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If motorbike loans are your thing, then the interview with Steve Sell from Free Credit Report should interest you.
Whenever I tell my wife that I’d like to get a motorbike she sort of rolls her eyes because I’ll be honest you know I’m probably more on the geeky end than the cool end, but you know I sort of aspire to be cool.
So, are there any bikes that you won’t lend for?
It’s hard to finance older bikes and private sales. A new modern bike up to five years old coming from a bike dealer is much easier to finance than an older one or a private sale.
So, if there’s sort of a cut-off limit with the age of bikes over five years you won’t do it all?
Usually over five years if you want something older than that it’s probably better to look at an unsecured personal loan and you can buy what you like then.
Okay but if they want to buy older bikes then you can do personal loans as well?
Yes.
What is the maximum loan amount for a motor bike?
Usually around $50,000. Anything above that finance companies get very nervous and it becomes very specialised if it’s more expensive than that.
How much deposit do I need for a motor bike loan?
That’s going to depend on your details and the age of the bike that you buy. So, realistically around 20% would be a good rule of thumb, but you may not need any deposit.
So, if I’ve got a good-paying job and you know I’ve got plenty of assets and all that sort of thing they might lend it to you without a deposit?
That maybe approved without any deposit required it’s just that they view motorbikes as a leisure activity and they want a bit more security than if it was a car.
How does the lender secure the bike?
They take a security over the bike and so if you sell the bike you need pay your loan or if you did it as an unsecured personal loan you don’t have to do that.
That’s great information. I know some people get a bit you know concerned about talking about loans with banks and things like that.
Can they come into your office or you can do it over the phone. How does it work?
Absolutely or you can start the process by looking at Freecreditreport.com.au, looking at your credit file and then getting some advice on which is the best way to go depending on your circumstances.
I’m sure people who want a motorbike loan will find that interview useful.
Call 1800 100 100 for further information.