Whether you need a new motorbike for work or commuting, or you just want one to enjoy at weekends and in your spare time, you have many options when it comes to buying a bike. Some people like buying outright, while some prefer to pay in installments over time, and there are situations where both methods can be suitable. Here are some of the ways you can pay for a bike to help you decide what’ll work for you.
- Pay with cash
If you have the money in your account, you may simply want to go to a dealer or private seller and pay with cash. This can have some advantages:
- You can sometimes haggle a better deal
- It gives you flexibility over where you can buy your bike
- You can usually buy and drive away your bike on the same day
- There aren’t any credit or ID checks so it’s easier
There can be a few drawbacks to buying with cash, mainly that it can feel like a big financial hit. Also, if you buy privately, your motorbike is likely to be sold as seen, so if something goes wrong, it can be hard to get any help or money back.
- Finance your motorbike
Another option for buying a motorbike is to take out financing. It’s easy to get a Yamaha motorcycle finance quote online, so you can work out what the monthly payments will be and whether you can afford them.
Financing allows you to spread the cost, and once you reach the end of your agreement, you own the motorbike in full. It can be useful for those who don’t have the cash for a bike, but can afford a small deposit, and means that if you need a bike for work or practical reasons, you can get one now rather than needing to save.
- Lease a motorbike
Leasing a motorbike is another option. It works in very much the same way as leasing a car; you pay a deposit and monthly payments. At the end of the term, you can either give the bike back and lease another, or pay the balloon payment and own it. Leasing generally has lower monthly payments than financing, but you don’t automatically own the bike at the end of the term.
If you’re thinking of buying a new or used motorbike, there are lots of different ways to pay, so you can choose one that suits your financial situation.
