There are two main ways of buying a vehicle. Either you go to the dealer and have the vehicle on hire and purchase manner or you buy it through pre approved bike finance. The advantage of the later option is that you can shop for the vehicle and pick it up from plenty of them as per your requirements as you already have the funds in your hands.
But, prior to applying for the finance, check your credit report as it will be assessed by the lenders in order to fix the interest rate and terms-conditions. You must prove your credit-worthiness by producing documents of your annual income and repayment capability, employment record and bank statements.
Both the tenants and homeowners can find approved bike finance. If you need to buy a new vehicle at high prices, then the secured option will be ideal against any property for collateral. The very vehicle you are buying can also be pledged for collateral. Value of collateral will allow you to borrow any amount. The loan will be given at low rate of interest and it can be repaid in larger duration.
If you need to buy an old vehicle of low price, the unsecured loan of smaller amount can be the option without collateral, with the interest rate being little higher. But repayment of both the loans will be made in short-term of 5-7 years.
Bad credit borrowers should be ready to make interest payments at higher rate as they carry higher risks. Another aspect of the loan is that you need to make a down payment to the lender. A sizeable down payment can be made a tool to get the approval on time and at low rate of interest even for bad credit borrowers.
First apply for rate quotes of various lenders offering approved bike finance for your circumstances. Pick up a deal that includes low rates and fewer additional charges for making it easier to repay.