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Best Finance Company?

Discussion in 'General Motorcycling Discussion' started by Fa1c0n, Apr 30, 2012.

  1. Hey guys,

    Anyone got any ideas of who the best finance company is for a bike loan?
    Preferably cheapest too?

    I need to borrow 19k

  2. A defunct one...
    • Like Like x 1
  3. Try the search function....
  4. You'll end up paying in excess of 26k back I reckon!
    Fkn harsh I know bro!
  5. Use one of those comparison sites.
  6. I dont think they have the comparison sites for motorbike loans...

    Its classed as a personal loan isnt it?
  7. http://www.360financial.com.au/home.aspx
    Give these guys a call. There more of a financial brokering service... They will get you the best rate possible and will explore all avenues. Speak to a guy called Gary tell him you were referred from Milton Vehicle Brokers.

    They look after all the finance for the Vehicle Brokerage I work for and are very good.
    • Like Like x 1

  8. Cheers mate. Ill give it a go tomorrow at lunch.
  9. Let us know how you get on mate.
  10. commbank has been good to me. Decent interest rate, debt was not secured on my bike meaning i didnt need compo, good customer service.

    Would happily get another ball and chain from them again if need be.
    • Like Like x 1
  11. It's not as simple as best interest rate, some lenders have fees, some don't, some have early payout fees, some don't etc...

    You need to compare like with like, interest rates vary depending on your credit profile too. Don't forget you are buying a toy, (I would argue a necessity but financiers wouldn't agree LOL) so the interest rate will likely be higher than if buying a car.

    Good luck with the purchase!
  12. I found these to be better for me Universal Motorcycle Finance no pay out fees and 12.99% and very good service from them :)
  13. Your profile as a borrower is one of the main factors lenders will consider. The second thing is the bike itself...

    Then there are manufacturer supported lenders. Eg Yamaha finance had a deal on recently (not sure if it's still on) of 4.9%. Then you have things like premium funding through BMW (if you buy a Beemer) to borrowers with a stong profile.
  14. As a client, I can reccomend CUA - one of the few major financers that treat motorcycles as vehicles.

    Their current rate is 8.99% with no monthly fees.

    It's secured against the bike, so I have comprehensive insurance with Swann, which wasn't all that much more then third party.
  15. BMW finance will lend on items other than BMW's and as long as you meet their criteria the rates can often be very good and as mentioned motorbike brand specific finance sometimes have deals around the 5% mark.

    Another way to get a low motorcycle loan rate is to use an investment property that one has equity in and get a line of credit against the property and use the money from the line of credit to buy the motorbike. The advantage of that method is there is no security against the bike so you can sell it privately easier when you later upgrade (many private buyers don't like seeing a registered financial interest in a private sale bike).
  16. It's called a savings account with regular deposits.
    • Like Like x 1
  17. There is no such thing as a good finance company , use a bank or building society, if you insist on a finance company , then just look for a loan shark , they are one & same.
    PS --as others have mentioned , some manufacturers have some great deals , obviously because they want you to buy their product , but still if the interest rate is good , then go for it.