Yes. Finance brokers and broker-style lenders can offer a valuable service and significant benefits to individuals seeking a motorbike loan. When the need for a motorbike loan arises, individuals are faced with a number of options in regard to the loan itself and especially in regard to lenders. The Australian lending market is extensive, competition in many sectors strong and that can be a great plus for those seeking the cheapest loan.
But not everyone has the financial knowledge and acumen to differentiate the lenders and what each offers, compare the loans on the market, know what to look for and analyse offers made to them to confidently know which is genuinely the cheapest or the best-suited to their needs.
Added to that, not everyone has the time to cover off on enough banks and lenders to feel that they have done enough to achieve the most suitable and cheapest loan offer. Many also don’t realise that applying for the same loan to multiple lenders in order to find the cheapest motorbike loan can actually have a downside. It can result in a negative effect on the individual’s credit profile.
Even when a number of loan offers and quotes have been obtained, individuals don’t all, if any, have the bargaining power or the skills to negotiate with lenders, especially if that lender is one of Australia’s largest banks.
These are just a few of the key reasons why people engage the services of finance brokers and broker-style lenders such as Jade Bike Loans to source their motorbike loan. We provide a rundown on the services and benefits that motorcycle buyers may receive by opting to use a broker compared with sourcing their loan themselves.
Who is eligible to use finance broker services?
For those that have never considered or used the services of a finance broker before, it may be because they were not aware that they could. While the title can give the impression that this is only for the wealthy or for businesses that is certainly not the reality.
Most finance brokers work with individuals and businesses. Some brokers may have specialty areas or preferred clients, but in general terms, and as especially in regard to Jade Bike Loans, all motorcycle buyers seeking finance are welcome to contact us to discuss their requirements.
Role of the Finance Broker
The role of the finance broker or broker-style lender is essentially to arrange a loan for their customer. The range of services may vary from broker to broker, but with ourselves, that includes handling the entire process. From taking the customer’s brief, to sourcing the cheapest quote, then processing the application and through to assisting with settlement by liaising between our lender and the motorcycle dealer.
Finance brokers are not banks, they source loans for customers from banks, finance companies and other non-bank lenders. In order to achieve this, brokers need to be accredited with banks and lenders. Accreditation is approval by that lender that the broker can work with them in sourcing loans for their customers. The more accreditations that a broker has, the more options available to their customers with the ultimate objective of sourcing the cheapest loan offer on the market.
It is important to differentiate the role from that of a financial advisor or financial consultant. The financial advisor role is essentially to advise individuals on aspects of their personal financial situation. That may include investments, savings, superannuation or general budgeting advice. In the case of taking on finance to purchase a motorbike, individuals may choose to refer to their financial advisor when made a loan offer. The advisor may be in a position to advise if the loan will be suitable in the context of the individual’s personal financial situation and objectives.
Finance brokers do however need to be licensed and in providing consumer finance, adhere to the Responsible Lending Guidelines as set by ASIC. These guidelines are in place as a protection for consumers seeking finance.
Loans Sourced by Finance Brokers
Some brokers will confine their business to specific loan markets such as home loans, motor vehicle finance or other while some will cover a wide range of finance. Jade Bike Loans is structured to specialise in motorcycle loans.
The loans we handle in the motorcycle finance market include both personal loans and business finance if the motorcycle is being acquired for use in a business and by a business entity.
The most popular loan in our portfolio is the Secured Motorcycle Loan. This suits most buyers of new and many used motorbikes.
As with many lenders including banks, finance brokers can have minimum loan amounts that they handle.
Selecting a Finance Broker
Here a few tips for selecting a finance broker or broker-style lender:-
- Ensure they specialise in the loan market you require, in this case motorcycle finance.
- Do you need a broker in your local area? No. Broker style lenders such as Jade Bike Loans operate at a national level. Contact with clients is handled via phone and email which allows us to provide services to customers across Australia, even in extremely remote locations.
- Ensure the finance broker is licensed, preferably a member of the FBAA and abides by ASIC requirements and lender guidelines. This is an assurance for consumers that they will not be offered a loan which is not suitable for them – one of the key points in the guidelines.
- Experience and accreditations is of particular importance. The more choices offered through accreditations, the more lenders will be covered off in seeking the cheapest motorbike loan.
How to Work with a Finance Broker
Working with a broker-style lender such as Jade Bike Loans is an easy and streamlined experience. There is no obligation to proceed when requesting a quote. The first step is to contact us by phone, email or via our online forms. You will be assigned a designated consultant, a fully-trained and experience expert, who will handle your motorcycle loan.
You brief your consultant as to the motorbike you intend to purchase and provide the details necessary for us to source a quote for you. Your consultant proceeds to source and negotiate the cheapest quote from across our 40+ lenders. We come back to you with a quote for your consideration which contains details of fees and charges as required by consumer finance laws.
On acceptance of our loan quote, your consultant proceeds to process your application with the lender to approval stage. We then liaise between the lender and the dealer to finalise the sale.
Benefits Finance Brokers Offer
When working with use, our customers save loads of time compared with contacting multiple lenders for quotes themselves. They also have the advantages of access to many lenders, some of which they may not have known even existed and saving a lot of hassle.
For individually sourced and structured motorcycle finance 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.