Simplify Secured Car Loan
From 6.5% p.a.
- Borrow up to $500,000
- Min. loan amount: $5,000
- Loan term: 1 to 5 years
- Establishment fee: $100-$500
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Motorcycles are cheaper than cars, but the cost of riding gear, licence fees and insurance can quickly add up. The last thing you want is an uncompetitive loan adding to your expenses.
Take a look at the guide below to compare finance options to help you buy a new or used motorcycle.
Motorcycle loans are ones where a lender allows you to use a motorcycle as security. However, not every vehicle loan provider permits borrowers to use motorcycles as security for a loan; in this case, you may be able to get an unsecured loan.
Loan terms vary between 1 and 5 years (longer in some cases), and with unsecured loans, you may be able to use some of the funds to purchase additional items for your bike, such as insurance.
Costs for a motorcycle vary. While the actual purchase price is typically cheaper than a car, even new motorbikes usually set you back less than $10,000, you still need to consider insurance, riding gear, licence fees and other upfront costs you need to pay. Some lenders may let you take out a loan that is more than the price of your motorbike to cover these costs, but other lenders may only allow you to borrow the cost of your vehicle. Check these terms before you apply.
When shopping around for your 2 wheels, it is essential to consider these factors.
There are different bikes that you can consider buying. For example, you could consider a Harley Davidson if you’re after a cruiser, a sports bike if you’re after speed or a touring motorbike for long-distance travel. You could also look at a dual-sport motorcycle, a standard motorbike or a postie motorbike. You could even check out a scooter if you’re after a cheaper option.
Make sure you research the law around licence type and engine capacity.
You should always consider taking the bike for a test ride as with buying a car. How does it handle? How is the acceleration? These are the kinds of questions you should think about.
When examining your loan options, remember to consider the following features to see if the loan is right for you.
Compare your motorcycle loan options using the comparison table in this guide. Once you find the right loan for you, click “Go to site” and it directs you to the lender’s website to fill out an application form.
The eligibility requirements for personal loans differ between lenders. Still, typically, you need to be over 18, a permanent New Zealand resident or citizen and have a good credit rating. If you are taking out a secured loan, there are also restrictions regarding whether the motorcycle you’re looking to purchase is eligible.
When you apply for a loan, you should have the following documents ready:
Jim works full time for a regional office and enjoys a short 15-minute bus trip to work every day. However, when he receives a promotion and starts working in the city, he doesn't like the 1-hour commute on the bus. Jim owns a car but doesn't want to pay hefty CBD parking fees. He decides he is going to get a second-hand motorcycle for his commute.
Jim works out he can comfortably borrow up to $10,000 for his new purchase and compares his loan options, including the rates, fees and terms. He wants to make extra repayments and finds a loan that allows this. Jim receives online conditional approval for the $10,000 he needs and then starts his search online for his new wheels.
* This is a fictional, but realistic, example.
If you need a lower rate on your loan, you may want to consider securing the loan by using the bike as collateral, which means that if you default on your repayments, then the lender can repossess your bike to cover the costs.
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