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Financing a motorcycle in Australia
If you’re looking for finance for a motorcycle in Australia, you have two main options.
These options are similar in some ways. In fact, they’re often advertised by lenders interchangeably.
But trust me, when it comes to cost, they are very different. This is important. In fact, analysis by Money shows that on the average new motorbike loan ($18,267) a 1% difference in interest rate would mean paying an extra $520 in interest over a five-year loan.
How to compare motorcycle loans and rates
When you’re comparing motorcycle loans, you’ll often be looking for the best, or lowest, rate. Currently the lowest motorcycle loan rates start from around 6-7% p.a.
But remember, the interest rate you’re charged will depend on your risk profile.
Lenders will consider your credit score, income, employment situation, living situation and other factors.
Our motorcycle loan rates comparison table below shows just how much of a difference the interest rate can make on your weekly repayments. For exactly the same motorcycle.
This can add up to thousands of dollars over the life of the loan.
Which type of motorcycle finance is best?
Unless the bike you’re buying is particularly old or unusual, there’s a good chance it will be eligible to be financed with a secured motorcycle loan.
As an example, among borrowers looking for secured finance for a used motorcycle through Money.com.au, the average age of the bike is 7.1 years.
Secured motorbike finance is usually the cheaper type of personal loan. Sometimes it's a lot cheaper. Here's how it works.
Secured motorcycle loans
Unsecured motorcycle loans
How do motorcycle loans work?
Loan amounts up to $100,000
Terms from 1-7 years (our data shows a five-year term is most common)
Finance a new or used bike
Variable or fixed interest rates available
Weekly, fortnightly or monthly repayments
No deposit required
Interest rate is tailored to your situation
Work out how much you can afford to borrow
Compare motorcycle loans
Apply for pre-approval with the lender
Find a motorcycle to buy based on your pre-approved amount
Finalise your loan approval (let the lender know what bike you're buying and provide any additional information requested)
The interest rate on motorcycle finance is important. BUT it’s not the only factor you should pay attention to.
Motorcycle finance fees
Upfront fees can be very high on some loans (over $1,000 in some cases) and some lenders charge ongoing fees too (annual or monthly). But you should be able to find options with low fees.
Comparison rate
This gives you a better idea of the true cost of your motorcycle finance. It includes the interest rate plus most fees. Ideally the interest rate and comparison rate should be similar. Or the same ideally.
Loan term
This is how long you’re borrowing the money for. If you go with a longer term, you’ll have lower repayments. But the overall cost in interest will be higher. You can combine the loan term with the interest rate and fees to calculate the total cost of your personal loan.
Extra repayments possible?
If the loan allows you to make extra repayments, this can help you save money. Just watch out for fees that may apply for doing this on some loans.
Am I eligible for a motorcycle loan?
Every lender has different eligibility criteria for motorcycle loans.
But the most basic qualifying criteria mean you must be:
If you meet the basic eligibility for a motorcycle loan, the lender will assess your application based on your financial situation and credit history.
To get motorcycle finance, you'll typically need to provide:
Proof of identity i.e. passport or driver licence
Proof of income i.e. payslips or tax returns
Proof of any assets you own
Statements for any other loans or credit cards
Details of regular expenses i.e. bank statements
If you’re using a motorcycle as security you’ll also need to provide details about the vehicle including its age and the type of bike it is.
If you’re self-employed (i.e. no payslips) there’s a different loan type called a low doc personal loan you can apply for.
How does my credit score affect my motorcycle finance?
When deciding whether to approve your application, the lender will do a credit check.
Borrowers with an extensive and blemish-free credit history will be eligible for the cheapest motorcycle loans.
But most lenders will approve borrowers who have a good credit score.
Borrowers with lower credit scores may need to consider a specialist bad credit personal loan provider.
These lenders generally charge higher rates.
I recommend checking your credit score for free before you apply for motorcycle finance so you know where you stand.
Compare motorcycle loans to find your best deal
Get your best offers from multiple lenders at once. There's no obligation and checking your rates won't impact your credit score.
Can I get a motorcycle loan if I have bad credit?
