Buying your first motorbike is one of life’s milestones. For many bike fans, a first bike is often kept forever as a great memory. But if you’re new to the bike scene, it can be confusing. Everyone wants to give you their 10c worth – even if you don’t ask for their advice!
But you’ve come to us, so we’ll share a few of the tips we’ve collected over years of sourcing great bike loans for our customers.
Get Your Motor Bike Licence
- Bike first or licence first? You need a bike to learn but you need a licence to ride?
- First, check your state roads and motor department for your state’s motorbike licencing regulations. Most offer a learner’s permit then a graduated system to a full unrestricted licence.
- Ensure you know what type and size of bikes you are permitted to ride under which licence category.
Learn to Ride
Safety is paramount when it comes to riding a motorbike. It’s not just about you but about your relationship to the other drivers around you.
- There are many professional motorbike riding training schools so enrol in a course and learn the basics from people that really know what they’re doing.
Buy a Quality Helmet
- Your mother is right on this one – you need a good quality helmet and other protective gear.
- Allow money in your budget to purchase the right gear and it will last you years.
- Speak with your Jade Bike Loans Finance consultant about including an allowance for the safety gear in your bike loan.
- Choose your helmet, gloves, pants, jacket and boots and any additional heavy duty gear you feel you might need.
Know Your Limits
- Different licence categories permit riding different sized bikes. This may vary from state to state – ensure you know the size of the bike you will be allowed to ride for your licence category.
- You will need a degree of physical strength to ride a bike, especially a large bike. So make sure you don’t punch above your weight.
- Weigh all this up to decide what size horsepower and body size of bike you will be looking for.
Use and Riding Style
- There are around several different categories of motor cycles including sports bikes, cruisers, tourers, dirt and off-road bikes and general road bikes.
- Decide where you are going to ride predominantly, how you will use your bike and decide which category is best for you.
- For most riders, your first bike is exactly that. Remember, you can trade up to your next bike when you are more proficient, when you can afford it or just because you want to. So make a sensible decision that considers your riding capabilities, what type of roads you will be riding on and how you will be using your bike – general transport, delivery work, recreation etc.
Sort Your Finances
- Most people will need to borrow money, ie source a loan, to buy their first bike. Interest rates for motorbikes are currently at historic low rates which is great if you want a bike loan but not so great if you’re saving to buy a bike. Your savings are earning less interest so it’s going to take longer to reach your target. But calculating bike loan repayments they may be less than when interest rates are higher.
- At Jade Bike Loans, we offer pre-approved bike loans which is a great strategic move for anyone buying a bike. Essentially it is as it states – you apply and have your bike loan approved before you actually confirm your purchase.
- Pre-approved finance gives you the confidence to proceed, with the knowledge that you know your budget and if negotiating with a seller, being able to finalise the purchase faster can be a useful bargaining chip.
Source a Cheap Bike Loan
- Just contact us and your Jade Bike Loans consultant will source you a cheap bike loan.
- We have access to many banks and lenders and more choice means better options for you.
The Purchase Decision
- With all the prep done, now comes the fun part – browsing, inspecting, test-riding and making that all important purchase decision.
- If buying online, make sure you follow good online buying practices.
- If buying a used bike, always check the VIN, or ask your Jade Bike Loans consultant to assist with REVs and other checks.
- Check warranties and guarantees and any ‘as is’ conditions of the sale.
- If in doubt, engage a motor mechanic to give it a check.
- If buying new – there are many great bike dealers and great manufacturers to select from.
Finalise the Deal
- Once you’ve chosen your bike, it’s time to finalise your finance and close the deal.
- Contact your Jade Bike Loans consultant with the details of the bike and they will assist you with the paperwork to finalise the purchase.
- Insurance – very important! There are many insurers that offer motorbike insurance and your Jade Bike Loans consultant can assist with that aspect also.
- Once you’ve taken possession, don’t forget to change the rego if buying a used bike.
And – ride safely!
If you’re ready to buy your first motorbike, call Jade Bike Loans at 1300 000 003 and have an initial discussion with one of our consultants.
