Preparing to buy a motorbike in a sale or a new model release can involve securing finance to confirm the amount the buyer is approved to borrow and repayments. With the financing confirmed before approaching a purchase, buyers know how much they can borrow and therefore how much they can spend on a machine. Key information to guide buyers to their ideal and most affordable machine.
Buyers can easily get caught up in the excitement and hype generated at sale time. Signage advertising huge discounts and special deals can be very enticing. But a motorcycle is a major purchase. Buyers need to keep a level head and consider all aspects of the machine, the deal and their financing.
- Despite the discount, is this the right machine for you?
- Even after the discount, does the purchase price represent affordable loan payments?
- Is now the right time for you to buy a motorbike?
With many EOFY sales already starting to appear across consumer goods sectors, if you’re in the market to buy a motorbike, now is the time to prepare and plan, starting with your motorcycle loan.
Preparing to Buy a Motorbike with Finance
The way to be fully prepared to purchase is to have your finance arranged and confirmed first. This may sound like the opposite way to approach a purchase, but it can be a very astute approach. Whether wanting to take advantage of a sale event or being first to ride away on the latest model, having the financing locked in with a pre-approved loan before looking at machines, can provide significant benefits.
You may be eyeing off a specific model or possibly a great discount. But can you afford the purchase price? More significantly, will you be approved to borrow the amount you need to buy it? You may have a figure in mind of what you would like to borrow to buy the machine. But it is up to lenders to determine your borrowing capacity or loan limit. Lenders assess individual financials in determining the borrowing limit.
Knowing how much they are approved to borrow allows buyers to confidently consider machines within their borrowing limit. This can assist in narrowing down the search and possibly saving time finding the ideally priced machine. Knowing their limit, buyers can also be quick to say yes and capture those limited offers and first release models.
Pre-approved loans are simply loans that are approved before, or pre, purchase of the goods. That may even be before the machine has been selected. Buyers can apply for financing at any time. The same application approval criteria, interest rates, loan features and other details are applicable regardless of when the application is made.
How long does the process take? Will pre-approval hold up your buying plans? Not with Jade. We can provide many applicants with approval of their loan application within 24 hours.
What information will a pre-approved loan provide you? Conditional loan approval, approval before the final purchase, provides buyers with their borrowing limit and loan payment estimates based on an estimate of their loan. The amount you can borrow will be based on your financial position and the loan-to-value ratio of the machine. Good credit applicants may be approved to borrow a higher amount of the purchase price, such as no deposit finance.
The interest rate on conditionally approved Secured Bike Loans is based on the rate current at the time of application. The offer made with pre-approval is valid for a set time, possibly 30 days. If not used it expires.
The specifics of the loan are finalised when the buyer has the deal done on the machine and the exact purchase price and loan is required is known.
Buyers can also use our Finance Calculator to plan their financing. Purchase prices can quickly be converted to loan repayment estimates. This is a great way to see how advertised interest rates and bike prices actually relate to loan repayment estimates. When using the calculator, deduct any deposit you have saved from the purchase price and use that figure as the loan total.
Tips to Buy a Motorbike at Sales Events
Securing a pre-approved loan places buyers in an ideal position at sale time. But they should check any deals closely. Ensure it is a genuine discount or deal and that it represents true value for you, at this time. Even though the price may be reduced, is it the right machine for you and is the price in your affordability zone.
Currently, buyers can take advantage of sales events that have already been launched. KTM have a sale event running with savings across a range of models. Only for a limited time, so you’ll need to be quick and/or check with your dealer on availability and timing.
Keep an eye out for more sales as the end of financial year approaches.
The same preparation and pre-approved finance can be useful when a new model is launched. Buyers can be quick to capture the first units. Keep an eye out for new models such as the latest from CFMOTO, the 800MT-ES, which you should see in dealerships later in May. Use the estimated pricing of $18,500 when estimating loan payments with the Finance Calculator.
To be prepared to buy a motorbike at EOFY sales, contact Jade Bike Loans on 1300 000 003 for a pre-approved loan.
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.
