Motorbike Loan Questions
We’ve provided some answers to common questions we receive regarding personal use motorbike loans and business motorcycle finance.
Frequently Asked Questions
Before applying make sure you can afford the repayments.
Credit scores are important. Clean up your credit. Pay out small bills or credit cards that are not being used. Credit scores are major considerations with banks on motorbike loan applications.
Consider having your partner on the loan as well as this can help to strengthen the loan application and give the lender some comfort knowing there are two incomes covering the loan repayments.
We’re a finance broker, meaning we act on your behalf. Our job is to find a loan that is in your best interests; Meaning we not only need to look at the interest rate you qualify for, but also the lenders loan application fees, ongoing costs and the total repayment over the loan term. We do these comparisons without affecting your credit file and use national buying power which allows us to generally gain lower interest rates than major banks.
We understand what each bank and lender requires from a customer so can help save you time and unnecessary loan applications.
We usually gain an answer the same day (as long as we have the correct information) and loan settlement happens within 24 – 48 hours of approval.
This can help if you are wanting to take delivery of your new bike by the weekend or have spotted a bargain you want to take advantage of.
We offer various types of Business Motorcycle Finance, ranging from Chattel Mortgage which can offer taxation benefits of claiming the business use portion of interest to Finance Leasing where you claim the repayment as a tax deduction.
To find out more on the various types of business loan products available, please contact us on 1300 350 118
If you are researching bikes and haven’t made a decision to buy, we can offer pre-purchase loan approvals.
This means you can shop around for that perfect bike with confidence, knowing the funds will be available when you are.
Motorbikes are lifestyle or ‘want’ items so are assessed differently by banks, than say a car, that is considered a ‘need’ item. For some people getting approved for a motorbike loan can be difficult if there are issues on their credit file. Generally the better your credit rating and score is, the easier it is to gain approval. A higher credit score can offer lower interest rates on your motorbike loan meaning less to repay over the term of the loan.
Whilst most banks and lifestyle lenders prefer borrowers to have a credit score above 600, having a lower credit score doesn’t mean you cannot be approved for a motorbike loan. It does mean you may have a reduced range of lenders to choose from. Other factors such as other loans, such as a car loan or personal loan can have a positive impact on the answer you’ll receive.