Most buyers will purchase a new or second-hand motorbike from a dealer or through private sellers. But auctions can also present great opportunities to buy use, vintage and special collector-style machines. To be prepared to buy a motorcycle at an auction buyers can arrange pre-approved motorbike loans without compromising on cheap interest rates or loan conditions. A pre-approved loan allows the buyer to be in a position to bid with confidence and to settle on the fall of the hammer.
So where can you find motorcycle auctions and how can potential buyers apply for a pre-approved motorbike loan? For enthusiasts looking for special and rare bikes we provide information on how to source upcoming auctions. For prospective bidders we provide details on how to apply for a pre-approved motorcycle loan and achieve a better interest rate.
Motorcycle Auctions
Motorcycles can be found for sale through both dedicated auction events and in auctions for motor vehicles and motorbikes. A recent auction was for the contents of the Binalong Motor Museum which was run on 3 July due to the closure of the museum.
While the auction is now concluded some of the rare motorbikes which were on sale included an extremely rate Harley-Davidson 1972 model XR 750, a 2004 Agusta F4 750S and a Ducati Desmosedici 2008 model.
Well-known auction house, Pickles Auctions is running a National Motorcycle Auction this week - so you’ll need to be quick to get your finance and start bidding.
To find upcoming auctions, Auction Finder is a general resource.
Auctions these days usually have in-person, telephone and online bidding so buyers from all areas can participate.
Buying at Auction
In line with what is happening in many sectors, most auction houses now operate online and some will livestream the event.
If planning to attend in person for an on-site auction or to bid online, here are a few points to consider:-
- Whether it is an on-site or a combo of on-site and online, auction houses will display the lots online or in the catalogue prior to the date.
- Buyers can review and earmark the bikes that they are interested in.
- Especially with vintage and collectible machines, if you intend to ride the motorbike, check that it can be registered in your state or territory.
- Prior to placing a bid, bidders will need to register with the auction house.
- Review the terms and conditions for the individual auction house at their website.
- Follow the instructions for placing online bids and especially note the deadline and closing times.
- Many very keen bidders will wait until the last few minutes when there can be quite a flurry of action. So if you’re bidding online and especially keen to secure a particular lot – don’t get distracted or log off as you may miss out.
- The auction house will charge a fee on top of the sale price. Ensure you have reviewed the fee structure and allowed for the relevant costs in your motorcycle loan.
- Be aware of the conditions around payment on the fall of the hammer and be ready with your finance sorted.
- Be across the conditions in regard to removing/collecting the goods from the auction house. If you are unable to physically collect the motorbike yourself, discuss the options with the auction house. They may have recommendations for a suitable transporter. This will also attract a fee. Speak with your Jade Bike Loans consultant about including that cost in your overall motorbike loan total.
Loans for Auction Buys
Goods purchased at auctions are predominantly used or second-hand. Though there are instances of brand new stock being offered at auction but it is far more common to find rare, vintage and classic motorcycle models coming up for auction.
Loan options for motorcycles purchased at auction are our Secured Motorbike Loan and Unsecured Personal Loan. While the secured loan is the most widely used where the lender does not accept the bike as security against the loan, buyers can consider an unsecured personal loan.
Once you have ear-marked the motorcycles you are interested in prior to the auction, you can discuss the loan choice and suitability of security with our consultants.
Arranging a Pre-approved Motorcycle Loan
Pre-approved finance is really a must-have for those planning to buy at auction. It provides that confidence of knowing your bidding limit and the assurance that you are in a position to settle if you are the successful bidder.
Arranging a pre-approved loan follows the same steps and processes as applying for a loan after the goods have been effectively ‘purchased’ or at least committed to. The one key difference is around the exact loan amount. When a motorbike sale is committed to with say a dealer and then finance is sought, the invoice from the dealer will detail the specific amount of the purchase. In many cases, this sale price amount will determine the loan amount less any deposit that the buyer opts to pay.
With a pre-approved loan and especially in an auction situation it is unlikely that the exact loan amount will be known. Buyers often would not know exactly the price they will be paying and hence the amount of the loan required. But most will have a budget or target figure in mind. For the purpose of arranging a pre-approved loan, an estimate of the loan total can be used.
It can be advisable to over-estimate your loan estimate to allow for bidding over your expectations and to account for auction house fees and charges and any transport costs which may be incurred. Also keep in mind the timing in regard to interest rates. The RBA is moving on rates in upcoming months and that can result in motorbike finance lenders increasing their rates.
If you are using our calculator to assess loan repayments at the current interest rate and the auction is some time away, be aware the rates may change over time.
Auctions are a great place to secure rare and exciting motorcycles and Jade Bike Loans can assist buyers be prepared to purchase with pre-approved motorcycle finance.
To be prepared to buy at auction contact Jade Bike Loans on 1300 000 003 for a pre-approved motorcycle loan.
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.
