Important disclosure

Motorbike loans

Need extra cash so you can roam the open road or rev it up on the highway with a new two-wheeler? Whether you’re a seasoned professional or a new rider, our comparison table and calculator below will help you find and compare the best motorbike loans in Australia.

Calculate your repayments

Use Driva's platform to compare rates and choose the best car loan option for you. Making car financing fast, simple & transparent with Jump Payments.

Overview

Application / establishment fees$400

Minimum loan amount$2,000

Maximum loan amount$100,000

Minimum term1 Year

Maximum term7 years

Car loan interest rates (base)4.69%

Car loan comparison rate6.55%

Monthly repayments (approx)$561

Total repayments (approx)$33,713

Total interest repayments (approx)$3,713

Rate typeFixed

Secured or unsecuredSecured

GO TO Driva

Other Fees & Information

Monthly fee$0.0

Other fees$0

Missed payment fee$0

Repayment scheduleWeekly, Fortnightly, Monthly

Early repayments allowedYes

Exit / early repayment fee$0

Encumberance/REVVS check fee$0

For used vehiclesYes

SponsoredNo

Telephone1300 755 494

Data accurate as of15/06/2020

GO TO Driva

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There's nothing quite like the thrill of buying a car, but one of the biggest challenges is finance. Ideally you'll want a car loan that offers flexibility and a low competitive rate, and is easy to apply for.

Overview

Application / establishment fees$399

Minimum loan amount$10,000

Maximum loan amount$100,000

Minimum term1 year

Maximum term7 years

Car loan interest rates (base)4.99%

Car loan comparison rate5.69%

Monthly repayments (approx)$566

Total repayments (approx)$33,960

Total interest repayments (approx)$3,960

Rate typeFixed

Secured or unsecuredSecured

GO TO NRMA

Other Fees & Information

Monthly fee$0.0

Other fees$0

Missed payment fee$0

Repayment scheduleFortnightly, Monthly

Early repayments allowedYes

Exit / early repayment fee$205 or 2% of outstanding balance (whichever the greater) at the time the final payout is made. Applies in the first three quarters of the original loan term only.

Encumberance/REVVS check fee$0

For used vehiclesNo

SponsoredYes

Telephone1300 732 398

Data accurate as of12/08/2020

GO TO NRMA

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A quick and easy, 100% online application. No printing. No paper. No fuss. No monthly account keeping fees, no exit fees and no early repayment fees.

Overview

Application / establishment fees$250

Minimum loan amount$2,001

Maximum loan amount$75,000

Minimum term1 year

Maximum term7 years

Car loan interest rates (base)5.50%

Car loan comparison rate5.85%

Monthly repayments (approx)$573

Total repayments (approx)$34,381

Total interest repayments (approx)$4,381

Rate typeFixed

Secured or unsecuredSecured

GO TO OurMoneyMarket

Other Fees & Information

Monthly fee$0

Other fees$0

Missed payment fee$35

Repayment scheduleWeekly, Fortnightly, Monthly

Early repayments allowedYes

Exit / early repayment fee$0

Encumberance/REVVS check fee$27

For used vehiclesYes

SponsoredYes

Telephone1300 990 115

Data accurate as of13/05/2020

GO TO OurMoneyMarket

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NRMA used car loans can help you get one step closer to owning your dream pre-loved car.

Overview

Application / establishment fees$399

Minimum loan amount$10,000

Maximum loan amount$100,000

Minimum term1 year

Maximum term7 years

Car loan interest rates (base)6.49%

Car loan comparison rate7.19%

Monthly repayments (approx)$586

Total repayments (approx)$35,210

Total interest repayments (approx)$5,210

Rate typeFixed

Secured or unsecuredSecured

GO TO NRMA

Other Fees & Information

Monthly fee$0.0

Other fees$0

Missed payment fee$0

Repayment scheduleFortnightly, Monthly

Early repayments allowedYes

Exit / early repayment fee$205 or 2% of outstanding balance (whichever the greater) at the time the final payout is made. Applies in the first three quarters of the original loan term only.

