Financing a scooter, even if you have the cash available, is worth considering. Having the cash available for an emergency will often give you piece of mind.
Most good scooter dealers will be on-line with a finance company. Alternatively, you can use your own bank. If you have had finance with a finance company previously it may be quicker to get approval because they have a record of your transactions.
- Personal loan
- Leasing (business use)
- Credit card
Most Loans are for a duration of between 2 and 5 years. You should select a term which gives you a repayment which you can comfortably commit to. Many offer no penalty for an early pay out.
is often used if you are buying the scooter to be used for business and want to use it as a tax deduction. It usually not used for buying a scooter for private use.
Credit card interest rates are generally higher than for personal loans. However, this can still be a good option if you are only borrowing a small amount of money or have the ability to pay it off quickly.
There is no paperwork involved and you often get the first 30 to 60 days interest free.
The finance company will want:
- Proof of income such as pay slips
- Evidence of a stable home address
- Permission to check your credit record
- Copy of a recent bank statement