When it comes to motorbike finance, there are a few things you need to keep in mind in order to get the best deal possible.
Shop around
First and foremost, it’s important to shop around and compare offers from different lenders. This way, you can be sure that you’re getting the most competitive interest rate and terms. You can easily compare your motorbike finance options online to make sure you’re getting the best possible rate – and a loan option that works for you.
Put down a deposit
In addition to shopping around, it’s also important to make a solid down payment. A large down payment can help you secure more favourable loan terms and interest rates. A good deposit is normally around 20-30% of the total value of your bike.
Consider your loan term
The length of your loan term will also affect your interest rates and monthly repayments. A shorter loan term means higher monthly repayments but you’ll pay less interest overall. A longer loan term means lower monthly repayments but you’ll pay more interest overall. It’s important to find a balance that works for you and your budget.
Think about extra features
Consider any additional features or benefits that you can add to your motorbike loan. For example, if opt for comprehensive insurance you’ll be covered should anything happen to your bike and it’s not worth as much as what you still owe on the loan.
Check your credit score
When applying for motorbike finance, lenders will check your credit score to assess your financial history and ability to repay the loan. Make sure you check your credit score before applying so you have an idea of where you stand. You’ll also be able to review your credit history and ensure that there are no errors on your file. You can get a free copy of your credit report from any of the major credit reporting agencies in Australia.
Typically, the higher your score, the more favourable interest rates and terms you’ll be able to secure.
Read the fine print
Be sure to read the fine print of any motorbike finance deal you are considering. This will help you avoid any hidden fees or surprise costs down the road. All lenders charge fees, so it’s important that you factor these in when you are comparing your options.
Make extra repayments
Finally, if you can, try to make extra repayments on your loan. This will help you pay off your debt sooner and save you money in the long run. You may also be able to negotiate a lower interest rate if you have a good repayment history.
Ultimately, getting the best motorbike finance deal comes down to doing your research and working with a reputable lender. By taking these steps, you will be able to get the financing that works for you and your bike!
