With gas prices increasing, many Americans are looking to protect their pockets against the price of gas. When it comes to scooter financing.
There are many options available when financing a scooter including credit card, manufacturer low payment promotions, installment loan and financing for bad credit applicants. Educating yourself about the various types of scooter loans is important.
Here are some tips for you to follow:
1. Do not shop for a scooter that is too expensive: Today there are scooters that cost as much as $ 9000, but shopping for one of these scooters makes little sense if you can not get it for financing.
Therefore, it is a good idea to shop online, and at your local bank for a scooter loan before you enter the showroom.
2. Watch out for low payment promotions: Manufacturers often entice you into buying a scooter with low payment promotions which low as $ 39 for 2 years.
Low payment promotions look enticing, but are a very bad financial decision for you.
Fundamentally with low payment promotions you are only paying attention to the loan of each month and very little is going to be the principal on your scooter.
Worse off at the rate of 22.9% annual percentage rate.
3. Get an installment loan: Most low payment promotions mentioned above are on a manufacturer credit card.
Opting to get scooter financing with an installment loan is a much more wise decision.
With an installment loan you will not be charged at the end of the term.
4. Consider a personal loan: If you can not afford to buy a car in the bank and ask for a loan.
Therefore, you will probably have to ask your bank for a personal loan, which is basically a simple interest installment loan.
A personal loan is a great way to finance your scooter and is much safer than a credit card.
5. Read the fine print: As your parents probably told you to make sure you read the fine print before signing any loan document. Definitely do not enter a loan contract that you do not understand.
6. Do not borrow more than you can afford: There is little reason to buy a scooter to save on gas if you can afford more than you can afford.
Borrowing more than you can afford to put you in a risky financial position. You must consider the cost of insurance, registration, maintenance and gear and choose a scooter that fits your budget.
7. Avoid zero down payments loans: Trying to secure scooter financing with a zero down payment is possible, but may not be the wisest financial decision.
Since scooters depreciate quickly putting you down, you may be in the first 24 months. Putting money down is a wise decision.
In the end, buying a scooter is a great way to hedge against future gas price increases. But making a financial decision that gives you a piece of mind is much more important.
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Source by Jay Fran