Buying a Second Hand Bike? Here are the essential things that you should remember!

While two-wheelers come with this glide-through advantage, not everyone can purchase a new bike to meet their daily commute needs. India's large second-hand bike market is the ultimate saviour for people dealing with a cash crunch. This segment has consistently soared in India since second-hand bikes are lucrative alternatives to brand-new models. Additionally, with banks and NBFCs offering second hand bike loan at attractive rates, buying second-hand bikes has become even more affordable. When choosing such financing options, you can use online bike loan EMI calculators to compare loan plans and budget your EMI expenses.

While getting your second-hand bike financed may not be very different from opting for a new bike loan, selecting a used bike is undoubtedly a little different. Thus, if you're currently planning on buying a second-hand bike, you should keep the following things in mind.

A. Your choice doesn't have to be tied to your budget - The second-hand two-wheeler market continues to bloom because it offers customers premium used bikes at low costs - models that otherwise fall outside their affordability thresholds. While these ace models may be second-hand, their selling price may still be more than regular commuter bikes. But this shouldn't deter you as you can easily opt for a second hand bike loan of up to ₹10 Lakhs. Financing your used bike with a loan will allow you to break up its cost into manageable monthly instalments. You can also use a bike loan EMI calculator to ensure you plan well for the future without overstepping your means.

B. Diligent research goes a long way - Instead of letting second-hand bike prices dictate your search for the right model, you should let your usage intent guide you through this quest. Doing so will help you determine whether you want a mileage bike for daily commutes or a tourer bike for adventure-filled weekend getaways. If you're unsure which bike will best serve your needs, you can seek help from bike enthusiasts and experts. Once you've zeroed in on a particular bike segment, you can start researching top models from the segment and read up about their features, benefits and flaws. If you plan on buying the bike with a used bike loan, remember to also research the best financing options for the model you pick.

C. Inspecting every nook and cranny has its rewards - Buying a second-hand bike is a big-ticket purchase, even if you buy it with a used bike loan. Thus, you should ensure that every part of the bike is in tip-top shape. You should begin with a physical examination of the model. While slight dents and scratches are common, you should check for more visible damages like missing parts and rust damage. After that's done, you can check the engine area for oil leaks and the tyres for wear and tear damage. Also, remember to check the engine's health with a cold start. While you can inspect the bike on your own, it is always prudent to have it checked thoroughly by a mechanic.

D. Checking the service records can help you save a fortune - While a used bike loan will finance the purchase of a second-hand two-wheeler, it won't cover its maintenance costs. Thus, before shortlisting a model, it is always better to verify its service records. These documents will help you gauge how frequently the bike has been repaired and adjust your future repair estimates accordingly.

E. Taking the bike out for a spin helps you know its fit - You wouldn't want to purchase a second-hand two-wheeler with a used bike loan just to abandon it a few months later due to performance and comfort issues. Since physical examinations can only reveal so much, you should take the selected model for a spin to really feel its pulse.

F. Creating a document checklist can make transfers easier - To apply for a used bike loan, you must have all the proper documents in place. Most lenders need a copy of the bike's registration certificate and the application form to process the loan request. Since there is quite a lot of paperwork involved in the second-hand bike transfer process, creating a checklist can help streamline this process. This checklist includes the bike's RC, PUC Certificate, valid insurance papers (transferred to you), RTO forms 28, 29 and 30, tax certificate and sales receipt.

G. You can always negotiate the price - While you have a used bike loan to fall back on, it is wise to negotiate prices before sealing the deal. This will help you score the best deal on the bike and also possibly lower the principal loan amount quotation. In other words, it will help reduce the loan burden.

Summing It Up

While picking a second-hand two-wheeler may seem daunting, you will be good to go if you keep the pointers mentioned above in mind. If you lack the funds needed to buy your dream two-wheeler, you can opt for a used bike loan from Bajaj Markets. Apart from high-value financing options, you will also enjoy attractive interest rates and flexible repayment tenures with these plans. You can also use the bike loan EMI calculator available on the website to keep your EMIs manageable and borrow only within your affordability limits.