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Not sure if you’ll qualify for a bike loan?

One of the biggest issues that can hold people back from pursuing their dreams is doubt. In the case of purchasing that motorcycle, the doubt may be around whether or not you will be eligible for, that is meet the criteria, to be given a bike loan. If that’s what you’re thinking, you’re certainly not alone. At Jade Bike Loans we have the experience and the expertise to assist a wide range of people secure a bike loan, at better interest rates.

To ease any doubts you may have around motorbike loans, we’re covering off on a number of the most popular queries, FAQs and doubts.

General Info

  • Bikes can be finance either by private buyers under consumer finance, (personal loans) or by a business owner through a range of business finance products.
  • The loans for private buyers and business buyers differ.
  • The interest rate for business finance is lower than personal bike loans.
  • Both new and used motorbikes can be purchased with loans.
  • Every loan application received by Jade Bike Loans is addressed on an individual basis. So your specific requirements and any special aspects around your application will be treated specifically.
  • Individual lenders have their own specs and criteria in assessing risk and these vary from lender to lender.
  • Bike loans are available through banks, finance companies and broker lenders such as Jade.
  • Banks and most finance companies have strict loan requirements and not usually in a position to vary those guidelines.
  • Jade is accredited with many banks and finance companies plus non-bank lenders which can be more flexible. We have the capability to assess a large part of the bike loan market quickly and easily to source the best loan deal that meets your application requirements.
  • Many loans can be offered on 100% of the purchase price, that is no deposit finance.
  • Applying for multiple loans yourself, as in applying to several different finance companies, can impact negatively on your credit profile and create issues around getting good finance offers.
  • By using a broker to assess many offers circumvents issues around that process having a negative impact on your profile.
  • Personal loans must be offered in accordance with consumer credit laws.
  • Persons must be at least 18 years of age to take on a finance contract.
  • There is no obligation to proceed with a loan when you request a quote or by using our motorcycle finance calculator. So giving us a call for a quick quote and to assess your options is not a problem.
  • If you or the bike you are purchasing do not meet the criteria for a Secured Bike Loan you may consider an Unsecured Personal Loan.
  • If your application is rejected based on the lender’s assessment of your ability to repay the loan based on the loan amount and your current income, consider purchasing a less expensive bike or paying a larger deposit to the seller to reduce the loan amount requested.
  • Pre-approved loans are available so you can go through the loan application process with Jade and know exactly what your repayments will be ahead of time. There is no obligation to proceed when you simply apply for a loan.
  • Jade’s role as your broker involves sourcing you a bike loan. If you require general financial advice, we recommend you speaking with a financial advisor or your accountant.

Going Guarantor

Where an applicant is under 18, a family member or guardian may be in a position to ‘go guarantor’ for the loan. While this may be seen as a great option for the person buying the bike, the person going guarantor should be clear on what is involved in the process including the risks.

  • The guarantor is responsible to repay the loan if the borrower cannot make the payments or defaults on the loan.
  • The guarantor is advised to approach the process in the same manner that they would if applying for a loan themselves.
  • Being guarantor on a loan must be listed on any loan applications that the person applies for themselves. Depending on individual circumstances, this may cause issues around being offered their own finance.
  • The guarantor may have to offer security by way of property or assets against the loan.
  • If there are issues around a loan, the scenario may damage any personal relationships.

Further information on going guarantor can be found at https://moneysmart.gov.au/loans/going-guarantor-on-a-loan

Loans for New Businesses

If you’ve just set up a new business and would like a business loan for a bike, Jade Bike Loans offers a number of options.

New businesses may not have all the financial documentation that is required by the bank and many finance companies. For this type of applicant, we offer the possibility of No Docs and Low Docs loans.

Low Docs Bike Loans are available for business buyers only and you must have a current ABN. The more financial records, even basic accounts, that you can provide will improve your chances of being offered a loan and the chances of us achieving a lower interest rate on the loan.

Lenders may require the business owner to provide a personal guarantee against the business loan. This is a similar scenario to the information we noted above in regard to going guarantor. If you’re business can’t make the repayments, you as the business owner will likely be required to repay the loan.

Ways Forward

If you have any doubts around IF you would qualify for a loan, the easiest way to find out is to give us a call. You will be assigned your own Jade Bike Loans consultant who will go through all the options available for you.

To discuss your bike loan options, contact Jade Bike Loans 1300 000 003

DISCLAIMER: THIS ARTICLE INCLUDES SPECS, DETAILS, DATA, POLICIES AND MATERIAL WHICH HAS IN THE MOST PART, BEEN SOURCED FROM THIRD PARTY SOURCES. NO LIABILITY IS ACCEPTED FOR ANY MISINTERPRETATION OF THAT MATERIAL OR ERRORS IN PRESENTATION. THE ARTICLE IS PROVIDED AS GENERAL INFORMATION FOR READERS AND IS NOT PROVIDED WITH ANY INTENTION THAT IT BE USED AS THE ONLY SOURCE FOR MAKING FINANCIAL DECISIONS. IT IS NOT OFFERED AS FINANCIAL ADVICE AND IS NO WAY INTENDED AS SUCH. THOSE THAT REQUIRE ADVICE AROUND THEIR INDIVIDUAL FINANCIAL SITUATION SHOULD SEEK CONSULTATION WITH A FINANCIAL ADVISOR.

 

 

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