Encumberance/REVVS check fee$0

For used vehiclesYes

SponsoredYes

Telephone1300 732 398

Data accurate as of12/08/2020

GO TO NRMA

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Use Driva's platform to compare rates and choose the best car loan option for you. Making car financing fast, simple & transparent with Jump Payments.

Overview

Application / establishment fees$400

Minimum loan amount$2,000

Maximum loan amount$100,000

Minimum term1 Year

Maximum term7 years

Car loan interest rates (base)4.47%

Car loan comparison rate5.28%

Monthly repayments (approx)$558

Total repayments (approx)$33,532

Total interest repayments (approx)$3,532

Rate typeFixed

Secured or unsecuredSecured

GO TO Driva

Other Fees & Information

Monthly fee$0.0

Other fees$0

Missed payment fee$0

Repayment scheduleWeekly, Fortnightly, Monthly

Early repayments allowedYes

Exit / early repayment fee$0

Encumberance/REVVS check fee$0

For used vehiclesYes

SponsoredNo

Telephone1300 755 494

Data accurate as of15/06/2020

GO TO Driva

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Use Driva's platform to compare rates and choose the best car loan option for you. Making car financing fast, simple & transparent with Jump Payments.

Overview

Application / establishment fees$400

Minimum loan amount$2,000

Maximum loan amount$100,000

Minimum term1 Year

Maximum term7 years

Car loan interest rates (base)5.45%

Car loan comparison rate7.85%

Monthly repayments (approx)$572

Total repayments (approx)$34,340

Total interest repayments (approx)$4,340

Rate typeFixed

Secured or unsecuredSecured

GO TO Driva

Other Fees & Information

Monthly fee$0.0

Other fees$0

Missed payment fee$0

Repayment scheduleWeekly, Fortnightly, Monthly

Early repayments allowedYes

Exit / early repayment fee$0

Encumberance/REVVS check fee$0

For used vehiclesYes

SponsoredNo

Telephone1300 755 494

Data accurate as of15/06/2020

GO TO Driva

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A quick and easy, 100% online application. No printing. No paper. No fuss. No monthly account keeping fees, no exit fees and no early repayment fees.

Overview

Application / establishment fees$250

Minimum loan amount$2,001

Maximum loan amount$75,000

Minimum term1 year

Maximum term7 years

Car loan interest rates (base)5.50%

Car loan comparison rate5.85%

Monthly repayments (approx)$573

Total repayments (approx)$34,381

Total interest repayments (approx)$4,381

Rate typeFixed

Secured or unsecuredSecured

GO TO OurMoneyMarket

Other Fees & Information

Monthly fee$0

Other fees$0

Missed payment fee$35

Repayment scheduleWeekly, Fortnightly, Monthly

Early repayments allowedYes

Exit / early repayment fee$0

Encumberance/REVVS check fee$27

For used vehiclesYes

SponsoredYes

Telephone1300 990 115

Data accurate as of13/05/2020

GO TO OurMoneyMarket

Hide info -

Use Driva's platform to compare rates and choose the best car loan option for you. Making car financing fast, simple & transparent with Jump Payments.

Overview

Application / establishment fees$400

Minimum loan amount$2,000

Maximum loan amount$100,000

Minimum term1 Year

Maximum term7 years

Car loan interest rates (base)7.65%

Car loan comparison rate10.24%

Monthly repayments (approx)$603

Total repayments (approx)$36,196

Total interest repayments (approx)$6,196

Rate typeFixed

Secured or unsecuredSecured

GO TO Driva

Other Fees & Information

Monthly fee$0.0

Other fees$0

Missed payment fee$0

Repayment scheduleWeekly, Fortnightly, Monthly

Early repayments allowedYes

Exit / early repayment fee$0

Encumberance/REVVS check fee$0

For used vehiclesYes

SponsoredNo

Telephone1300 755 494

Data accurate as of15/06/2020

GO TO Driva

Hide info -

Use Driva's platform to compare rates and choose the best car loan option for you. Making car financing fast, simple & transparent with Jump Payments.

