It is common knowledge that a two- wheeler is a convenient and quick mode of travel in every city across India. Preferred far more than cars, two- wheelers let you zip through heavy traffic in minimum possible time using narrow streets. Parking the vehicle is easy and affordable and so is maintenance cost. All these advantages show why the demand for a two- wheeler loan in Ahmedabad to purchase bikes is always high. However, there is often one question that potential two- wheeler buyers ask: If I can dip into my savings and afford the bike, should I still take a loan?
Let’s first understand the difference. If you pay cash for your brand new bike, you escape the financial liability that a loan devolves upon you. If your bike purchase is financed by two- wheeler finance companies in India, you have taken on a financial responsibility for a fairly long term that you must fulfil. This is the aspect that makes individuals wonder if taking a two- wheeler loan in Ahmedabad is worth while if they can manage to break into savings to fund the purchase on their own.
Why two- wheeler loan is STILL the better option
While this is a valid question, the fact is that even if you have the means to make a cash payment, letting two- wheeler finance companies in India pay for your new bike may still make more sense for you.
Your choice of dream bike:
The first advantage is that you can focus on the best bike in the market for your needs, offering the top of range features and specifications when you are funding the purchase with a loan. If you are paying cash down with your own savings, then the vehicle you can buy has to fit into your budget, meaning you lose the freedom to buy the best- in- class bike or one with features that can really prove helpful to you. A bike is a long- term asset and one that you will be using everyday of your life. Investing in one that matches your needs in every way makes a lot of sense rather than allowing your choice to be curtailed by your financial constraints.
You are not left without emergency cash:
Life is unpredictable and it is always better to have savings locked up for emergencies. Wiping out all of them for financing your bike purchase may not be a very smart move. What if you have a medical emergency in the coming days or if you lose your job unexpectedly or some other unavoidable expense crops up? In such an emergency situation, it may be impossible to find a lender and even if you do, you may not have time to find an affordable one. It is best to fund a planned purchase with a loan that you can lay groundwork for instead of breaking into savings that can come in handy during emergencies.
You have a reduced financial burden:
When you get your bike purchase financed by two- wheeler finance companies in India, you have your outlay spread over several months in small, affordable repayments. The financial burden you take on each month is much more manageable and perhaps easier than having to set aside a large chunk to rebuild the savings you liquidated. Remember that the loan terms are flexible enough for you to choose a repayment plan that is affordable and easy for you to manage. You may even be able to find a loan product that gives you very attractive interest rates that are lower than what your savings are earning at present.
Taking a two- wheeler loan in Ahmedabad makes sense in a number of ways. This is an easy and hassle- free process as well with so many lenders in the market competing with each other to make the process easy and quick as well the terms attractive enough to grab the most number of customers. Choosing your lender and loan product wisely, doing your homework before finalizing a loan and planning ahead for repayments can all make the entire loan process a smooth, seamless process without requiring you to touch your carefully built nest egg.
If you are paying cash down with your own savings, then the vehicle you can buy has to fit into your budget, meaning you lose the freedom to buy the best- in- class bike or one with features that can really prove helpful to you. A bike is a long- term asset and one that you will be using everyday of your life.