Are you wanting to buy a new BMW bike?
Need finance but don't want to navigate the muddy waters of dealers & banks?
Let us find you a great deal on the finance for your new or used brand motorcycle.
Our small team of motorcycle finance experts have the knowledge & experience to assess your situation and choose a lender that is perfect for you.
We do all the heavy lifting so that your application goes as smoothly as possible.
3 Steps to Your New BMW
Complete Application Form
Our online application form allows you to enter all details required to apply for a motorbike loan.
No shuffling of paperwork & signing in 6 places....just complete some basic details and we will do the rest.
As with any loan, a lender needs to verify your identity & income. Our team can do this easily via a phone call.
Its best to have a copy of your ID ready, as well as any income evidence.
Confirm Lender & Buy
Our team will get back to you fairly quickly with an offer for finance.
We will find the ideal lender for your situation & all you have to do is say 'yes'.
Now comes the fun part....go and buy your new bike!
Complete our online form to get started on your Motorbike Loan Application.
What is a Motorbike Loan?
Can anyone Apply for a loan?
What documents do i need?
How Long does it take?
How much can i borrow?
what is pre-approval?
What is a Motorbike Loan?
A motorbike loan, otherwise known as a motorbike finance agreement or motorcycle loan, is quite simply a loan that is used to purchase a motorbike. They can be used for both new and used motorcycles and are one of the most popular ways to finance a bike purchase in Australia.
Motorbike loans may be offered through a bank, credit union or smaller lender, whilst dealerships can sometimes handle the applications through their lender partnerships. They can be used as a financial agreement for tourers, sports bikes, classic bikes, quad bikes and motor scooters.
While various types of loan are available, most motorbike loans are secured agreements that use the vehicle itself as collateral.
Can Anyone Apply for a Loan?
Motorbike loans are used to complete purchases of new or used bikes, and are open to a fairly versatile range of applicants. In fact, some creditors specialise in bad credit motorbike loans.
Nonetheless, applications are subject to meeting certain criteria. Eligible candidates should;
Be an Australian citizen or permanent resident,
Be at least 18 years of age,
Be working (or self-employed) with a confirmed source of income.
It is technically possible, albeit a little pointless, to own a motorbike without a licence. Most applicants wanting to borrow money will have their P1, P2, or Full licence. In some cases, it may be possible to bypass the citizenship requirements if you have a partner visa or a guarantor that will help you complete a guarantor loan agreement.
What Documents Do I Need?
When buying a motorbike through a finance agreement, you will need to show various documents regardless of which state you live in. The required documents are;
Proof of identity – usually to the total of 100 points (the equivalent of a passport and motorbike licence)
Proof of address – mortgage statement or tenancy agreement
Proof of income – can be tax returns, payslips, or any other legal document to prove your earnings
Proof of savings – while not always needed, some lenders will want to see this
Proof of liabilities – credit card statements and other loan agreements may be needed
Proof of insurance – again, it's not always needed, but some lenders will want to see it
Essentially, the lenders want to confirm who you are and that you are capable of meeting the loan repayments. This is to reduce their financial risks.
How Long Does it Take?
Thanks to online applications, it is now possible to gain a motorbike loan agreement in principle within a matter of hours. Whether you make the application online or with help from a dealer at a showroom, simple applications are followed up with a quick response. However, documents will need to be verified – especially for online applications.
Time frames until funds clear vary between lenders. In most cases, though, lenders can have funds cleared for the purchase within 48 hours. Another aspect that can influence the duration is whether the funds are being sent to your account or directly to the dealer. Involving a dealer can lengthen the timeframe.
How Much Can I Borrow?
Motorbike loan agreements are dependent on a range of situations including your financial background, whether it's a new or used vehicle, and the type of agreement. Many lenders accept applications for secured loans starting at $5,000, but some will go lower for used motorbikes. The upper limits are dependent on individual situations in relation to income and existing committed expense. The ability to put down a bigger deposit can help too.
In addition to understanding the amount of money that can be borrowed, it's important to look at interest rates too. Expect anywhere between 5% and 10%. If your credit rating is average, the rate is likely to be 6% to 8%.
What is Pre-Approval?
If you're unsure about how much money a lender is likely to offer, it may be an idea to look at the prospect of a pre-approval agreement. A pre-approved agreement essentially means that you make an application in relation to a hypothetical motorcycle purchase without actually committing to the transaction.
There are several reasons for taking this route. The main incentives are that you'll gain confirmation of your budget limitations while also putting yourself in a stronger position for negotiation. When you gain a pre-approval agreement, it will have a relatively short lifespan. In most cases, you can expect it to last for one calendar month before becoming void. However, you can make another pre-approval application if required.
As with the standard motorbike loan agreement, pre-approvals can often be gained within 48 hours subject to verification.