Overview

Application / establishment fees$400

Minimum loan amount$2,000

Maximum loan amount$100,000

Minimum term1 Year

Maximum term7 years

Car loan interest rates (base)7.65%

Car loan comparison rate9.53%

Monthly repayments (approx)$603

Total repayments (approx)$36,196

Total interest repayments (approx)$6,196

Rate typeFixed

Secured or unsecuredUnsecured

GO TO Driva

Other Fees & Information

Monthly fee$0.0

Other fees$0

Missed payment fee$0

Repayment scheduleWeekly, Fortnightly, Monthly

Early repayments allowedYes

Exit / early repayment fee$0

Encumberance/REVVS check fee$0

For used vehiclesYes

SponsoredNo

Telephone1300 755 494

Data accurate as of15/06/2020

GO TO Driva

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At NRMA we have many types of vehicle loans. If you are looking to purchase a new or used motorcycle, you'll be happy to know the NRMA car loan advantage can help you turn your motorbike dream into a reality.

Overview

Application / establishment fees$399

Minimum loan amount$10,000

Maximum loan amount$100,000

Minimum term1 year

Maximum term7 years

Car loan interest rates (base)6.49%

Car loan comparison rate7.19%

Monthly repayments (approx)$586

Total repayments (approx)$35,210

Total interest repayments (approx)$5,210

Rate typeFixed

Secured or unsecuredSecured

GO TO NRMA

Other Fees & Information

Monthly fee$0.0

Other fees$0

Missed payment fee$0

Repayment scheduleFortnightly, Monthly

Early repayments allowedYes

Exit / early repayment fee$205 or 2% of outstanding balance (whichever the greater) at the time the final payout is made. Applies in the first three quarters of the original loan term only.

Encumberance/REVVS check fee$0

For used vehiclesYes

SponsoredYes

Telephone1300 732 398

Data accurate as of12/08/2020

GO TO NRMA

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An Arab Bank Australia Personal Loan is a great way to purchase the car you want or need now, if you currently don't have the savings or cash to make your purchase.

Overview

Application / establishment fees$200

Minimum loan amount$2,000

Maximum loan amount$500,000

Minimum term0 years

Maximum term5 years

Car loan interest rates (base)11.30%

Car loan comparison rate12.32%

Monthly repayments (approx)$656

Total repayments (approx)$39,406

Total interest repayments (approx)$9,406

Rate typeFixed

Secured or unsecuredSecured

GO TO Arab Bank

Other Fees & Information

Monthly fee$8.0

Other fees$0

Missed payment fee$0

Repayment scheduleWeekly, Fortnightly, Monthly

Early repayments allowedYes

Exit / early repayment fee$250

Encumberance/REVVS check fee$0

For used vehiclesYes

SponsoredNo

Telephone1800 64 64 84

Data accurate as of13.03.2017

GO TO Arab Bank

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Whether you're upgrading your ride or adding to your garage, a NAB Personal Loan gives you a great rate. If you are an existing customer and apply in- store by 2pm, you could walk away with your money that very same day

Overview

Application / establishment fees$150

Minimum loan amount$5,000

Maximum loan amount$55,000

Minimum term1 year

Maximum term7 years

Car loan interest rates (base)12.69%

Car loan comparison rate13.56%

Monthly repayments (approx)$677

Total repayments (approx)$40,670

Total interest repayments (approx)$10,670

Rate typeVariable

Secured or unsecuredUnsecured

GO TO NAB

Other Fees & Information

Monthly fee$10.0

Other fees$0

Missed payment fee$35

Repayment scheduleWeekly, Fortnightly, Monthly

Early repayments allowedYes

Exit / early repayment fee$0

Encumberance/REVVS check fee$0

For used vehiclesYes

SponsoredNo

Telephone13 13 12

Data accurate as of17.09.2017

GO TO NAB

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Buy the type of car or vehicle you want with interest rates from 12.99% p.a. (comparison rate 14.06% p.a.)

