Use our bike loan calculator to find out how much a loan would cost and how much you can borrow. Our bike loan experts can search the whole market to find you the cheapest quotes and to calculate the overall cost, monthly repayments, and find out exactly you can borrow to buy your motorbike.
How to use a bike loans calculator
How much can you borrow?
Want to take out a bike loan, but don’t know if you would be able to afford the monthly repayments? Using a bike loan calculator can help you to estimate the total price of the loan, how much you will have to pay each month, and how long the loan will take to repay. The calculator can help you to ensure that you know what you are doing when you discuss taking out a loan, and may also help you to compare the different loans you have been offered, and choose the one which is most suited to your needs. Using the bike loans calculator may seem a bit complicated at first, but once you have worked out where each part of the calculation goes, you should be able to use it with confidence.
Putting in the facts you know
In order to get a result from the calculator, you will have a series of input spaces where you can add the details that you know. For example, you may know the total price of the motorbike; how much you will be putting down on the bike before it leaves the shop (the down payment); what you can get from your old bike if you are trading that in; the interest rate, and the start date of the loan. You may have additional facts to hand, such as the length of the motorbike loan period, or the amount of VAT that will need to be paid on the motorbike. With all of these details to hand, you can start to work out how much you will have to pay on the bike, and over what period.
What else you may need to include in your bike loans calculator
In addition to working out the total monthly repayments, you can also use the calculator to work out the extended period of the loan, or how much you will actually be paying back to the lender. You may also need to factor in other details which are not usually added to the calculator. These include a lender who will charge fees on top of the loan, and which will be included in the total monthly repayments. When you work out the payments using the calculator, you may need to remove these charges to work out the total period of the loan, since taking the fees into consideration makes the calculation too complex.
Using the calculator to compare lenders
The real benefit to using the calculator is that you can compare the different loans offered by lenders, and work out which is best for you and your circumstances. You may want to take out a longer loan than usual, for example, or you may want to check the fees which the bank is including in your monthly payments. You can use the calculator to check on the bank, and work out exactly how much they are adding to your loan in the form of hidden fees. You might then opt to use another form of financing for your motorbike.