From making sure you have the right model, to financing all the gear and equipment, there’s a lot that goes into motorcycle financing. Luckily the Finance Technicians here at Loantec are here to help!
With more than 40 years of experience in finance, lending, and problem-solving, we can help you secure the best deal for any finance needs. Fill in our pre-qualification form to find out how we can help you secure finance for your new motorbike today.
What Types of Motorcycle Financing are Available?
In Australia, the most common kinds of financing are secured and unsecured loans. This also applies when it comes to motorbikes. Most lenders will only offer these options.
Secured Motorbike Loans
A secured loan simply means you have put something else on the loan (other than the bike) to act as security if you default. This means the bank or lender can repossess the security to recoup the costs of the loan.
Secured loans usually have the best interest rates and quickest approvals, as the added security reduces the financial risk to the lender.
Unsecured Motorcycle Loans
Your other financing option is an unsecured loan. This is the most common loan for most motorcycle financing and is offered by basically every lender and bank. While they are called unsecured loans, the motorbike itself is a form of security, and the lender can repossess it if you default on the loan.
Unsecured loans will generally have a higher interest rate and stricter approval processes than secured ones, as the lender is taking a bigger financial risk lending you the money.
Business & Corporate Fleet Financing
If you’re a business owner looking to finance a bike for your business, then you will probably want to consider business or corporate financing. These loans aren’t that different to a secured or unsecured loan. But they will require different paperwork and often have flexible repayments.
No matter the kind of motorcycle financing you need, Loantec can help you secure the best deal possible. The first step is understanding your factual options, then you can make an informed decision.
Discover how Loantec can help you today. Simply fill in our pre-qualification form and one of our Finance Technicians will be in touch to discuss your factual options.
Will You Only Finance the Motorbike?
Depending on your situation, you may need to get finance for more than just your new bike. Experienced riders will already have things like jackets, gloves, boots and a helmet. But if you’re getting your first bike, you may want to organise for your motorcycle financing to cover these as well.
Not all lenders will cover these additional costs in their motorbike loans, so you’ll need to double-check what is covered. If you need to finance your riding gear, bike, and even the rego, Loantec can help!
We have access to more than 40 lenders across Australia. Meaning we can compare a range of different lending policies to find you the right one for your needs. Simply fill in our pre-qualification form and our experienced Finance Technicians will find the best motorcycle financing available to you.
Are Motorcycles Cheaper Than Cars?
One of the biggest benefits of a motorbike is that they are usually cheaper than a car. In fact, some of the most common models are available for less than $10,000. Of course, there are more expensive models as well. Luckily, Loantec has finance options available for all kinds of motorbikes!
However, if you are a beginner only getting your first bike, you’ll want to be sure of any legislation restricting the type of bike you can ride. Some states and territories restrict learners to a certain weight or CC of bike. Make sure you know what you can ride before you get it financed!
What Paperwork Do I Need to Get Motorcycle Financing?
The paperwork required for motorcycle financing will vary depending on the type of loan you are applying for. In most cases, you will need to provide some or all of the following:
- Identification
- Bank statements
- Payslips
- Income statement
If you are looking at a secured loan, you will also generally need to prove that you own whatever it is you are using as security as well.
And, if you’re a business trying to get finance for a motorbike, you will most likely be asked to show a profit and loss statement. Or some other form of proof that you will be able to pay off the loan.
What if I Can’t Get Some or All of the Paperwork?
If you can’t get all of the paperwork most lenders demand, don’t worry! Loantec has a range of low doc and no doc loans available that allow you to get motorcycle financing. without all of the paperwork, and at a competitive rate!
What you’ll need to provide will depend on the type of loan you’re going for and your own financial history. Our Finance Technicians will assess your situation and find the best no or low doc motorbike loan options.
Loantec Motorcycle Financing Options
If you need a new motorbike, then get in touch with the Finance Technicians here at Loantec. Our team has more than 40 years of experience in lending, finance and problem-solving, and can help you secure the best loan possible.
To discover how we can help you get the motorbike of your dreams, simply fill in our pre-qualification form and one of our Finance Technicians will be in touch to discuss your factual options.