycle credit, car credit, construction credit, etc. One of the biggest disadvantages of the affected loan? If you change your mind along the way, you will still be obliged to repay your monthly instalments... without the possibility of using the sum granted (or the rest) to finance another project.
The personal loan
The personal loan is characterized by its flexibility. Unlike the earmarked loan, you do not have to report to the bank: you are free to use the amount borrowed as you wish, for one or more projects. It can therefore be used to finance a motorcycle and a car, or to finance furniture, a trip, etc.
Rent to own
If the rental with purchase option is listed as a consumer loan, it is not a loan in the strict sense. In concrete terms, you lease the vehicle for a specific period of time (usually 2 to 5 years). A lease with an option to buy is interesting, especially if you want to change the vehicle often and give up its resale. If, on the other hand, you exercise the purchase option at the end of the leasing contract, the vehicle will end up costing you more than if you had bought it directly via a personal loan or an assigned credit. Classically subscribed in the form of a concession, the LOA contract remains accessible through traditional channels (bank or credit institution), like all consumer loans.
