To compare motorbike finance rates after the RBA rate hold, buyers may use an online loan calculator and a broker to source the best rate for their profile. Buyers planning to buy a new machine with finance and other variable loan holders sighed with relief after the Reserve Bank (RBA) June cash rate decision. The decision to keep the cash rate steady and, as a result, the rate on most loan products, on hold was widely welcomed following three consecutive rate increases.
But even though the cash rate remains steady, in the consumer credit market, including motorcycle loans, there are still variations across the market. Buyers may find different rates on similar credit products from different lenders as lenders do set their own rates. Different rates can also apply to different types of credit products.
While it was a reprieve that the RBA did not announce a further rate rise, buyers may still need to do some work, or at least be diligent, to find their best motorcycle loan rate. With the online tools available and access to expert motorbike loan brokers, that ‘work’ does not need to be tiresome or time consuming.
Motorbike Finance Rates Scenario
While borrowers are not offered the cash rate for loans such as for motorbikes, lenders do use the cash rate as a basis for setting their own rates. To get an understanding of the current rate scenario and what could be ahead, staying across the RBA’s decisions can be a start.
At its June meeting the board of the RBA made the decision to keep the official cash rate on hold at 4.35%. Key reasons for the RBA’s decision were the ongoing high rate of inflation and uncertainties in the Middle East.
In response to the RBA decisions, most lenders will also hold their lending rates steady. Buyers who think they may do better by holding off their purchase until rates are cut, may get direction from what analysts and economists are saying.
According to reports, there doesn’t appear to be universal agreement with economists as to what is ahead for interest rates. Some think we could see another rate increase from the RBA this year, while others see rate cuts as the RBA’s next move, but possibly not until 2027.
RBA Governor Michele Bullock said that if the rate of inflation does not react as the Board expects, then they might ‘have more to do’. That could mean another increase, the next decision will be on 11 August.
In this somewhat confused outlook, buyers may need to simply find their best possible loan rate when they want to make their purchase.
Compare Motorbike Finance Rates
With rates varying across the market, buyers can use our Motorcycle Finance Calculator to make comparisons rather than making multiple applications to compare. Multiple applications pose the risk of damaging the credit score.
Using the calculator is a quick and easy way to see the monthly repayment estimate and total interest based on different rates. Gather advertised rates from lender websites to use to compare with our best rates.
Leave the loan amount and term the same, while entering different rates and noting the different repayment results. You may or may not be offered the best rate advertised, but the calculator provides and easy way to see how different rates compare in terms of payments on your loan.
Considering Loan Features and Options
The calculator is great to use as a guide but may not reveal which lender and which credit product is your best option. In addition to comparing the rate being offered, buyers should also look at all features of the credit product.
Is it a secured or an unsecured loan? With our Secured Motorbike Loan the machine is used as collateral and fixed rates apply. Unsecured loans have higher rates which may be variable and as such, subject to change.
Does the credit product have a loan limit that suits the amount you want to borrow? Some lenders offer a generic personal loan for motorbikes which may have a maximum loan amount and may have a variable rate.
Do the terms offered deliver a monthly repayment that suit your budget? The terms along with the loan amount and the rate determine the payments, if the term offered is short, the payments will be larger than with a longer term.
Do you have the option of making extra payments and owning your machine earlier? This can be an attractive option and is included with our loans.
Are there any special terms and conditions that you don’t meet or don’t suit you? Check the details to ensure you are eligible.
Finding the Cheapest Motorbike Finance Rates
Finding the right credit product from the right lender can be key to getting the best possible interest rate. Lenders have varying criteria with making rate offers and different credit products can suit different buyers.
That is where we can help you. We have connections with a large lender base, we know the criteria used by lenders to approve applications, and we’re across the credit products on the market. Our brokers quickly match buyers with the right lender and loan and negotiate on the lowest rate.
To easily compare motorbike finance rates and secure your best possible offer, contact Jade Bike Loans on 1300 000 003.
DISCLAIMER: IN REGARD TO ANY ERRORS OR MISREPRESENTATIONS IN THIS MATERIAL, NO LIABILITY IS ACCEPTED. THE DETAILS, CONTENT AND DATA IS PRESENTED PURELY FOR GENERAL INFORMATIONAL PURPOSES FOR MOTORBIKE BUYERS AND THOSE SEEKING MOTORCYCLE LOANS. THIS IS NOT INTENDED AS THE SOLE SOURCE OF INFORMATION FOR FINANCIAL DECISIONS. IF SPECIFIC ADVICE IS REQUIRED AROUND FINANCIAL DECISIONS, READERS SHOULD SEEK THEIR OWN FINANCIAL ADVISOR.
