Motorcycle Oldtimer: With a loan to the dream motorcycle


Vintage motorcycles are something very special: they exude an old zeitgeist and inspire because of their magnificent, often incomparable appearance. Such a vehicle is the dream of many motorcycle riders, which in most cases can be easily realized with the help of a loan.

Motorcycle vintage car

Motorcycle vintage car

From the age of 30, a motorcycle is a classic car. However, the coveted H-mark will only be awarded after a successful technical review.

Motorcycles, as well as cars, only become old-timers from the age of 30 years. However, the achievement of the age limit does not necessarily mean that the so-called “H license plate” will be awarded.

The H-plate receives the owner of the two-wheeler concerned when on the one hand the vehicle has reached at least the said age limit and on the other hand, if it has successfully passed a technical examination.

Such an investigation confirms that the vehicle is in an original / contemporary and well-preserved condition. However, if the bike was changed, for example, increased its performance or made various modifications, it is usually so that the examiner does not award the coveted license plate.

However, with a motorcycle bearing the mark, the owner can enjoy a variety of benefits. So it is allowed with an H license plate, even without the proper plaque required to drive in environmental zones. Furthermore, most of the costs for the insurance are much lower. In general, it is even the case that the older the motorcycle is, the cheaper it is here in such a case, then the contribution to liability insurance.

costs

Depending on the model, condition and age, a motorcycle will incur a variety of costs. In a well-maintained two-wheeler, however, must be expected with several thousands of euros.

Vintage motorcycles are available in a variety of price ranges. For example, it depends on how old the two-wheeler is and in what condition it is. For example, if you have a well-maintained motorcycle that can even be driven, you will need to pay a much higher amount than a model that is no longer roadworthy and rather run-down. In the first mentioned variants, so in the well-preserved motorcycles are often several thousand euros to pay.

Of course it can also be the case here that some repairs are necessary or you simply want to change quite a bit of the two-wheeler. In this case, accordingly more money must be expected.

If the selected two-wheeler is not yet equipped with an H license plate and you put a lot of value on it personally, then of course it is still necessary to pay the corresponding check and admission.

So here comes quite quickly a lot of costs.

Type of loan

For the financing of a vintage motorcycle offers a motorcycle loan or possibly a classic installment loan.

Such a purchase offers, as the name implies, a motorcycle loan in an ideal way. This is basically a installment loan , but a motorbike loan is earmarked. Accordingly, the loan amount may really only be used for the purchase of the desired two-wheeler. However, one also benefits from a cheaper interest rate .

In addition, the bank may be able to keep the motorcycle as collateral until the loan has been fully repaid. This means that the bank until that time deduct the vehicle registration document. As soon as the last installment has been paid, the vehicle registration card will of course be handed over to the owner of the motorcycle, so that he is now the “right” owner.

Alternatively, in some cases, instead of a motorcycle loan but also offers a conventional installment loan for the purchase of a classic car motorcycle. For such a loan is not a purpose, so that the loan amount, for example, can also be used for other accessories.

But no matter what type of loan is in question, the budding borrower must meet a variety of conditions. In addition to a German residence and a German checking account, this also includes a positive bank report and a good credit rating.

However, if the prospective borrower can not meet one or the other requirement, then it usually looks bad to lend. However, this is not necessarily the dream of your own classic car motorcycle must be abandoned.

In such a case, it is possible for a guarantor or a second borrower to still obtain the desired loan. However, the persons concerned must be aware that, in the event of a default on the part of the borrower, they themselves are liable for the liabilities. This means that the guarantor or the second borrower must pay the installments in full and continue to pay until the entire loan is fully repaid.

In addition, some banks also offer the possibility to make special repayments. If this option is not included in the loan agreement, it is worth asking directly here. Thus, it is feasible for some banks to make at least one or more free special repayments per year. In this way, the loan amount can be significantly reduced. This, in turn, also has a positive effect on interest rates, because the loan agreement also reduces these. If, on the other hand, nothing has been agreed in the contract regarding a special repayment, then a so-called prepayment penalty must be paid for such a payment. Here should be calculated well in advance, whether a special repayment in such a case then worthwhile.

Conclusion

For a vintage motorcycle usually several thousand euros have to be paid. With the help of a motorcycle loan or possibly also a installment loan, it is possible to finance the two-wheeler.

A vintage motorcycle is a very special purchase, but also wants to be paid. Depending on the model, age and condition, it will quickly cost several thousand euros.

A motorcycle is called a vintage car if it is at least 30 years old. However, it is then not automatically in possession of the coveted H-plate. For this, the motorcycle must undergo a special review.

For the financing of such a two-wheeler offers either a motorcycle loan or possibly also a conventional installment loan. While the latter is not earmarked and thus can be used freely, this looks quite different with a motorcycle loan: This loan is earmarked and may therefore be used only for the purchase of the desired motorcycle.

However, prospective borrowers must meet the various requirements of the banks, such as a secure, fixed income. If this is not the case, the loan can still be applied for with the help of a guarantor or a second borrower; if the person concerned in turn meets the various requirements.

The best way to ensure that the application is made is that the payment of at least one or more special repayments is possible. This reduces the loan amount and interest.