Bike Loans and Bike Finance

When it is time to purchase a new bike, the next question can be how you are going arrange bike finance and which bike loans package to take, rather than which bike you are going to buy.

Bike Loans & Bike Finance Calculators

When it is time to purchase a new bike, the next question should be how you are going arrange bike finance rather than which bike you are going to buy. Often the loan arrangements are investigated after

Arranging bike loans is a very important process, as you want to choose motorcycle finance most suitable to you. There can be many things to check including:

		Interest rates.
		Fees and charges.
		Break fees if you paid it out earlier.
		Can you pay extra payments of your finance and how does that effect the ongoing repayments?
		Time it will take to approve and settle your finance.
		Does the lender suit your criteria to approve the bike finance?
		Do you suit their criteria to even get approved?
		Is the bike acceptable to the lender as some can fall outside their guidelines as acceptable security?

Secured Bike Finance or Personal Loans

When arranging your loan you can choose secured bike finance or a personal unsecured loan.

Personal loans normally attracted a much higher interest rate. Secured loans come with cheaper interest rates but will require that you settle the loan if you sell your motor vehicle and normally requires full comprehensive insurance at all times until you repay the loan.

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Package Your Bike Finance

Their may be extra items you want with your bike. Perhaps new mag wheels or your first years comprehensive bike insurance. You can ask to have these considered in your finance application to be included in your bike financing package. Some items you may want included with your loan:

		On-road costs and taxes.
		Bike Insurance.
		Motor vehicle mechanical breakdown warranties.
		Loan protection for death, disability and unemployment.
		The loan balance on your trade in so you can get cash back in your hand up to what your trade in is worth.
		Additional bike accessories (normally only if you purchase through a bike dealership).

Having these added to your loan would still be subject to the lender approving you and can only be financed over same term of the finance contract.

Used Bike Finance

Older bikes can be ok. It does depend on which lender you used as some penalise the application for older bikes. Once the bike gets to 7 years or older some lenders will reduce the term or not even accept the goods (for secured bike loans). If you are unsure then it does pay to check first or use a good finance broker that is a specialist in vehicle financing.

Bike Finance Terms

The maximum term of the loan for motorbike finance is normally five (5) years. A small number of lenders do extend this term to seven years though they are few . You may find that if you are looking to finance a older bike the lender may approve only on a smaller term. This mainly applies to bikes over seven (7) years old.

Bike Insurance

Secured bike finance normally requires comprehensive motor insurance as a requirement of the loan. You can ask to have the first year of insurance included in your finance package. Be aware though that this amount will be paid off over the same term length as the loan and you will have to pay interest on the extra amount you are financing.

Other Bike Loan Options:

		Deferred payment structures so you first payment starts at a later date. A standard bike loan has the first payment required after a month from settlement .
		Interest only payment options including balloon payments. Have a amount of money paid all at the end of the loan. Warning though, you will pay more interest. You can refinance the balloon when it comes due, pay it out if you are financial enough or trade and upgrade your bike and have the balloon amount taken off the value of the trade in.
		Structured bike loan repayments to suit your life style or your work cash flow.

Used Imported Motor Finance

There are automotive finance options available for imported bikes. Some lenders do not lend against imported bikes or have very strict criteria. A unsecured personal loan can sometimes be an easy alternative.

Commercial Bike finance

Options are available on commercial bike finance that could be suitable for business use. Some loan products that relate to business bike finance, Chattel Mortgage Finance.

Bike Loans Interest Rates

Where do you get the best bike loans interest rates and finance package from ? Direct from a bank, a finance company or using a bike loan broker ? Going to your bank or back to your finance company may seem the likely choice, it may not always be the best loan.

Banks and bike finance company interest rates can be very different. Often they price their auto finance very differently. Their preference of goods to lend for can change their margin or interest rate. For example some price on the strength of the application while others might price on the age of the goods. Be sure to compare your banks and lenders for each loan.

Alternatively you can use a good bike finance broker who deals in motor loans every day and can do the running around for you.

Bike Loan Broker

Dealing through a reputable bike loan broker can give you a choice of loan companies and banks. It is important to know that you may get bike finance interest rates and loan fees and charges cheaper than banks.

A good finance broker can do the hard work comparing the banks and lenders. They can assist to ensure you have a hassle free bike purchase. They should also be able to assist with :

		Encumbrance checks to ensure that there are not any outstanding loans from the prior owner left against the bike.
		Title check or confirming the ownership of the bike you are purchasing.
		Clear transfer to seller of the amount financed on the bike purchase.

Always check the credentials of the bike finance broker . How long have they been in operation. Are they well known? They should have many banks and lenders they are accredited through and shouldn't charge additional fees and save on your finance package.

The Calculator is available to bike yards Australia wide. Contact us for your own customized bike finance calculator

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