A bike increases your mobility and makes it much easier to get from one location to another. You’ve been planning to buy a bike for a while now. This article lists the process you can follow to do so.

Here’s how you can get your dream bike in 5 steps:

#1 Look for the best bike as per your needs.

You might have recently started researching different bike models and makes, or you may have a specific bike in mind. In either case, you need to research the bike model for its different features, pros and cons, price points, etc. It must match your needs, lifestyle and budget. Certain bikes are more expensive than others based on their demand, colour, which part of the country they are being shipped from, etc. Also check the ex-showroom price – you need to factor in the additional costs into the bike’s final price.

#2 Find the best dealer.

Once you identify the bike that best meets your needs and budget, you should look for a dealer that retails the bike. Different dealers will have varying offers and schemes. Buying during the festive season or at the end of the year might fetch you a good discount on the bike you want to buy. Or you can book it at a special price for delivery later. You must approach at least three different dealers to get the best quote. Apart from a good price, negotiate for free bike accessories and services thrown in. Proceed with the dealer that offers the best deal in terms of the bike colour and model, discount on price, value add-ons and service, and also tie-ups for insurance and finance.

#3 Look for bike finance options.

The dealer you approach for the bike purchase may have tie-ups with financiers. These are entities that offer two-wheeler loans. The loans come through quicker since the dealer already has your documents, and you might get a discount on the interest on the loan as well. However, do conduct independent research with other lenders to see who offers the best proposition. You are not legally obligated to take bike finance from the dealer’s lending partner, you can certainly go with another. However, the process might take a bit longer in the second instance.

#4 Apply for a personal loan to make the down payment.

Most bike financiers offer up to 80% of the bike’s price in lieu of a loan. The remaining 20% must be paid from your personal reserves. This means that you must either save up to make the down payment, or take a personal loan. You may certainly use your saved up money, but is it sufficient? The best bikes are quite expensive, and paying 20% of the price adds up to a large amount of money. Instead, you should apply for a loan that pays the money without pinching your pocket too much. Leading loan apps in India offer the best short term loans at flexible EMIs and competitive rates of interest. Once you secure the short term loan and pay it, you can apply for the bike loan and finish paying for the bike. Once the full payment is made, you can take possession of it and have its registration papers made.

#5 Apply for bike insurance.

Bike and car insurance are mandatory in India. Once you buy the bike, you can apply for a good bike insurance policy from your dealer (most dealers have tie-ups with insurers, so you can find a good policy that suits your pocket and requirements). Choose a comprehensive bike insurance plan that covers medical and legal liabilities in case of accidents or mishaps to others caused by your bike.

Apply for a personal loan

You can get a personal loan from a leading loan app. Download and set up the app on your phone, then proceed to check your personal loan eligibility. You can apply for the loan and submit your documents to the app – post verification, the app approves the loan request and disburses the loan money to your account.

You can repay the loan from your job salary or business income in a series of flexible EMIs every month.