Australia’s Best Bike Loans
Riding a motorcycle can be one of lifes little thrills. The fun. The power. The ease of parking. When selecting a new bike, you have got a lot to consider. When financing your bike, it should be a relatively easy process. But some Banks put speed humps in the way.
So, where can you get the best Motorcycle Loan from? What’s the process and when can you pick up your new bike?
A LoanBay Lending Specialist can help make the process super easy for you. We have access to 22 lenders and over 50 different Motorcycle Loans. Depending on what you are looking for, we can recommend the loan to best suit your needs.
What is A Motorcycle Loan?
A Motorcycle Loan is a personal loan where the purpose is to purchase a motorcycle. There are different types of Motorbike Loans and finding the best one will save you money.
What Are The Differences Between Motorbike Loans?
The two main types of Motorbike Loans are secured and unsecured.
A secured loan lets the Bank take your bike as security in case you don’t pay the loan back. You will usually get a cheaper interest rate for a secured Motorbike Loan.
An unsecured loan does not permit the Bank to take your bike if you do not repay your loan and the interest rate is normally higher.
How Much Can I Borrow?
Your borrowing capacity will depend on several variables. These include your income, existing debts, rent or mortgage payments and other living expenses. There are other factors that are taken into consideration when applying for a Motorcycle Loan but these are the main ones.
What Is The Interest Rate?
The interest rate on your Motorcycle loan will vary between Banks. It may also depend on your situation and whether you go for a secured or unsecured loan.
Can I Fix The Interest Rate?
Most Banks give you the option of fixing your interest rate. This means the agreed rate will not change for the term of the loan. A fixed rate loan gives you some certainty that your repayments won’t change over time.
Can I Pay Out My Motorcycle Loan Early?
Some Banks will charge you an Early Termination Fee if you want to pay out your loan early. Others don’t. When you speak with a LoanBay Lending Specialist we will go through your situation and prioritise your needs. Then you can decide which Motorcycle Loan you want based on their features and benefits.
What Is Involved in The Application Process?
The application process is very easy. You will need to be 18 years or older, permanent resident or Australian Citizen and have a reliable, regular income.
Call a LoanBay Lending Specialist on 1300 11 70 30 to discuss what you want to buy and your circumstance. We will get a very quick idea of the Motorcycle Loans that are available to you and which Bank offers them. We will take a quick application over the phone. We will ask you to sign a privacy statement that allows us to submit your application. You will be in control the whole way and tell us which loan you would like to apply for.
Why Would I Apply Through LoanBay?
We have access to some Motorcycle Loans that are not advertised on the open market. As finance brokers, we work in the finance industry every day. We know who is offering the best deals and we know their policies. We make sure the loan is affordable and that you are likely to get the loan if we apply. This prevents adding many loan inquiries on your credit report and improves your credit-worthiness for future loans. This is very important.
Should I Get My Finance Before Looking For A New Bike?
Yes, it is always a good idea to know how much you can borrow before you go shopping. Being armed with the facts and figures also puts you in a better negotiation position to crunch the bike price down.
Call us on 1300 11 70 30 before you go shopping.
What Is My Credit Report?
Every time you apply for any credit, an inquiry is added to your credit report. Your credit report shows everything you have applied for in 7 years but does not show whether a Bank has approved the loan or not. If you apply for multiple Motorcycle Loans from different Banks and your credit report is full of inquiries, it’s not good. It is wise to work with us and let us find you the best loan and then apply for it.
What Is The Next Step?
We need to speak on the phone to discuss what bike you want and how much you need to borrow. We will take an application over the phone and guide you through the process of securing the Motorcycle Loan that best suits your needs. Out process is easy, stress-free and we will help you find the absolute best deal available.
We love being able to help customers get the best deal but there is something equally important to us. We love giving the best customer service in the industry. We will be honest, upfront and communicate with you every step of the way.
Call us on 1300 11 70 30 to talk about securing you a great Motorcycle Loan.