Are you ready to ride on the open road? If so you might need a loan to get started. Take a look below to find out what financing options you have so you make the right choice.
If you’re ready to buy a motorcycle and you’ve opted to finance it using a loan then it’s vital that you get your hands on the right loan. Even though a motorbike may cost less than a car the overall cost quickly adds up when you throw in riding gear, licence fees and getting some insurance. It’s important you get a loan for the amount you really need and avoid coming up short when it matters most when buying a used or new motorcycle.
A motorcycle loan is basically the same as a car loan. You choose either a secured or unsecured loan. With a secured loan you risk losing your bike as it becomes the guarantee you’ll pay back the loan. One difference is that generally a car loan can only be used to purchase a car. Motorcycle loans are often more flexible and can be used for just motorcycles. The loan term is also flexible. The loan period will be between 1 year and 7 years.
The amount a motorcycle is going to cost you depends on a few things. While it’s definitely true that motorbikes are cheaper than cars in terms of actual purchasing price (even a brand new motorbike will cost less than $10,000) there are other costs you need to remember. The main ones are insurance, riding gear, and licence fees. There may be other fees you need to pay too. Whether you can borrow all the money you feel you might need, or just enough to cover the asking price of the motorcycle, depends on the lender. Always check to make sure how much you can borrow and compare it to how much you think you need.
When you’re on the hunt for the ideal bike there are a few things to keep in mind.
Ask yourself what kind of bike you really want. There are many different options out there. You can buy a cruiser like a Harley Davidson, or a sports bike if you’ve got a need for speed. If you’re going long distance a lot then get a touring motorbike. There are also dual sports bikes andstandard motorbikes. If you want something cheaper then go with a scooter or a postie motorbike.
Another important factor is the engine capacity. Take a look at the law around the engine capacity
that you can have depending on your licence. You may end up purchasing a bike that you can’t legally
ride. In New South Wales for example the bike has to be featured in the guide Approved
Motorcycles for Novice Riders.
You should always take a bike for a test drive if you can, just like you would with a car. Get a feel for it and see how it handles and how it accelerates. These are the factors that should be on your mind. Ask yourself these questions, consider the answers, and get the bike that’s right for you.
When you take out a motorcycle loan you need to compare different options. Here are the things you need to think about when looking at different loans and comparing them.
Start out by comparing the different loan options you have available. When you’ve got the right loan ready you can apply directly by clicking the “Go to Site” button to be taken to the online application form.
Different lenders will have different eligibility requirements but generally you need to be an Australian resident or citizen who is over 18 years old and has a good credit rating. If you’re going for a secured loan then you’ll find restrictions placed on the loan about which motorcycles are eligible. Make sure that the bike you have in mind can be covered by your chosen loan.
When you’re ready to apply for a loan you need to have the following documents at hand ready to go:
If you need to get a lower rate on your loan then you can consider using the motorbike as collateral. It means you get a lower rate but, in return, your bike may be repossessed if you fail to make payments on the loan.
Unfortunately there is no real answer to this question. There are a whole host of factors at play here. You do have some choices if you want to get an unsecured bad credit loan to buy a motorbike but you may be unable to find one you really like.
This is a question that a lot of people have when considering buying a motorbike. Really the answer depends on your own personal financial situation and how readily you feel you could repay the loan.
You may be tempted to take out a 0% interest loan but you should always compare the options you have and find the right deal. 0% interest loans also come with other nasty repayments instead including balloon payments, monthly costs and ongoing fees that just go on and on.
No, a debt agreement is not a debt consolidation loan. A debt agreement is a form of bankruptcy and this carries with it other implications for your financial future.
This is based on the amount of debt and individual or family financial circumstances.