Overview

Application / establishment fees$195

Minimum loan amount$3,000

Maximum loan amount$80,000

Minimum term1 year

Maximum term7 years

Car loan interest rates (base)12.74%

Car loan comparison rate13.81%

Monthly repayments (approx)$678

Total repayments (approx)$40,716

Total interest repayments (approx)$10,716

Rate typeVariable

Secured or unsecuredUnsecured

GO TO Bank of Melbourne

Other Fees & Information

Monthly fee$12.0

Other fees$0

Missed payment fee$9

Repayment scheduleWeekly, Fortnightly, Monthly

Early repayments allowedYes

Exit / early repayment fee$100

Encumberance/REVVS check fee$0

For used vehiclesYes

SponsoredNo

Telephone1300 100 266

Data accurate as of13.09.2017

GO TO Bank of Melbourne

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We have dropped the rate on our 5 and 6 year loan terms.

Overview

Application / establishment fees$150

Minimum loan amount$4,000

Maximum loan amount$50,000

Minimum term1 year

Maximum term7 years

Car loan interest rates (base)12.99%

Car loan comparison rate13.86%

Monthly repayments (approx)$682

Total repayments (approx)$40,946

Total interest repayments (approx)$10,946

Rate typeFixed

Secured or unsecuredUnsecured

GO TO Commonwealth Bank

Other Fees & Information

Monthly fee$10.0

Other fees$0

Missed payment fee$0

Repayment scheduleWeekly, Fortnightly, Monthly

Early repayments allowedYes

Exit / early repayment fee$0

Encumberance/REVVS check fee$0

For used vehiclesYes

SponsoredNo

Telephone13 14 31

Data accurate as of02.04.2017

GO TO Commonwealth Bank

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Make your dreams come true with a car loan that offers maximum flexibility. Our Flexi Car Loan is available for the purchase of new and used cars.

Overview

Application / establishment fees$175

Minimum loan amount$5,000

Maximum loan amount$500,000

Minimum term1 year

Maximum term7 years

Car loan interest rates (base)13.45%

Car loan comparison rate13.71%

Monthly repayments (approx)$689

Total repayments (approx)$41,371

Total interest repayments (approx)$11,371

Rate typeVariable

Secured or unsecuredSecured

GO TO Beyond Bank

Other Fees & Information

Monthly fee$0.0

Other fees$0

Missed payment fee$0

Repayment scheduleWeekly, Fortnightly, Monthly

Early repayments allowedYes

Exit / early repayment fee$0

Encumberance/REVVS check fee$0

For used vehiclesYes

SponsoredNo

Telephone1300 236 344

Data accurate as of02.04.2017

GO TO Beyond Bank

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Whether you're upgrading your ride or adding to your garage, a NAB Personal Loan gives you a great rate. If you are an existing customer and apply in- store by 2pm, you could walk away with your money that very same day

Overview

Application / establishment fees$150

Minimum loan amount$5,000

Maximum loan amount$55,000

Minimum term1 year

Maximum term7 years

Car loan interest rates (base)13.49%

Car loan comparison rate14.36%

Monthly repayments (approx)$690

Total repayments (approx)$41,408

Total interest repayments (approx)$11,408

Rate typeVariable

Secured or unsecuredUnsecured

GO TO NAB

Other Fees & Information

Monthly fee$10.0

Other fees$0

Missed payment fee$35

Repayment scheduleWeekly, Fortnightly, Monthly

Early repayments allowedYes

Exit / early repayment fee$0

Encumberance/REVVS check fee$0

For used vehiclesYes

SponsoredNo

Telephone13 13 12

Data accurate as of17.09.2017

GO TO NAB

Hide info -

The variable rate personal loan is unsecured.

Overview

Application / establishment fees$195

Minimum loan amount$5,000

Maximum loan amount$100,000

Minimum term1 year

Maximum term7 years

Car loan interest rates (base)13.60%

Car loan comparison rate13.89%

Monthly repayments (approx)$691

Total repayments (approx)$41,510

Total interest repayments (approx)$11,510

Rate typeVariable

Secured or unsecuredUnsecured

GO TO Credit Union SA

Other Fees & Information

Monthly fee$0

Other fees$0

Missed payment fee$10

Repayment scheduleWeekly, Fortnightly, Monthly

Early repayments allowedYes

Exit / early repayment fee$0

Encumberance/REVVS check feeAt cost

For used vehiclesYes

SponsoredNo

Telephone08 8202 7777

Data accurate as of17.07.2017

GO TO Credit Union SA

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With all the great features of our new car loan, this loan is designed for used cars over 5 years old.

