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What to Consider when Purchasing a Motorbike and Financing Motorbike Loans

Motorbike Loans

A motorbike is smaller than a car and offers a different type of freedom while on the road.When making a decision to purchase one, the steps you go through are often the same ones you'd take when purchasing a new or used vehicle. But one difference you must keep in mind is that driving a motorbike and a car require different skills, and riders around Sydney, Melbourneand other areas need to be aware of licensing requirements and safety precautions before they look to finance a new or used motorbike.

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Before Buying a Motorbike

Motorbike loans are available through the same channels as auto and home loans.While the process of getting the loan is similar, the preparation involved in getting ready to purchase and ride a motorbike is a different than just getting on and starting the throttle.Before moving to financeyour bike, consider the following things:

  • Ability Level- many believe that the faster the bike is the better the bike is when looking at purchasing motorbikes.But, depending on skill level, that new bike could be an accident waiting to happen if you're not familiar with the different strengths and features of the bike.It's best to learn on a slower bike and become a better rider before financing motorbike loans for a larger, more powerful model that you'll be unable to ride for a while.

  • Personal Needs- will your bike be the main form of transportation, or will you only be using it on weekends or for holidays?What type of traffic will you be driving in, heavy city traffic or easy countryside?Determine what you need from a motorbike and pick a style that suits those needs rather than one far above what you'll be using it for.

  • A New or Used Motorbike?- There's no right choice when it comes to purchasing a new or used motorbike.Motorbike loans can be tailored to the type of bike you purchase, but the overall choice depends on you and your personal financial situation.Used bikes can be great for beginners, and are often less expensive and easier to financeif you have bad credit. New bikes can be more reliable for long-term use, but will cost more money and require more financing from a lender.Consider your options before you begin shopping.

  • Make a Budget- whether you have fantastic credit, bad credit, or no credit, you'll need to budget for the expense of a motorbike.This includes not only the financepayments, but insurance costs, licensing fees, and fees for equipment like helmets and riding gear.Factor these costs in when looking at financeoptions and your personal expense budget.

  • Use Caution, but Stay Excited- thinking over a big purchase is wise to avoid making a rash decision, but you must also follow your own desires and gut when it comes to the final purchase.It's important to choose a motorbike that will be practical for your lifestyle and budget, yet smart and exciting enough that you'll want to ride it regularly.

Once you've looked at all these factors, it's time to consider financeoptions for purchase, and look at different models of motorbikes that are reliable, exciting, and reasonable for your lifestyle and budget.

Motorbike Loans and Finance Options

There are several resources you can contact to find financeoptions for the purchase of your new motorbike.The bank or credit union you use are good choices to start with as many offer loan benefits to members, and many new and used motorbike dealers have financing options available.Finance organizations are spread across Sydney, Melbourne, and other popular areas of Australia to assist in getting you on the new bike, but also provide financial advice throughout the term of your motorbike loans.Many lenders also provide loan calculators to allow buyers to estimate their potential monthly payments.

When considering motorbike loans, it's important to understand the difference between the two types of financeoptions.

Unsecured Motorbike Loans

Many lenders require collateral when granting a loan to ensure that in the event the holder of the loan is unable to make payments or defaults on the value, the lender will get the loan value back by taking possession of what was pledged as collateral during loan origination.Unsecured motorbike loans do not require collateral, and have no assets to back up the amount of the loan if the borrower would default.

Unsecured motorbike loans are often granted to borrowers based on high-levels of income or a sound credit history.If you qualify, there are numerous advantages to unsecured loans such as:

  • More flexibility as you can buy or sell the item within the loan term without affecting payment or other terms.

  • The asset is owned from the beginning of the loan until you decide to sell

  • No down payment or deposit is required

  • Additional or advanced payments can be made at any time, and can decrease your interest rate.

  • These loans can be used to buy older, model, or collectors bikes if that is of interest to you.

Interest rates are generally higher on unsecured bike loans, but if you're looking for personal credit building and more freedom and flexibility with payment options, this may be the right type of loan for you.

Secured Motorbike Loans

The basis for a secured motorbike loan is the loan amount is backed up with collateral in case of default.This collateral is typically the motorbike or whatever you are purchasing with the loan.The financing group or bank is at less risk with a secured loan, and as such these are more common than unsecured loans.They also have a variety of advantages including:

  • Lower interest rates through the use of collateral and receipt of a down payment.

  • The interest rate is fixed throughout the financeterm

  • Ability to choose the length of the financeterm

  • Loan amounts are higher as the lender is protected from risk through the use of collateral

Higher loan amounts allow you to purchase a newer bike model, or a used one with more features than you could if you had a lesser amount loaned to you.While many lenders allow additional loan payments to be made, there may be fees to pay off the loan before the term ends.

Finance your Motorbike Purchase

Once you've decided what type of loan is right for you, it's time to talk with a financial counsellor to determine the loan amount your eligible for, and determine what kind of payments will fit into your budget.It's also time to pick out the motorbike you'll be driving throughout Sydney, Melbourne, or other areas across our country.

Need Finance has a highly trained team of financial officers that will handle creation of motorbike loans for used or new bikes.Many times you'll be approved within two hours and have funding the same day to purchase your bike directly.For more information on our services, contact us today!