Unsecured Loans for Tenants - Buying a New Motorbike?

By: Andy Silk

Motorbike purchases have seen a massive resurgence over the last five years. Increased traffic on the road has meant that those on a bike can tend to beat the queues and be home in a jiffy. Older riders who left the bikes behind with their youth are now rediscovering the thrills to be had on the open road in the summer months and are buying bigger bikes in a mid-life crisis kind of scenario.

Whatever the reason, there's no doubt about it - bikes are big business these days and there are some great deals to be had but if you haven't got the spare cash available, you need to consider how you are going to raise the finance you need to get yourself up and running.

If you own your own home and have a mortgage, you can potentially consider a wide range of options including secured loans and remortgages. Whilst a comparatively slower way to raise the cash, they do add the flexibility to use some of the equity that you may have built up over a period of time as collateral against the loan.

These types of loans can be used for pretty much any personal use and for comparatively larger sums of money too.

If you're a tenant and you're renting your home, then you cannot opt for either of these types of loans because you do not have a property on which to secure them. There are still some great opportunities available to you though. Unsecured loans for tenants and tenant loans are designed specifically for this situation and in many cases are more suitable for this type of purchase than secured loans or remortgages. Unsecured loans for tenants and tenant loans are normally available for amounts between ?500 and ?15,000 which are often ideal for a motorbike purchase. They can, in most cases, be a lot quicker to complete as well as with this type of loan, you do not need to have a valuation on your property. This means that unsecured loans for tenants and tenant loans can usually be completed in a few working days as opposed to weeks as with secured loans and mortgages.

All you need to do is to find a suitable online finance broker and fill in the enquiry form on their website. You should get a call from a loan officer in a few minutes to help you with the remainder of your application. They will probably ask a few more questions about your financial circumstances but don't let the thought of this put you off as it is in your interests to help them to help you. You want to get the right loan for you, right? ...and at the lowest interest rate for you, right again?

Once they have all of the information available to them they will select a lender or two that can offer you the best deal from their panel and if this is ok with you, they will send out the written credit agreement for you to sign and return. A few days later, if all is in order, you should get your cheque. How simple is that? So, what are you waiting for?

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