Whether you’re looking to upgrade your motorbike or are excited about buying your first motorcycle, applying for a Yes Loans online loan is a quick and easy way to get riding fast! If you’re a buyer looking for the cheapest motorbike loan you can secure with monthly repayments that won’t mean compromising on life’s other wants and needs, read on.
Motorbike loans’ interest rates and conditions can vary, as loan interest rates vary across the lender market, so it’s worth doing a little research.
The first step is to create a budget
When applying to finance a motorcycle, you first need to know your credit rating. This is where you sit down and work out a feasible budget to identify what you can really afford to pay for a motorbike.
Find the Best Motorcycle loan for you in Perth
We always recommend shopping around, considering at least four lenders and their products. We understand the complexities involved in securing a personal loan for a motorbike, and the Yes Loans team is available to help you with all your enquiries.
Should I buy a new or used motorbike?
The general question of new vs. used motorcycles is a personal decision that each rider must make. A new bike is generally more expensive at the outset, but it can be your opportunity to buy into the cutting-edge performance, technology, and style. New motorcycles also come with a manufacturer’s backing, a fixed-period warranty, and unique financing opportunities. So if you can afford the repayments, a new bike might be right for you.
A used bike is a trade-off because, in general, while you save money on the purchase price, you might end up spending more money and time fixing and maintaining the motorcycle. The older the bike, the more time and distance will have taken their toll on the ride – which is fine, especially in vintage rides, as long as you’re willing to pay for the upkeep.
What is a motorcycle loan, and how does it work?
Yes Loans offers a range of motorcycle loans. We offer motorbike finance through our Unsecured Personal Loan, which has a fixed interest rate. You can choose a loan amount and loan term you’re comfortable repaying. No matter the reason for wanting a new or used motorbike, Yes Loans can help make your need a reality today. Our experienced (motorbike loving) brokers are available to talk you through the best motorbike loans to meet your needs in terms of the make and model and your budget.
How much do motorcycles cost?
As with many things, this depends on what you have in mind. At the lower end of the market, you can grab a new scooter that costs around $3,000′ ride away’. From there, learner bikes often range from $3,000-$10,000. Also consider associated costs, such as a helmet and protective clothing, which can cost $1,200 – $1,500. Luggage systems start at around $400.
Secondhand bikes are often cheaper, but ensure you do your due diligence and have the vehicle checked before you purchase.
What will my repayments be?
Head down to our loan calculator to better understand your repayments.
Are loans only for new motorbikes?
No. You can use a Yes Loans loan for a new or used bike
How does credit history affect getting a loan?
Your past payment history will affect your application, and your loan provider will use this information to assess your ability to repay the money you borrow. Three things you can do to help:
- Ensure you’re meeting current repayment obligations for:
- Other credit cards or loans (including other lenders like Afterpay, Humm and Zip Pay and your mortgage if you have one)
- Rent (if renting) and utilities such as phone, internet, electricity, etc.
- Before applying, check that the details on your credit report are correct. Head to CreditSmart.org.au and follow the links to a free credit report.
- Make only one application; every application you submit becomes an enquiry on your credit report. Too many can be viewed as a red flag, reducing your chances of approval.
Get your documents in order
Make sure you have everything in the list below:
- Proof of identity, including at least two of the following:
- Australian driver licence
- Medicare card
- Passport
- Australian birth certificate
- Information about any current debts you have in your name (e.g. home loan, personal loans, other credit or store cards, as well as instalment purchases such as Afterpay and Zip Pay)
Proof of income
Most lenders require you to show at least one of the following, two pay slips from your primary employer from the last two months or a Government Authority statement from the previous two months confirming your pension or allowance. If you’re renting you might also need to provide the previous three months’ rental income proof.
Self-employed?
You’ll need to show you’ve been in business for at least 18 months, provide the last two months’ business bank statements and the previous year’s Notice of Assessment. You might also need to provide a list of all your regular monthly expenses (including phone bills, insurance, etc.)
While this is a general guide, it’s critical to remember that you may need to meet additional eligibility criteria or provide other documentation.
Choose Yes Loans for fast online loans in Perth
At Yes Loans, our personalised loans come with a range of options and loan protection insurance. Once you’ve finalised your budget for your motorbike, contact one of our personalised loan experts. They can help you with our loan options. You can also apply directly for fast, efficient pre-approval. Don’t forget to ask about vehicle insurance options.
Our simple online application process means you can get your loan quickly. Our Perth finance brokers are committed to providing you with the best finance options. We offer:
- Tailored finance to suit you and your budget
- Dedicated brokers that will make you their priority
- Quick and easy online application process
- Flexible repayment terms that meet your needs.
- A fast, hassle-free, transparent personal loan application process
We say YES more often and can help you with your finances in Perth and Australia-wide. Don’t wait to get your hands on your new motorbike in Perth. Contact us today.
