With so much available online, instantly, buyers requiring credit may be wondering why they should bother using a motorcycle finance broker to source their loan? Won’t it be faster just to submit details with a few clicks and get a loan? Doesn’t make more sense to do purchase and credit at the same time with the dealer? Aren’t brokers just for the elite and for high-priced purchases?
A: We do provide fast online application services, we source the lowest rates from across many lenders, we can save buyers time and no, our services are not exclusive to any particular buyer profile. That’s a nutshell response to some of the general queries that buyers may have about using our broker services. In this piece, we go into more detail and specifics on the why and how, focussing on how buyers can benefit from using a broker to source their credit.
Variations with Motorcycle Finance Lenders
One of the biggest advantages of using a broker to source financing is to find the right lender in Australia’s large consumer lending market. This market includes banks, finance companies, other non-bank lenders, manufacturers and dealers and brokers.
Buyers should be aware that there are Consumer Credit Laws as regulated through ASIC and which determine what information lenders are required to source from applicants and guidelines to making offers. But beyond that, there are many differences and variations with what offers an applicant may receive.
There are differences in how lenders assess applications for approval – their criteria. This can be based on the credit profile of the applicant, the amount they will lend and the rates and conditions they offer. While most banks and lenders will offer a secured credit motorbike financing, the specifics of the products can have variations including with rates, terms and with fees and charges. There are also differences in the interest rates that lenders set as their advertised rate, the Comparison Rate and what an applicant may be offered.
As a highly experienced, expert motorcycle finance broker, Jade Bike Loans source the right lender and the lowest rates from across their large lender selection. We’re different from a comparison website which typically provide buyers with a list of lenders and their current rates for the buyer to follow-up and contact themselves.
We have direct, industry-level connections with over 80 lenders and our brokers do that contact and that follow-up to present customers with the best quote at the best rate from the right lender that specifically matches their profile and requirements.
Fast, Online Applications
As with most industries, the lending sector has wide-ranging technology services for customers to access online. We offer online services to empower customers to request quotes online, calculate estimates online and to apply online. And we respond promptly!
As your broker, our role is to work in your best interests and that includes delivering fast quotes and getting applications approved quickly.
Getting the Best Interest Rate with Motorcycle Finance Broker
As discussed above, interest rates on consumer loans do vary across the market. The Reserve Bank sets a cash rate, but lenders then factor in their costs and analysis of different lending areas when setting their specific rates. Rates may vary for motorbike loans compared with say a boat or car loan.
In the consumer sector, lenders are required to display an advertised rate and a Motorcycle Loan Comparison Rates. The latter being the rate based on the specific example cited and including some but not necessarily all fees and charges.
When individuals apply to a lender directly, they rarely have bargaining power to negotiate a rate down. We do and we use it to source the best rates for each customer.
Time Saving Not Time Consuming
When considering all the variations across the market as described, the scope and size of the task for buyers to find the right lender and the best offer should become clear. It can be time-consuming and for those not completely familiar with financial terminology, confusing. This brings us to dealer finance.
For some buyers, the idea of getting bike and credit at the one place, at the same time appears sensible and time saving. But consideration should be given to the details, especially the rates and conditions of any offer. Many motorbike dealers, and some manufacturers, will offer credit services through a third party lender. Is this the best offer you could source?
Using our services does not add time to arranging credit, we actually save customers time. How? Because with one call or online contact, we proceed to get the best quote from over 80 lenders. Many applications can also be approved in 24 hours.
How to Work with a Motorcycle Finance Broker
So how does it work? Working with Jade Bike Loans is streamlined and easy. Simply connect with a call or online request and we’ll be onto sourcing your quote and processing your application. Your broker is your own point of contact for streamlined communication. We assist with the paperwork and to get you riding out of the showroom even faster, we liaise between the dealer and lender to finalise settlement.
To realise the benefits and advantages of using a motorcycle finance broker to source the best rates and for quick approvals, connect with Jade Bike Loans on 1300 000 003 or online.
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.