Aussie Bike Loans

If you’re searching for the best Aussie bike loans, you’ve come to the right place. At Bike Loan World, we make it our business to provide you with the best range of Aussie bike loans, so you can find the right loan option for you.

Want to invest in a chopper? Check out our Aussie bike loans for the chopper of your dreams. Dream of riding a sports bike? Take a look at our Aussie bike loan options to turn that dream into a reality. Want to create your very own Roman Holiday? Compare Aussie bike loans to finance that yearned-for Vespa.

So, what should you look for when you compare bike loans? To make it easier to compare Aussie bike loans, here are some of the factors you should consider.

Secured Bike Loans vs. Unsecured Bike Loans

Aussie bike loans are either secured or unsecured. What does this mean? A secured bike loan is secured against some form of collateral. This can be the bike you are purchasing, or another asset, such as your house if you are a homeowner.

A secured bike loan is seen as lower risk than an unsecured bike loan. This is due to the fact that if you stop paying your bike loan repayments, the lender has your asset as collateral. The lender may choose to repossess the asset secured against your loan if you are unable to repay it.

However, as this type of bike loan is lower risk, it can make it easier to get approved for. It can also make it cheaper. These lower risk bike loans can cost less overall, as lenders tend to charge lower interest rates for that lower risk.

An unsecured bike loan, on the other hand, is a loan that is not secured against any type of asset. Some people feel more secure with this type of loan, but in order to get approved, you generally need a spotless credit history.

Fixed Rate Bike Loans vs. Variable Rate Bike Loans

When you compare bike loans, you also need to think about whether a fixed rate loan or variable rate loan works best for you. A fixed rate loan has a fixed rate of interest, while a variable rate loan has a variable rate of interest. Let’s look at the pros and cons for each.

Fixed Rate Bike Loans

Pros

  • Your repayments will remain the same throughout the entire loan term.
  • This makes it easier to budget, as you always know what your loan amount will be.
  • You will know that the interest on your loan will not go up, even if interest rates rise elsewhere.

Cons

  • If interest rates fall elsewhere, you won’t benefit from that decrease.
  • You may have to pay fees to the provider if you choose to pay out your loan early.
  • You may not be able to make extra repayments on your loan.

Variable Rate Bike Loans

Pros

  • If the provider’s interest rates fall, your repayments should decrease as you pay less in interest.
  • Variable rate loans may offer more flexibility. Some variable rate loans allow for early repayment and extra loan repayments. Be aware, some providers still charge a fee for this.

Cons

  • If interest rates rise, your repayments may also rise, making the loan more expensive overall.
  • Budgeting for a variable rate loan is more difficult, as you don’t always know what your repayments will be.

Personal Bike Loans vs. Business Bike Loans

When you apply for a bike loan, you need to think about whether it will be predominantly used for business or leisure. If the bike will be used mostly for business (more than 50%), you may be able to apply for business finance.

While it may not have been an option you had considered, you could apply for business finance for your bike if you use it for work. Perhaps you are a courier or a mobile sales rep, or you use your bike for any other type of work.

Aussie bike loans for business can include hire purchase, leases or a chattel mortgages. This type of bike loan could work out better for you financially, so be sure to find out more about these options before you apply.

Bear in mind that driving your bike to and from work does not count as business use.

Private Sales vs. Dealer Sales

Where you buy your bike is totally up to you. You can apply for Aussie bike loans for almost any type of bike purchase. You could bike your bike from a dealer, at auction, or from a private sale. You could even choose to refinance a bike loan you already hold.

When buying a used or second hand bike, some Aussie bike loan providers may require a vehicle inspection prior to payment. Check the small print on the loan before you apply, to find out if this is a requirement for your bike purchase.

At this point, it’s also worth pointing out that you can apply for preapproval before you buy your bike. Preapproval allows you to buy your bike with confidence, knowing your bike loan is approved upfront. Preapproval can also help you work out your budget and understand your buying limits.

Ready to apply? Compare the options on Bike Loan World and apply today.