Getting Motorbike Finance with Bad Credit

There is no better feeling for motorbike enthusiasts than getting out on the open road in perfect riding conditions.

However, if you need to borrow money to get your next bike, you may feel less enthusiastic about accessing funds to purchase your bike if you have bad credit.

We understand that applying for bike finance with bad credit can feel like you’re stuck in first gear, but there are plenty of options for motorbike finance even if you have bad credit. At Finance One, we take a neutral position when considering your financial situation.

If you’re getting your finances back on the straight and narrow, we could help you through the process of applying for motorbike finance to get your dream bike — we explain how below.

Understanding motorbike finance

They say that knowledge is power. While knowledge may not feel as powerful as a Hayabusa or Blackbird, brushing up on the ins and outs of motorbike finance means giving yourself the best chance of getting approved for a loan even with bad credit.

Who can provide motorbike finance?

Applying for motorbike finance is very similar to getting a Vehicle Loan for a car. And just like Car Loans, motorbike finance is often offered by motorbike dealers, banks and other financial institutions.

Motorbike Finance Options

Generally speaking, a loan for a motorbike is a secured loan, as the motorbike is used as security. This means that the lender can potentially re-possess the motorbike if you aren’t able to repay the loan. You can also use an unsecured Personal Loan to provide the funds you need to get your new ride, but unsecured loans typically come at higher interest rates as there’s less recourse for the lender to fall back upon should you end up defaulting on the loan.

Bad credit bike loans are bike loans offered by specialist bad credit lenders, such as Finance One.

Loan amount

Most times, you’ll be able to access a loan amount sufficient to cover the total purchase price of the motorbike. Different lenders will offer different loan amounts. At Finance One, we offer motorcycle finance from $5,000 – $75,000*.

Loan terms

The term of your loan refers to how long you have to repay the loan. We offer finance terms between three and seven years for Motorbike Loans. This means you can choose the loan term that best suits your budget and financial situation.

Interest rates

An interest rate is applicable on almost all Personal Loans, whether it’s a Car Loan, a Loan for a motorbike, or other loans for bad credit. Our interest rates vary depending on your overall credit profile. This includes (but is not limited to), the stability of your employment and residence, your credit history, your income and your banking conduct.

Comparison rates

Comparison rates are a financial tool that can be used when comparing loans between lenders to find the best deal. The comparison rate ties the possible interest rate with the applicable loan fees. Unfortunately, the unique lending approach required to provide loans for bad credit means that comparison rates aren’t the best way to compare loans for bikes with bad credit.

If you have a bad credit history and want to know more about the interest rates and fees that might apply to you, contact our friendly team, who can step you through the process of potentially finding the right finance solution for you.

What’s considered to be a ‘bad credit history’?

Every time you undergo a credit check, miss a payment on a utility bill or credit account (such as a post-paid mobile phone plan, credit card or loan), or even overdraw your bank account, these can show up on your credit file. Your credit history refers to your track record of borrowing money and repaying it on time in accordance with your loan contract.

When things start heading south, that’s when you might experience defaults, court judgments, or even bankruptcy. Perhaps it goes without saying that the more ‘negative’ information you have on your credit file, the worse your credit history will look.

What if I don’t have a credit history?

Did you know that you can have a bad credit score even if you’ve never had a credit product before? If you have no credit history, lenders can see this as riskier than someone with a proven track record of being responsible with their credit accounts. That’s why you might find it tricky to get a loan application approved if you don’t have a credit file yet.

Your financing options might be limited as a first-time borrower, but don’t be discouraged; your dream bike could still be within reach with the right lender.

Are guaranteed bad credit Motorcycle Loans available?

Unfortunately, loans can’t be guaranteed to be approved, including loans for motorcycles with bad credit. If you’re searching for the best chance of your loan application getting the green tick of approval, meeting the lending criteria is how you can give yourself the best chance of getting your Motorcycle Loan across the line. **

Am I eligible to apply for a Motorbike Loan with bad credit through Finance One?

To be eligible to apply for bad credit motorbike finance, you need to:

• Be at least 18 years old.
• Be a permanent resident or Australian citizen.
• Have a regular income, even if it’s through receiving Government benefits.

*Loans between $50,000 – $75,000 must be asset backed.

**Normal lending criteria apply. Fees and charges are payable. Terms and conditions apply.

Disclaimer: The information above is of a general nature only and does not consider your personal objectives, financial situation or particular needs. You should consider seeking independent advice regarding your legal, financial, taxation or other needs, to check how the information relates to your particular circumstances. We do not accept responsibility for any loss arising from the use of, or reliance on, the information. All loan applications are subject to normal lending criteria. Fees and charges payable. Terms and conditions apply.