Overview

Application / establishment fees$100

Minimum loan amount$1,000

Maximum loan amount$500,000

Minimum term1 year

Maximum term5 years

Car loan interest rates (base)13.90%

Car loan comparison rate14.11%

Monthly repayments (approx)$696

Total repayments (approx)$41,789

Total interest repayments (approx)$11,789

Rate typeFixed

Secured or unsecuredSecured

GO TO Macquarie Credit Union

Other Fees & Information

Monthly fee$0.0

Other fees$0

Missed payment fee$0

Repayment scheduleWeekly, Fortnightly, Monthly

Early repayments allowedYes

Exit / early repayment fee$0

Encumberance/REVVS check fee$0

For used vehiclesNo

SponsoredNo

Telephone1300 885 480

Data accurate as of02.04.2017

GO TO Macquarie Credit Union

Hide info -

An Arab Bank Australia Personal Loan is a great way to purchase the car you want or need now, if you currently don't have the savings or cash to make your purchase.

Overview

Application / establishment fees$200

Minimum loan amount$2,000

Maximum loan amount$500,000

Minimum term0 years

Maximum term5 years

Car loan interest rates (base)14.00%

Car loan comparison rate14.99%

Monthly repayments (approx)$698

Total repayments (approx)$41,883

Total interest repayments (approx)$11,883

Rate typeFixed

Secured or unsecuredUnsecured

GO TO Arab Bank

Other Fees & Information

Monthly fee$8.0

Other fees$0

Missed payment fee$0

Repayment scheduleWeekly, Fortnightly, Monthly

Early repayments allowedYes

Exit / early repayment fee$0

Encumberance/REVVS check fee$0

For used vehiclesYes

SponsoredNo

Telephone1800 64 64 84

Data accurate as of13.03.2017

GO TO Arab Bank

Hide info -

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BestFind.com.au provides factual information in relation to financial products. While BestFind.com.au attempts to make a wide range of products and providers available, it may not cover all the options available to you. Moreover, we cannot be responsible for changes made to this information by product providers and/or inaccurate information obtained from a product provider. All product information comes from the product provider or publicly available information and to the best of our knowledge is correct at time of publishing. The information published on BestFind.com.au is general in nature only and does not consider your personal objectives, financial situation or particular needs and is not recommending any particular product to you. If you decide to apply for a product you will be dealing directly with that provider and not with BestFind.com.au. BestFind.com.au recommends that you read the relevant PDS or offer documentation before taking up any financial product offer. For more information please see BestFind.com.au's Terms of Use and Services Guide.

Minimum and maximum loan periods vary between 6 months and 10 years. Comparison interest rates vary between 6.55% and 19.07% p.a. Total interest repayments vary between $4,290 and $14,531 over the life of the loan. *Comparison rate is based on an unsecured loan of $30,000 for a term of 5 years. WARNING: This comparison rate is true only for the examples given and may not include all fees and charges. Different terms, fees or other loan amounts might result in a different comparison rate. These rates can change without further notice. All rates quoted are per annum. For more information regarding fees click on "View fees & additional info +" for each product or contact the provider.

What type of car loan are you looking for?

classic motorbike

Motorcycle loans – Cruise the road with an up to speed bike

Owning a motorcycle allows you to dabble into the culture, enjoy the open road, or chase a few thrills. But, you might need help covering the costs before you can straddle the rider’s seat.

BestFind delivers the best info on motorbike loans in Australia below, complete with tips on how to get the perfect deal and application guidelines.

What is motorbike finance?

