FAQ

Motorbike finance may be with a secured type of loan or an unsecured loan. Where the lender accepts the motorbike as suitable loan collateral, a secured format loan may be selected. Where the machine is not considered suitable collateral, buyers may consider an unsecured personal loan.

Some applicants may be approved to borrow the full price of a motorbike. This is known as no deposit finance. Approval is subject to the lender’s assessment of the individual application.

A Comparison Rate is the interest rate on a specific loan example which is priced at the advertised rate, over the term as noted, and when some lender fees and charges are included. Under Consumer Credit Laws, lenders are required to display a Comparison Rate for all consumer loans.

To apply for a motorbike loan, applicants must be over the age of 18 years, have the required Australian residency status, employment and income, and meet other eligibility criteria as determined in Consumer Credit Laws. Lenders require applicants to provide details and documents relating to their financial position. These may include tax returns, payslips, bank statements and similar.

Yes. Buyers can apply for their finance before deciding on a motorbike to purchase. The loan amount required may be estimated for pre-approval purposes. An indication of the motorbike the buyer is considering should be provided. Specifically, whether it is new or second-hand and the price. Loans are conditionally approved prior to purchase. Pre-approved loan offers are valid for a specific time after which they expire if not used. The specifics, including the exact loan amount and interest rate, are finalised after purchase.

Yes. Loans for second-hand motorbikes are available. Where the lender accepts the machine as suitable loan collateral, the motorbike may be financed with a secured loan. If not accepted as suitable loan collateral, the machine may be financed with an Unsecured Personal Loan.

The interest rate on motorcycle finance depends on the type of loan, size of the loan, new or used motorcycle, the lender, and the individual financials of the applicant. Lenders advertise their best rate for new goods and applicants with a good credit score. Rates vary with lenders as lenders set their own rates. Used machine loan rates may be different from loans for new machines. Requesting a large loan compared with the value or price may attract a higher rate.

A broker may secure a better bike loan for an applicant through their extensive lender connections. Brokers cover off on many lenders to find the best offer. Buyers may not have the time or connections to cover off on as many lenders to find the best offer. Highly-regarded and experienced brokers will also have leverage with lenders that they use to secure the lowest rates and best loan conditions.

No. Holding a licence to ride a motorcycle is not an essential requirement to be eligible for finance. A licence or learner’s permit is required to operate the motorcycle.

Lenders do not specifically request or determine deposits. The deposit required for a motorbike loan will depend on the amount that a lender approves to lend to the buyer/loan applicant. Lenders determine the maximum loan they will approve to individual applicants. The amount is based on the credit profile, financials of the individual, and the value of the machine compared with the loan required. Applicants with strong financials may be approved for no deposit financing.