How to Apply for Motorcycle Finance in Australiaby Anish George Head of Online Grocery Store
Motorcycles have always been exciting because of the
sense of freedom and thrill they offer. Australia has constantly seen a rise in
the registered motorcycles. The motorcycle industry saw a robust growth of
55.16% in the first half of 2020 despite the COVID-19 pandemic.
While the scenic beauty of Australia
offers some of the best rides, there is usually confusion on how to apply for Motorcycle finance in Australia. Let us find out the answer:
Finalize your budget and look for the bikes:
Before going to the showroom, one must be aware of
their budget. One should have done their research on the available models in
the market too.
The costlier the bike, the heavier will it be getting Motorcycle finance in Australia. So, it is imperative to stick to your budget.
2. Get your credit
Motorcycle finance in Australia are
considered riskier by insurance companies. Therefore, it is necessary to
provide a clean credit report and a high credit score.
Get your credit score and ensure that it is accurate
and updated. If you have previous loans, ensure that the installments are paid.
A credit score of above 700 will help you get a loan application approved
3. Find the best option
There are various ways to get Motorcycle finance in Australia. Some of the
sources are listed below:
- Bank or Credit unions: Banks and Unions can provide stable,
long-term loans with reasonable interest rates. The better the credit
score, the better will be the loan offers. These are usually secured
- Dealership: While buying a bike from a dealership, one can get a
loan from the same dealership too. It is usually hassle-free and
convenient. Bike and loan both are available in the same place. Although,
the interest rates are generally higher.
- Personal Loan: One can also consider an unsecured personal loan. In
this, one doesn’t need to mortgage their property as collateral. In case
of default, the installments are deducted directly from the person’s salary.
Interest rates are higher, and the risk involved is
also higher. Also, for this type of loan, the assessment criteria are usually
4. Apply and ride:
Apply for the loan from the source that suits you the
most from the above list. Once the loan is approved, you can buy your favorite
Created on Apr 28th 2021 11:08. Viewed 232 times.