If you need to buy a motorcycle, but your savings still need some time to grow, a motorcycle loan will quickly make up the difference. You then clear the debt steadily within a specified period of up to 7 years. As with most borrowing agreements, you also have to settle up on your interest payments and loan charges and fees.

When financing your two-wheel ride, you can generally take your pick of two options from:

  • Secured motorbike loans. Motorcycle loans tend to model car loans closely in that the majority use the purchased asset as security to safeguard full repayment. That means if for some reason, you can’t clear your balance with the lender, they’ll grab onto the motorcycle instead. Here the lender will have hopes of recovering what you owe by selling off the bike. Therefore, secured motorbike loans usually tailor the amount you can borrow to the value of your motorbike.
  • Unsecured motorbike loans. Not using the motorbike as collateral bumps up the lender’s risk since they can’t jump to repossess if you skip repayments. As a result, unsecured finance usually comes at a higher cost than secured finance. But on the better side, you can expect to borrow a lump sum that’s not restricted by the motorcycle’s value.

What type of motorcycle can you buy with a motorbike loan?

Motorcycles come in all shapes and sizes, and popular models across the board include Yamaha, Honda, Kawasaki, Harley-Davidson, Suzuki, and BMW. Remember, whatever you’ve got your sights set on, your final selection should factor in experience level, what you would use the bike for, and cost. Start your search for the perfect motorbike by looking up the following types and designs:

  • Standard or naked bikes. These drive like a sports bike but without the bells and whistles of extra bodywork. They’re great for general purpose use but offer little protection from wind blasts.
  • Tourers. As the name suggests, a touring bike will set you up nicely for a long ride. They have all the trimmings that foster comfort, including large windscreens, backrests, and heated grips. However, they often have a hefty price tag and size.
  • Sportbikes. Although not the most comfortable bikes, these two-wheelers have powerful engines built for high-performance speed, acceleration, and braking.
  • Cruisers. These typically represent cool-style bike riding with a laid-back attitude. They generally work well on paved roads, mainly due to their low ground clearance.
  • Off-road bikes. When going off-road, your pickings include dirt bikes, Enduro bikes, and Motorcross bikes. These are lightweight and designed for bumpy rides over grass, sand, and dirt.
  • Dual-purpose and adventure bikes. Be ready to cruise the tarmac or go off-road with both these types of two-wheel rides.
  • Scooters. These have a small and lightweight signature look and usually make for an economical commute around town.

What’s the real cost of motorcycle ownership?

Australian lenders usually advertise loan amounts ranging from $2,000 to $100,000. You’ll likely borrow an amount closer to the lower limit since motorbikes pull less from your pocket than cars. But, you might want to consider the overall cost of motorbike ownership to ensure your budget has enough room:

  • The motorbike. Motorcycle prices are a wild mix but expect to shell out anywhere between $5,000 and $50,000.
  • Gear. If you’re following the rules of ATGATT (All The Gear All The Time), then you’re generally looking at buying a full-face helmet, goggles, earplugs, motor jacket and pants, gloves, boots, and vests.
  • Insurance. You’ll also need cover for your motorbike in case of unforeseen circumstances. Starting from bare-bones and moving to all-inclusive, the main types of insurance available are Compulsory Third-Party, Third-Party Property Damage, Third Party, Fire and Theft, and finally, Comprehensive insurance.
  • Operational costs, service, and repair. These depend on how hard you plan to ride and whether you’re buying a new or used motorcycle.

Use BestFind’s motorbike loan calculator

Besides calculating the ‘true’ cost of motorbike ownership, you also need to zero in on the best loan repayment. Our motorbike loan repayments calculator helps to keep things from getting too out of hand for your budget. To work this easy-to-use tool, simply drag the sliders to enter your preferred amount and term.

When you click, “Calculate Repayment” you’ll immediately get to see monthly repayment estimates from various Australian lenders in the comparison table above. This, in turn, gives you fair warning about the state of your budget for the duration of your term.

Also, when calculating a budget-friendly repayment, remember that choosing a longer term means you pile on the debt as interest and other ongoing charges add up. On the other hand, paying off everything quickly is one of the easiest ways to trim borrowing costs.

