Purchasing one’s first motorcycle can be very exciting. That said, people on a limited budget might find that while they could split motorcycle payments, it requires a substantial down payment. For them, here are six ways to purchase a motorcycle in Mexico without a down payment.

Use credit cards
Financing a motorcycle without a prior down payment is possible using credit cards. One can speak to the seller and set a monthly payment plan for a predetermined number of months (usually up to 60 months). Before accepting such credit card installments, the lender may check the individual’s credit history and credit score. A higher score may render lower interest rates. That said, the motorcycle dealership may set a limit on how much money it accepts in one go by credit card. This is especially true when the dealership has to pay credit processing fees. Usually, the fee is between 2% and 3% of the total payment. If they have to, one could also make a down payment with the help of a credit card, but the final say lies with the dealership.

Apply for a personal loan
A personal loan is another option to get a motorcycle without a down payment. Individuals can ask their bank whether they offer a personal loan that covers the cost of the motorcycle. Sometimes, a bank may not require a specific reason why an individual wants a personal loan. So, one could take out a significant sum and use the excess for other utilities. That said, banks charge interest on the loan that may range from 3% to 36%. For this reason, a personal loan is much more expensive than a credit card transaction. The eligibility criteria may also depend on one’s credit history and score.

Ask family or friends
If someone finds a personal loan’s interest rate excessive, they could ask family and friends for help. For instance, one could work with a family member to secure the funds for the motorcycle with an agreement to pay them back in monthly installments. The repayment may or may not include interest charges, based on the agreement and at the discretion of the lending family member or friend. This arrangement would still be much more affordable than a personal loan.

Find a co-signer
If one finds a co-signer, they might be able to secure a lower interest rate when looking for a motorcycle loan in Mexico. A co-signer could also help secure a loan if one has a low credit score or no credit at all.

Save up
The best and most practical way to buy a motorcycle without a down payment is by saving up. One could create a financial plan keeping in mind the approximate amount needed for the motorcycle. After collecting enough, they could pay for the two-wheeler in full. While this could mean waiting a few months or years, paying for the motorcycle at once offers more peace of mind than using financing schemes. A one-time payment also ensures no additional interest is charged. Additionally, it gives users the option to pay digitally or in cash, each method having its benefits. When saving for a motorcycle, one should account for the future expenses associated with maintenance, gas, registration, repairs, and replacements.

Trade in the current vehicle
While some might be looking at their first motorcycle, others might want an upgrade from their current two-wheeler. In this situation, a trade-in could be significantly beneficial to avoid down payment costs. Whether one pays the complete amount or finances the bike, the individual could speak to the dealership about a potential trade-in. Based on the current motorcycle’s value, one might be able to purchase the new one at a lower price without a down payment. Individuals may benefit from a trade-in regardless of whether they buy online or offline.

Tips to get the best offers on motorcycles
Apart from signing up for financing options and other payment methods, one could look for the best deals on motorcycles in Mexico to save money. Here are a few tips to find offers on different motorcycles:

• Check offline store offers
  When buying a motorcycle, one should visit offline stores. Sometimes, dealerships hurry to clear the older stock and make place for the latest motorbikes. As a result, they might sell the vehicle at an attractive price and throw in discounts.
• Opt out of accessories
  Some dealerships raise the price of a motorcycle because of the accessories that come with it. If one does not need these, they could ask the dealer to remove the accessories and charge less. For instance, a motorbike that comes without a hitch might be more value for money than those with the accessory included.
• Look for online deals
  While one might find attractive deals offline, store purchases are sometimes more expensive. In such situations, one should look online for the best motorcycle offers. One might find deals nationwide that help them secure the most attractive price for their favorite motorcycle.