Yes, it’s certainly possible but be aware you’ll often be required to pay higher rates and fees. If this is the case, try to find a loan where you can pay it out early.
This may allow you to refinance your personal loan on to a lower rate in the future without penalty.
Can I buy other motorcycle equipment with a motorcycle loan?
You can if you use an unsecured personal loan. That can include motorcycle safety gear, insurance, repairs and maintenance. With a secured loan, you generally need to use the funds to pay for the bike itself.
Can I still get a loan if I’m buying a used motorcycle?
Yes, in most cases you will be able to get a loan to buy a used motorcycle. With a secured loan, the bike will simply need to be under the lender’s cut off age (this varies).
Alternatively, unsecured loans usually place no restrictions on the type or age of the motorcycle you purchase.
Can I get pre-approval on motorcycle finance?
Yes, a lot of lenders offer pre-approval on vehicle finance. That way you can arrange the finance before you head out to look at motorcycles to buy.
It can be a smart way to do it as it means you have a firm budget to work with.
How much can I borrow with a motorcycle loan?
Each lender has different minimum and maximum motorcycle loan amounts, but generally you can borrow from $2,000 up to $100,000. Unsecured personal loans may have lower maximum loan limits of $40,000 to $50,000.
But how much you can borrow will depend on factors like your credit history, your income and other expenses.
Why do some motorcycle loans look cheap but have high repayments?
Fees aren’t included in the advertised rate for a loan, which is designed to make the loan offer more appealing than it is, and is true to its name: an advertisement.
The true cost of a loan is found by looking at the comparison rate, which expresses all standard charges (interest plus fees) as a simple percentage.
Shaun McGowan is the founder of Money.com.au. He's determined to help people and businesses pay as little as possible for financial products, through education and building world class technology. Previously Shaun co-founded CarLoans.com.au and Lend.
Sean Callery is the Editor of Money.com.au. He has over 15 years of international experience. He is qualified with a Certificate IV in Finance and Mortgage Broking (FNS40821) and is compliant to provide general advice in Tier 1 General Insurance (RG 146) products.
^Comparison rate warning
Unless otherwise stated, personal loan comparison rates are calculated based on a loan amount of $30,000 repaid over a 5-year term. The comparison rates only apply to the examples given. Different loan amounts and terms will result in different comparison rates. Costs such as redraw fees or early repayment fees and cost savings such as fee waivers are not included in the comparison rate but may influence the cost of the loan. Check with the provider for full loan details, including rates, fees, eligibility and terms and conditions to make sure the product is right for you.
Products, features and information displayed
General information only The information on this page is general in nature and has been prepared without considering your objectives, financial situation or needs. You should consider whether the information provided and the nature of any personal loan product is suitable for you and seek independent financial advice if necessary.
We are not providing you with a recommendation or suggestion about a particular personal loan. You should read the relevant disclosure statements or other offer documents before deciding whether to apply for or continue to use a particular product.
What products, features and information are shown While we make every effort to ensure all personal loans available in Australia are shown in our comparison tables, we do not guarantee that all products are included.
Our product comparisons may not compare all personal loan features and attributes relevant to you. Product information, such as interest rates, fees and charges, is subject to change without notice. Before acting on any information, you should confirm the relevant product information with the lender.
How personal loans are sorted and filtered by default Users can easily change the sort order and apply product filters to our product comparison tables. However, when you arrive on a page initially, by default personal loans are sorted by:
Personal Loans Available Through A Broker
Some personal loan products listed in our tables are available through a broker. These are the products with an option to ‘Check Eligibility on Money.com.au’. Brokers may not be able to offer loans from every provider and there may be more suitable loans for your personal circumstances. Brokers are not authorised by Money's Australian Credit Licence and operate under their own Australian Credit Licence, or as a credit representative of another Australian Credit Licensee. Brokers can make recommendations about loan products that may suit your objectives, financial situation and needs.
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Our tables feature all personal loans available from lenders on our database that match the search criteria selected. Lenders do not pay to feature in our tables, nor do we earn commission if you click to visit a lender’s website. The order of the products in the table is not influenced by any commercial arrangements.
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