Welcome to Netrider ... Connecting Riders!

Interested in talking motorbikes with a terrific community of riders?
Signup (it's quick and free) to join the discussions and access the full suite of tools and information that Netrider has to offer.

Re: Motorcycle Finance

Discussion in 'Businesses and Service Providers' started by Weasel, Feb 1, 2008.

  1. Sincere apologies to the moderators if I've posted in the wrong forum....

    Can anyone recommend good companies with which to obtain finance from?

    I've currently been getting a few quotes as I'm looking to upgrade soon. The quotes I've been getting are for personal loans, and the interest rate is around 9.5 to 10% per annum.

    Are there any companies out there that will let you purchase a bike using a car loan, which has a significantly cheaper interest rate?


    "There's nothing like the synergy between rider and bike...."
  2. PM Steve_Guzzi
  3. If you're offered a loan for a bike at less than 10% including fees and charges do it on the spot.

    My credit union financed part of my Bandit and I talked them into calling it a car loan at 10%.

    Dealer finance was about 12% I think and banks were 13% plus hefty fees and monthly charges etc.

    10% in this climate is pretty good given the riske associated with riding :wink:
  4. I got Honda finance for my Suzuki and you get Approved in 5 seconds :shock: ,pick the bike up 24 hours later no need to go to the banks and stuff around and at 12.45% .
    Super fast and very easy ,to easy . :wink: .
    I just did a westpac loan on the net ,just to see what the % rate was and its 12.39%.

    The catch ,with Honda is if you pay it out early ,you got to pay a few hundred extra ,exit fee.
    But if you refinace in a few years for a bigger bike ,you don't have to pay an exit fee and the interest rate got cheaper on my 2nd bike loan.

    Remember to read the fine print. :wink:
  5. Thanks a lot for the advice guys, it's much appreciated!

    Can someone now please advise me on how to get the permission of the missus to go ahead and get a loan?

    I sold my ZZR about 2 months ago in order to part-finance an upgrade, and I'm already having severe withdrawal symptoms!!!



    "I feel the need....the need for speed!"
  6. Mate, getting the loan is the easy bit.
    Now its time to grovel.

    They say diamonds work :p
  7. +100!
    my work makes sitting down in a bank near impossible for me, and steve made obtaining finance, insurance and all the goodies an absolutely effortless experience on my behalf. he was always on the ball, and proved to be honest and reliable.
    he even hand delivered the cheque to the seller!
    he is a paying advertiser here on netrider, so i dont see it as spamming to drop the url in here.
    or just keep your eye out for his banner ad at the top of your screen!
  8. Just be aware, that a personal loan at a higher percentage but with no strings attached and no fixed schedule of payments may actually end up being cheaper IF YOU CAN MAKE EXTRA REPAYMENTS. This kind of loan is usually flexible, without penalties for extra repayments or early termination.

    A standard vehicle loan with a lower interest BUT with a fixed schedule of payments and early termination fees or fees for extra repayments, could end up being a more expensive option in comparison - even though it has a lower interest rate. Here's two examples (hang in there - follow me through this...)

    Example A: $10K secured vehicle loan, at 9%pa over 5yrs - fixed repayments, with penalties for extra payments and early termination.

    Example B: $10K unsecured fully flexible personal loan, at 12%pa over 5yrs

    Assume setup fees etc are the same.


    Ex A: $207.58/mth is the minimum repayment. In 5yrs you'd pay a total of $2,455 in interest. (keep that number in mind)

    Ex B: $222.44/mth is the minimum repayment. In 5yrs you'd pay a total of $3,346 in interest. BUT!!

    a/ if you paid an extra $100/month, you'd pay the loan off in a little over 3 yrs and you'd have paid out $2030 in interest - which is actually a saving of $425 compared to the lower interest loan.

    b/ If you paid an extra $150/mth instead, you'd pay off the loan in just over 2.5yrs and paid out $1702 in interest - which is actually a saving of $753 compared to the lower interest loan.

    See what I mean?

    Do your sums. There are many on line loan calculators around the traps. The interest rate is not necessarily all important.

    As for the missus, sounds like you need to earn MAN CREDITS! Do all the things you said you'd do but haven't started and treat her like a princess...
  9. Have you got a home loan? If so redraw against the house. Usually only 1% more than home loan rate.
  10. interesting concept rob :-k :-k
    i married a farm girl, i guess thats kinda like having infinite lives/man credits :grin:

    i am a very lucky chap :)
  11. Yep I'm with joel, always marry a country girl your life will be easier! I know mine is.

    Now what I am doing is getting a pay rise to offset the extra loan I will be taking out, means I have to get a promotiom, which could be soon!
  12. Call her and tell her you where sitting on a new bike in the shop and you droped it and you have to buy it ,or pay the $2000 damage.
    But the dealer said he will fix the fairing and handle bars you bent for free ,if you buy it.