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 trying to access bike finance if you have bad credit.
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 for 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.
The difference between Finance One and other lenders is...
That we specialise in Loans for motorbikes with bad credit. Other lenders could reject your application if you don’t fit their strict lending criteria. Our Motorcycle Finance eligibility is structured to cater to the individual circumstances of Aussies with a poor credit history.
Apply Online NowMotorbike 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 if you end up defaulting on the loan.
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 Loans for Motorbikes with Bad Credit. This means you can choose the loan terms 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.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.
How to check your credit score
In Australia, your credit rating is reflected via your credit score. Your credit score sits between 0 – 1,200, depending on the credit reporting agency, and reflects the strength of your credit history. Credit reporting bodies in Australia are legally required to provide free access to your credit report once every three months. Your credit report will show what your current credit score is and could even provide you with insights on how to improve your score!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.Are guaranteed loans for motorbikes 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 loan across the line.
Am I eligible to apply for Bike Finance with Bad Credit through Finance One?
To be eligible to apply for Finance One Bike Finance, as a minimum, 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.
Ready to get your loan application underway?
You can apply online in a matter of minutes. Otherwise, our dedicated support team are only a phone call away!
Apply for Vehicle Finance
*Personal Loans above $15,000 must be secured. Loans between $50,000 and $75,000 must be asset backed.
Normal lending criteria apply. Fees and charges are payable. Terms and conditions apply.
Finance One means:
Fin One Pty Ltd – ABN: 80 139 719 903
Australian Credit Licence: 387528
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 legal, financial, taxation or other advice 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. Please note that approvals for loan applications are subject to satisfactory documentation being received to properly assess the application. Normal lending criteria apply. Fees and charges are payable. Terms and conditions apply.
