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FinFIRST Blogs
Personal commute is the need of the hour, but the choice between a bike or a car is complicated
Commute is a problem, especially in metro cities. The population density is high in metros, which causes overcrowding in buses, trains, and other forms of public transport. It comes as no surprise then to see people switch to personal transport. Having a vehicle ensures comfort and freedom, which is unimaginable with public transport.
Bikes and cars are the two forms of personal transport, but which one should you buy? This article will tell you everything you need to know about owning a bike vs owning a car.
Bike or car: Which is better?
The following points will help evaluate which is better: a bike vs a car.
Loan
A bike loan may be easier to get than a car loan. It may be attributed to the fact that the loan amount is smaller in bike loans, which ensures banks do not hesitate before disbursing the loan amount. A bike loan may even have a shorter disbursal time than a car loan. For instance, IDFC FIRST Bank disburses bike loans hours after the application is approved.
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EMIs
A bike loan is easier to repay than a car loan. An average car might cost at least five times more than a bike. It naturally implies that the EMI on a bike loan will be more than that of a car loan. Hence, borrowers can pay bike loan interest and the principal amount in a few months. Car loans can drag for many years, which makes them inconvenient.
Saving
Many factors add up to make a bike more affordable than a car. Bikes attract less spending on petrol and accessories. Parking charges are also less for bikes. Car owners must park in designated paid spots and the cost of parking is also high. Bikes can fit in anywhere, and the cost of parking is also lower on bikes. Additionally, road tax is comparatively less for bikes compared to cars.
While bikes are more affordable than cars, the latter offers more comfort and safety.
Comfort
When it comes to comfort, cars are better than bikes. They come with air conditioners, which keeps the passengers cool even in summers. Rain and snow do not matter either if you are sitting in a car. The same, however, cannot be said about bikes. Severe rain can cause inconvenience and even makes it dangerous to travel.
To make your car rides more comfortable, you must apply for a FASTag. You can apply for IDFC FIRST Bank's FASTag, FIRSTForward, online. To know more, click here
Maintenance cost
The maintenance of a bike is cheaper than the maintenance of a car. Whether it is servicing or upkeep, a car is costlier to maintain than a bike. Car parts are also more expensive than their two-wheeled counterparts.
Insurance
Car insurance costs more than bike insurance. The premium is higher because damage to any part of a car ends up costing more.
What counts is your budget, requirement, and financial situation. Bikes make more sense for individuals just starting their careers, while cars work better if you already have a wealth corpus.
Either way, you can easily get a bike or car loan from IDFC FIRST Bank. Borrowers can maximise IDFC FIRST Bank’s low interest rates and easy payback options to save more. IDFC FIRST Bank’s loan EMI calculator, meanwhile, can help you plan better before getting a loan.
Disclaimer
The contents of this article/infographic/picture/video are meant solely for information purposes. The contents are generic in nature and for informational purposes only. It is not a substitute for specific advice in your own circumstances. The information is subject to updation, completion, revision, verification and amendment and the same may change materially. The information is not intended for distribution or use by any person in any jurisdiction where such distribution or use would be contrary to law or regulation or would subject IDFC FIRST Bank or its affiliates to any licensing or registration requirements. IDFC FIRST Bank shall not be responsible for any direct/indirect loss or liability incurred by the reader for taking any financial decisions based on the contents and information mentioned. Please consult your financial advisor before making any financial decision.
The features, benefits and offers mentioned in the article are applicable as on the day of publication of this blog and is subject to change without notice. The contents herein are also subject to other product specific terms and conditions and any third party terms and conditions, as applicable. Please refer our website www.idfcfirst.bank.in for latest updates.
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