Looking to find the bike that just passed behind you, flashing with a racing “Vrooooo…m” sound is one of such incidents that make you wonder if you could own one such bike some day. Likewise, even when a car passes by, it makes you look in the direction twice, just to catch one glimpse of the glorious vehicle. Such moments make you relive your dream of owning your favorite vehicle, albeit from a distance. What if we told you having the perfect bike or car may be easier now with two-wheeler and car loans? Through this guide, we aim to explain how two-wheeler loans are different from car loans. By giving a detailed two-wheeler loan Vs car loan, we hope to help you figure which vehicle you could buy in the coming months.Bike Vs Car Loan
A two-wheeler loan is much different from a car loan. The lender sees both the loans as two different types of investments. The price of a bike is generally less than that of a car. With the rise in fuel prices, common people have started using motorcycles more since it is a cheaper mode of commute. It has turned into a necessity now. Also, due to COVID-19 and the rise of home delivery-based jobs, the demand for motorcycles has increased and the default rate has gone down. All these factors have made a two-wheeler loan process simpler than a car loan process.Factors that Differentiate Two-wheeler Loan Vs Car Loan
Though there are many differences between bike and car loans, there are many similarities as well. The documents required for the loan processing are more or less the same. The main documents required are salary slip, income proof, bank statement, proof of residence, identity proof, PAN Card, etc. Both car and bike loans are secured loans. Unlike a personal loan, which is collateral-free, bike and car loans are secured. So until and unless you make the final payment, your bike or car will be owned by the lender.How to get a Two-Wheeler Loan?
Now that you have learned the difference between a car and a bike loan, let’s learn how to apply for a two-wheeler loan. The process of applying for a two-Wheeler loan can be different for different lenders, but still, the basic process remains the same.
The steps to apply for a two-wheeler loan are:
Bike vs car loans are different but still similar in many aspects. If you are planning to buy a bike, then first start researching the lenders that are offering the best interest rates in the market. Interest rates vary with the loan tenure. So try to adjust the tenure of the bike loan accordingly. Likewise for buying a car. Whether you buy a car or a vehicle, it is a moment to celebrate; enjoy your new purchase!