Dodge rising fuel prices on two wheels: First Bike Motorbike Loans

Own a car and had enough of rising fuel prices? Cost of living increases are placing pressure on many household budgets as inflation rises, supply chains are disrupted and other global and local issues impact prices. To cut back on fuel expenses, why not consider changing from 4 wheels to 2 and purchasing a motorbike. Taking advantage of the current low interest rates in the lending sector, including on motorbike loans can result in a cheap loan to further offset fuel price increases.

A motorcycle can present a more affordable option to a car in lower fuel consumption and lower maintenance costs. It can also be an extremely convenient mode of transport especially for city-dwellers where traffic and parking can be a nightmare.

If this is your first bike purchase you may not be across all the details of motorbike finance. As specialists in financing motorbikes, we take you through a quick overview of key points for first motorcycle buyers to get up to speed and on their way to achieving cheap first motorbike loans.

Types of Bikes Financed

First the actual bike. At Jade Bike Loans we provide loans for all types of motorbikes. Some of the major types of bikes are standard, cruiser, sports bike, touring, super touring, urban, dirt bikes and adventure. Loans are available for all sizes of bikes so your loan won’t be affected by the cc of your selection.

That covers the major brands including Harley-Davidson, BMW. Kawasaki, Suzuki, Ducati, Triumph, Indian and the rest. If you are new to riding and only just getting your motorcycle rider licence, a LAMS model will be what you’ll be needing. Most major brands will have at least one LAMS model in their range.

Secured Bike Loan

If you have previously taken out finance to purchase a car or boat then you will likely be familiar with a secured loan. The same format loan is available for the purchase of motorbikes. The Secured Motorbike Loan is the most widely-used type of finance for new and many second-hand motorbikes.

The motorcycle is accepted as security against the loan by the lender. The loan is repaid in equal monthly instalments over a set time period aka the loan term.

The Secured Motorbike Loans provided through Jade features:-

  • Fixed interest rate which stays the same for the entire loan term regardless of what rises in the official cash rate are made by the RBA.
  • No deposit loans are available so the full purchase price may be included in the bike loan.
  • Additional payments can be made if desired with minimal break fees applicable if the loan is finalised prior to the conclusion of the fixed loan term.

We may also be able to include extras such as options and accessories in the loan when purchased concurrently with the motorbike. These may include extra saddlebags, upgraded features and even safety gear such as helmet and leathers.

Motorbike Lender Market

Consumers finance to purchase a range of goods including motorbikes is available through quite a few sources including banks and finance companies plus motorbike dealers through the bike brand and finance brokers such as Jade Bike Loans.

This area of the lending market is regulated through ASIC with Licensed Credit Providers required to adhere to the Responsible Lending Guidelines. This will mean some similarities in the approach taken by lenders but does not prevent differences and variations, especially in the interest rate.

While the secured loan format may essentially be the same across the market, the interest rate and possibly some loan terms will vary. This is because each lender will price their loans based on their individual requirements and costs.

To save loan seekers the hassle of contacting and applying to multiple lenders to get the cheapest loan, our consultants handle that process for our customers. We are accredited with a large number of banks and lenders which provides us with immediate, industry-level access to source loans on behalf of our customers.

You simply brief our consultant on your requirements, provide the necessary details and we do all the work from there on. We’ll come back to you with the cheapest loan quote from one of our lenders and on your say-so we proceed to process your application and liaise with motorcycle dealer to finalise settlement.

Comparing Interest Rates

If you’re going to beat the fuel price rises and fuel consumption issues with a motorbike, then you’re going to want a cheap bike loan. There’s no point swapping a car for a bike to save money only to be faced with a high interest rate loan and the resultant higher loan repayments.

As mentioned above, interest rates on motorbike loans do vary across the lender market. This can be seen in our chart which compares the interest rate offered by a number of lenders.

The rate that is advertised by a lender will apply to a new motorbike and for a loan applicant with a good credit profile, unless otherwise stated. To achieve the cheapest interest rate loan offer, applicants can review their credit report prior to applying and reduce their debt levels.

Applying for a Motorbike Loan

Applying for a motorbike loan with Jade Bike Loans is quite a simple process. It can be done online or over the phone. You must be over 18 years of age, that’s the law, and provide details of income, finances, residential status and other information.

Swapping to two wheels could be a great option to save on fuel and other price rises as well as acquiring a great machine for holiday rides.

For a quote for a motorbike loan, contact Jade Bike Loans at 1300 000 003

DISCLAIMER: IN REGARD TO ANY ERRORS OR MISREPRESENTATIONS IN THIS MATERIAL, NO LIABILITY IS ACCEPTED. THE DETAILS, CONTENT AND DATA ARE 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.