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Compare motorcycle finance

Get out on the open road with the right motorcycle loan. Compare your finance options below.

Simplify Secured Car Loan

Simplify Secured Car Loan logo

From 6.5% p.a.

rate

  • 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.

Compare motorcycle loans

Name Product Interest Rate (p.a.) Loan Amount Loan Term Establishment Fee Requirements Table description
FAST QUOTE
Simplify Secured Car Loan
7.90% - 12.95%
$5,000 - $500,000
12 - 60 months
$100 - $500
Requirements: NZ citizen/permanent resident, income of at least $500/month.
See how much you could borrow without affecting your credit score.
CarFinance2U Car Loan
8.95% - 23.95%
$5,000 - No max.
1 - 5 years
N/A
Requirements: NZ citizen/permanent resident.
Get pre-approved for your next car in 30 minutes.
Stadium Finance Secured Vehicle Loan
8.95% - 19.95%
$3,000 - $100,000
Up to 60 months
Varies
Requirements: NZ citizen/permanent resident, have a disposable income of $300/week.
Secured loans from $3,000 and funds paid within one day of approval.
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Compare up to 4 providers

What is a motorcycle loan, and how does it work?

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.

How much do motorcycles cost?

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.

How to choose your motorbike

When shopping around for your 2 wheels, it is essential to consider these factors.

  • Decide on a type of bike.

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.

  • Is the engine capacity the right size?

Make sure you research the law around licence type and engine capacity.

  • How does it ride?

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.

What you should think about when comparing motorcycle loans

When examining your loan options, remember to consider the following features to see if the loan is right for you.

  • What loan amount do you need?
    Check the minimum and maximum amount on offer when comparing vehicle loan options, and ensure you can borrow the amount you need.
  • What is the loan term?
    The longer the loan term, the less you repay at each instalment, for example fortnightly or monthly. However, with a longer term, you pay more in interest overall.
  • Do you need secured or unsecured?
    A secured loan uses your motorcycle as a guarantee if you default on your repayments, while an unsecured loan does not require any security. If you need to borrow more than the cost of the vehicle or want flexibility with your repayments, you may want to opt for the unsecured loan option.
  • What interest rate are you getting?
    If you need a lower rate on your loan, you may want to consider securing the loan by using the bike as collateral. However, this means if you default on your repayments, the lender can repossess your motorcycle to cover the costs.
  • What about 0% interest loans?
    While offering a 0% interest finance option may sound tempting, comparing all your options is still essential. You also have to consider balloon payments, monthly costs and other ongoing fees.
  • What fees does the lender charge?
    Lenders may charge a range of upfront and ongoing fees to set up the loan and cover the administrative costs of managing your account. Make sure you include these to get a sense of the actual amount of the loan.
  • Can I make extra repayments?
    One way to bring down the interest paid on your loan is to make extra repayments when you can afford it. If you feel this may benefit you, ensure your loan offers this before applying.

Motorcyles taking off on trip

Things you probably want to avoid

  • Taking out a loan you can’t afford. Before applying, consider the loan’s actual cost, which includes all applicable fees and rates. In addition, it would help to determine the cost of your repayments and the length of time you should budget for them.
  • Applying for restrictive loans. Some lenders may place restrictions on the loan that can stop you from saving money or paying back the loan sooner. Check if you can make additional repayments or if the provider charges you for paying back the loan sooner.

How to apply for a new motorcycle loan

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:

  • Proof of identification, such as a passport or driver’s licence.
  • Employment details, including your employer’s name and contact details, plus copies of recent payslips.
  • Financial information includes your assets, debt, income and liabilities.
  • If you are self-employed, you need to have additional financial documents, for example from your accountant.
  • If you don’t have pre-approval, you need the registration details of the bike you intend to buy.

Example: Jim needs a new motorbike

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.

Have more questions?

Can I get a secured motorbike loan?

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.

I have bad credit, can I still get a loan?

This question never has a definitive answer as it depends on many factors. Want to learn more about unsecured bad credit loans that you could use to buy a motorbike? Head on over to this guide to find out more.

Should I lease or buy my next motorbike?

The answer to this question comes down to your financial situation and your ability to service the loan. See what else is involved in leasing and buying here.

I’ve been offered 0% finance, is this good?

While offering a 0% interest finance option may sound tempting, comparing your options is essential. You’ll also have to consider balloon payments, monthly costs and other ongoing fees. Find out more information about 0% financing.

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