What other factors should you look at when comparing motorbike loans?

Comparing motorbike loans is all about finding an affordable loan with flexible features outfitted for your needs. Run down the following checklist to ensure you secure the best deal on the table:

  • Interest/advertised rate. To begin with, choose between a fixed or variable rate. Fixed-rate motorcycle loans have steady interest rates, while variable rate loans have interest rates that typically fluctuate to mirror Reserve Bank cash rates. Overall, your interest rate should be as low as possible to ensure you don’t run up steep finance costs.
  • Comparison rate. You might end up with a bigger finance bill if you don’t check out the comparison rate. That’s because this percentage takes stock of the interest rate plus standard loan fees. Therefore, looking at the advertised rate and the comparison rate helps you uncover low-interest deals with expensive charges.
  • Loan fees and charges. To get a better handle on the total cost of the loan, it’s always best to dig into the fine print. You’ll find that most lenders charge upfront establishment fees, ongoing monthly service fees, and late payment fees. The lower the charges, the less you’ll have to part with.
  • Repayment features. Some lenders often go out of their way to offer opportunities that make the repayment process easier. For instance, you can pack in extra repayments without paying early repayment fees to prevent more interest from kicking in. With a redraw facility, your extra repayments can bounce back to you anytime you need them.
  • Borrowing and loan term limits. Find out if the lender will allow you to borrow as much as you need or extra to cover related costs. Also, check to see if you’ve got as much time as you need to offload your debt.

Pros of motorcycle loans

Why should you use a bike loan? Check out a few reasons that make it a sensible option:

  • You spread the cost of your bike. A cheap motorbike will still cost you thousands of dollars, so paying this off in bite-sized chunks ensures a smoother ride.
  • You hit the road sooner. Your savings may take too long to mature. A motorcycle loan ensures you don’t have to pass up on the thrill and freedom of open-road rides for longer than is necessary.
  • More flexibility with the type of motorcycles. It’s easier to finance most types of motorcycle brands, styles, and sizes.

Cons of motorcycle loans

  • You’re more likely to lose your motorcycle if you default. Since most motorbike loans are secured, you’ll lose ownership if you fall behind on your repayments.
  • It’s more difficult to finance a used bike. Secured loans might also limit your motorcycle picks to only the newest, pricier models.

How to apply for a motorbike loan

First, compare motorcycle loans using the comparison table above. Once you’ve found a deal that looks inviting, click “Go to Site.” Next, settle in on the lender’s website to complete and submit your application. Besides being over the age of 18 and having a good credit score, you’ll generally need the following information and documents at the ready:

  • Valid Australian ID, such as passport or driver’s licence
  • Recent copies of bank statements and payslips for proof of income
  • Employment details
  • Other financial details about your assets, debts, and liabilities
  • Details of the bike you’re about to purchase

Motorbike loans FAQ

How do I choose the perfect motorcycle for myself?

A common but important tip is to take out the bike for a spin before buying. A test drive allows you to experience how the bike handles in terms of acceleration, comfort, and ease of use. Also, make sure the bike is street legal in your state when it comes to licence type, engine capacity, and other features.

Can I still get a motorbike loan if I have bad credit?

Yes, finding a bad credit loan is not an impossible task as long as you’re willing to step up to higher rates and charges.

I’m self-employed, can I still get a loan?

If you’re self-employed, you can still sign up for motorcycle finance as long as the lender can bank on your ability to repay. This, however, means you might have to provide more paperwork than is required for traditional employees.

What’s the difference between a motorbike car loan and a motorbike personal loan?

While you can use both finance types to buy a motorcycle, a personal loan is generally multi-purpose. For instance, you can also use it to pay for your holiday, wedding, renovation, or for debt consolidation. Car loans are only used for cars and other types of vehicles.

Can I get a pre-approval when financing my motorcycle purchase?

Yes, a pre-approval allows you to scope out two-wheelers while carrying more negotiating power. Whether you’re heading straight to the showroom floor, an auction, or seeing a private seller, you can quickly close the deal and start riding sooner.

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