Any decision to apply for a loan and take out finance is a major one and should be considered in great detail. But where do you start and who do you turn to for the advice and assistance you need? As specialists in lending we have our role to play in assisting customers achieve their motorbike loan. But individuals may also need advice and assistance in regard to their personal financial situation which is outside the scope of our role.
To assist individuals identify the right information sources to address their motorbike loan requirements, this article outlines the different roles of professionals in the lending space; advise where to find a range of information on consumer finance; and detail what specific services we provide.
Roles in Finance
As a starting point, view the process of securing a motorbike loan as having two aspects: sourcing and arranging the loan itself and the personal financial situation of the applicant. Advice and assistance is available for both these aspects but through different sources.
Jade Bike Loans is a finance broker style of lender. As a broker, our role is to source the cheapest loan offer that best meets the requirements of our customer. As a Licensed Credit Provider, we are bound by law to follow the Responsible Lending Guidelines. The most important aspect of these is that lenders are not to offer loans which are deemed unsuitable for the loan applicant.
The other aspect of taking on a loan is the individual’s personal financial situation. You may note that in our content we regularly advise customers to seek independent financial advice if they feel they need it.
It is not the role of a broker to advise individuals on their personal finance situation. That is the role of the financial advisor. Financial advisor is quite a broad term and can refer to a number of different professions. Some people have a financial advisor for their investments and superannuation. Some may consider their accountant or tax agent as their financial advisor.
Financial advisors tend to have more in-depth knowledge of an individual’s financial situation and as such are usually well-placed to advise on matters that impact that person’s finances. These may include assistance with preparing a budget to see what you may be able to afford in loan repayments and ways to improve your financial situation.
For those that don’t have an accountant or financial advisor per se, they may choose to discuss decisions about proceeding with say a motorbike loan, with a trusted and respected family member or contact.
Sources of Information
In regard to information around lending, we post blogs to explain many aspects of the motorbike loan situation and especially the interest rate scenario so our customers can easily access information to add to their knowledge bank. Our articles cover a range of subjects and aim to clarify and expand on topics and details we have mentioned in our web pages. Many lenders also publish a range of information in the resources sections of their websites.
It can also be helpful to read FAQs as these sections often elaborate on key points.
For specific information around consumer lending and what you can expect from advisors and others, referring to official Government websites may be helpful. ASIC and MoneySmart are both very comprehensive sites and cover a range of topics around consumer finance.
In regard to consumer laws with buying, some laws cover all of Australia and some will be state/territory based. If you have concerns about your consumer rights, refer to the consumer rights department for your jurisdiction.
Assistance with Loan Application
When it’s time to apply for a motorbike loan, buyers can choose to complete an application form and submit it themselves to a bank or finance company or engage the services of a finance broker like Jade Bike Loans to assist them.
In our role as your lender, your Jade consultant will provide extensive assistance with the application and in sourcing and negotiating your loan.
There is a key step that applicants can do prior to applying and that is to check their credit profile. Assessing a credit profile is an important part of the loan approvals process. The better the credit rating or score, the better the interest rate offered as a general rule.
Individuals can access information on how to get a free copy of their credit report at MoneySmart. Don’t be tricked into paying a company to get a copy of your credit report. Under the law, individuals are entitled to a number of free credit reports each year.
Assistance with Lender Negotiations and Settlement
Jade Bike Loans provides a comprehensive range of services which save you time and hassle. We source the cheapest quote; handle those tricky negotiations with lenders to secure the best interest rate and loan conditions; process the loan application; and we even assist with settlement. We liaise between our lender and your motorbike seller to finance the entire process.
For more information or to request a bike loan quote, 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.
