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Motor loan – Borrowing for a new engine?

Borrowing to buy an engine is about the same as buying a car loan for a car. In fact, some car loans can be used to buy a motorcycle. In reality, it is a loan on payment in both cases.

Taking out a motorcycle loan will be necessary in some cases, especially if we include the price tags of a few motorcycles. Then think of a Harley Davidson or Goldwing soon. It is therefore important to save as much as possible on your purchase. First start negotiating the price of the motor, so you save money, even before you look for a suitable loan.

Borrowing for an engine.

Borrowing for an engine.

A motorcycle loan will take the form of an installment loan (= personal loan ). That means that everything is determined in advance:

  • The amount you borrow
  • The interest rate
  • The duration of the loan
  • The time and amount of reimbursement (monthly)

Borrowing for a motor can in principle be done at all major banks. Just think of BNP Paribas Fortis, KBC, ING, Dexia, but also Cofidis or Cetelem , … This can take the form of a general installment loan, or under the name of a specific motorcycle loan, which is also an installment loan. but then has a different commercial name. Such loans often have interesting rates.

You do well to look at online providers to see if there are any loans that are more interesting.

Compare engine loans online.

Compare engine loans online.

An advantageous interest rate is important, which is why it is important to compare different motorcycle loans online. In addition, it is also important to contact your own bank, and to negotiate the modalities of the motorcycle loan.

Search for a motorcycle loan

Start your search for a motorcycle loan online . Each lender offers a simulator where you can calculate the Annual Cost Price ( JKP ) and reimbursement modalities. To help you on your way, we have already made a small selection of online providers:

(*): Interest rates are a snapshot. They are therefore purely informative and temporary, can undergo changes and / or be dependent on the loan amount.
(*) Representative Example : Loan on payment of € 50,000.00; Term is 120 months . You pay € 516,02 monthly for a JKP of 4.50% . The total amount to be repaid is € 61,922.40. For an exact calculation, request an offer from the above parties.

Borrowing at 110% of the purchase price.

With some banks it is possible to borrow 110% of the purchase price. This means that you can also finance the insurance and traffic tax with a first purchase. Do you need new engine equipment? Then borrowing at 110% of the purchase price is of course handy.

Is something so important to you? Keep this in mind when comparing your motorcycle loans. It is possible that this is not included in the loan conditions with every credit company.

Motorcycle BMW

Motorcycle loan tips.

Motorcycle loan tips.

Just as with a car loan , it is possible in some cases to make a credit with the dealer himself. This may be interesting, but chances are that you can obtain better conditions from another credit company. Therefore, always ask yourself what the benefits are when you get a loan from the dealer , who knows there may be a discount in the purchase of your motorcycle. In that case you can calculate whether this is interesting or not.

Always keep a number of documents with you when you take out a loan. The most current data that are requested are:

  • A proof of identification;
  • An overview of the current loans and possibly other fixed costs;
  • A proof of income (wage sheet);
  • A proof of purchase (quoted motorcycle).

A credit provider will always inquire with the National Bank of Belgium about your current loans and, based on all information that they possess, check whether you are creditworthy or not.

It is always useful to collect a sum in advance that can be used to purchase the motor. This way you can pay a part of the engine as an advance, and make the loan amount smaller. Make sure you keep enough on your savings account for unforeseen expenses.

An engine can sometimes be an expensive purchase, think of a Harley Davidson or Goldwing. It is therefore important to save as much as possible on your purchase. First start negotiating the price of the motor, so you save money, even before you look for a suitable loan.

Does the purchase seem too expensive to fall out, opt for a second-hand engine. Keep in mind that the conditions of an installment loan may differ depending on whether it is a new engine or second-hand engine.

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