Motorcycle loans: A quick guide to motorcycle financing with bad credit

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Motorcycle loans can be a great way of buying that bike you’ve had your eyes on for years, or of funding a cheaper alternative to a run-around car.

Motorcycles, motorbikes, choppers, Harleys, cruisers, bobbers, sport bikes, trial bikes, touring bikes, trikes, café racers. Whatever you want to call them and whatever particular style you’re after, if you’re considering buying a bike, we’d wager that you’ve had an idea of the one that you want for quite a while.

Close your eyes. Imagine the guttural rumble of the engine kicking in, the wind blowing against your face, the feel of the road underneath your tyres. Can you hear ‘Born to Be Wild’ playing in the background? Do you feel like Steve McQueen in The Great Escape? Is there anything better than being on a motorbike?

Whether you’re a Harley or a Kawasaki person, there’s no doubt about it – owning a motorbike is the epitome of cool. However, besides making you look incredibly good, they can also be a cheaper alternative to a car if you’re thinking about getting a vehicle to run around town in.

Consider the cost of getting up and running on your motorbike before looking for motorcycle loans

In the UK, you have a variety of different tests to take before you can legally ride a motorbike. The lowest, and cheapest, qualification is the CBT, which costs around £120, but only allows you to ride a bike with an engine of up to 125cc.

After that, depending on your age, there are a few more tests of around £600 to get you fully qualified to ride any motorbike on UK roads.

On top of that, you have to consider the cost of safety equipment. Unlike driving a car (where you wear whatever you want), it’s advisable to buy a decent quality helmet and leathers before cruising along on your new bike. A decent set will probably set you back around £150-200 for the helmet and £400-500 for the leathers, and it’s well worth spending some money on a decent set – in the worst case scenario, it’s the buffer between you and the tarmac that stops you picking up some serious damage.

The cost of buying a motorcycle

On the whole, owning a motorcycle can be cheaper than owning a car – although that is not without exception.

Brand new motorbikes are often cheaper than brand new cars, if you’re buying like for like in terms of brand name and quality. And if you’re buying second-hand through local dealers, eBay or Gumtree, you can save even more and still get a great deal.

In some cases, a second-hand bike can be an even better investment. Bikers are often passionate about their bikes and keep them in great condition, so you quite often end up with a customised, upgraded bike for a decent price.

The cost of running a motorcycle

If you buy a basic motorcycle, it’s possible to save a lot of maintenance by tinkering and doing the maintenance yourself, even if you’re not particularly mechanically minded. The simpler the engine, the simpler the maintenance – and there are countless YouTube videos that help you fix any small mechanical issues with a step-by-step tutorial.

However, the cost of tyres is usually more with a motorbike. While you can easily get 15,000 miles out of a set of car tyres, motorbike tyres usually need replacing after 10,000 miles on lighter bikes (and closer to 4,000 miles on heavier bikes).

It’s also easy to save money in fuel, road tax and insurance by using a motorbike instead of a car. In general, road tax and insurance are much cheaper for a motorbike – although, of course, this depends entirely on your individual circumstances and on the bike you’re insuring. As a general rule though, the lower the CC of the motorbike, the more money you’re likely to save on a car. (If you’re looking for a cheap get-around, it might even be worth considering getting a 125cc bike.)

In terms of fuel consumption, that’s a bit of a tricky question. With like-for-like use, as a general rule, motorbikes are lighter and use a lot less fuel than a car. Plus, it doesn’t have a boot to carry lots of extra weight, so the fuel consumption is pretty consistent and doesn’t fluctuate.

However, when you get out on your bike, you’ll find yourself seeking out winding roads, taking long detours and finding any excuse to go for a ride, so you may end up spending more on fuel that way. Of course, it’s more than worth it!

Motorcycle loans: Financing your motorcycle with bad credit

If you’re considering fulfilling that lifelong dream of owning a motorbike (or looking for a way to save on fuel, insurance and road tax) but are not sure how to fund it, there are motorcycle loans available to you.

At Bamboo, we have a number of options available to borrow the money to buy that dream bike and cover all of the upfront costs needed to get you on the road, from insurance to safety equipment. 

Why not get an instant, personalised quote that leaves no trace on your credit report today? You could be on the road with the wind in your hair within days! Representative 49.7% APR. A guarantee may be required.

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