So, you or your riding mates have decided on a holiday road trip at the last minute, and you need a new motorcycle. Possibly yours has a mechanical issue, is not suitable to the terrain, route or long-distance travel involved in the trip plan. Whatever the reason, you need it now and you need a quick motorbike loan to make the purchase. What do you do? Resort to ‘payday’ type credit? Will a bank process your application quickly enough? Our long does it take to get a loan? Will you have to pay a higher rate?
Experts in motorcycle financing, Jade Bike Loans explain how buyers don’t have to compromise on competitive rates and terms when needing a quick motorbike loan. First and foremost, don’t panic. Don’t sign up for credit you can’t afford under the misapprehension that that is your only option. Don’t apply to multiple banks and lenders to quickly find the best offer as this may damage your credit profile. Expert services and competitive rates are available for buyers in a hurry.
We address some of the queries that buyers may have around the prospects and possibilities of getting finance arranged quickly for last minute purchases.
What credit options are available for a quick motorbike loan?
The same credit products are available to finance motorcycles whether the loan is required quickly or in a standard timeframe. The type of credit may depend on whether the machine is new or second-hand. A Secured Motorcycle Loan is the most widely used credit product for new and many second-hand models. Some banks and finance companies may offer credit in this secured format as more general personal loans.
When buying second-hand, lenders will need to assess the machine for suitability as collateral and check the PPSR to ensure it is not under finance. While this is another step, it is done quickly by our brokers and other lenders and should not slow down the process.
Where a machine is not accepted as suitable collateral, buyers may consider an unsecured credit product.
Will needing a quick motorbike loan mean higher interest rates?
Needing finance promptly should not necessarily be a sign of desperation to lenders and higher rates should not apply. At Jade we secure the same interest rates whether a customer requires their finance quickly or not. Lenders check credit profiles and the overall financial position when making rate offers. These assessments are not based on how fast the applicant requires approval.
How long does it take to get a motorbike loan?
The amount of time taken to get finance may depend on individual lender procedures and services. The application needs to be assessed in line with the ASIC consumer credit guidelines. Beyond that, getting fast approval may depend on how fast the lender responds to enquiries. We provide fast approval with many getting their answer within 24 hours. Applications can be made prior to the purchase being finalised or model selected which may further expedite the entire acquisition process.
Once finance has been approved and the application processed, the final stage is settlement. This is the process of the lender paying the dealer for the goods on behalf of the finance applicant, the buyer. If the machine needs to undergo a pre-delivery process by the dealer, that timeframe may need to be allowed for. The machine will also need to be registered – a process often handled by a dealer. A machine purchased under finance will need to be insured. Lenders will require insurance details before they complete settlement.
Basic Guidelines to Getting a Quick Motorbike Loan
Here a few basic tips and hints to expedite your purchase with finance:
- Select a model within your affordability range using a Finance Calculator to assist. Why is this relevant? You could waste time applying for finance on a machine that you can’t afford on your income or your budget. Having rough estimates can help to narrow down the selection and expedite the finance side of the purchase. Use the price of different models as the finance required to compare estimated repayments on different options.
- Get the details required for the application ready ahead of time. Being prepared to apply can save time. You will need to provide details of your income, employment, financials and similar details. Have payslips, bank statements and tax returns at the ready to ensure you can complete the application form quickly.
- Use a broker rather than applying to multiple lenders. Taking time to submit applications to multiple lenders can be a time waster and has the potential to damage the credit profile. Multiple applications for the same credit can be seen as a negative when lenders review the profile. We have access to more than 80 lenders and quickly find the lender that best suits the profile and is offering the best deal. One contact with a broker for contact with over 80 lenders – a real time and rate saving move.
- Don’t rush for dealer finance. This follows on from the above point. It can appear a smart move to simply sign up for any finance offered by the dealer. Many dealers do now offer finance usually through manufacturer offers. But this offers no choice of finance company and may not be the most competitive finance available. Contacting us for the best offer from our larger lender base can also be very fast and a very smart move.
- When applying online or by phone, ensure all details uploaded are correct and comprehensive. Any incorrect information or incomplete applications may slow down the approval process.
- Plan insurance ahead of time. You will need to have any machine purchased with finance fully insured. Do your homework on insurance policy options at the same time as selecting the machine and applying for finance. Cover notes can usually be obtained quickly over the phone, and the actual policy finalised later.
For a quick motorbike loan for a last-minute purchase, contact Jade Bike Loans on 1300 000 003
DISCLAIMER: IN REGARD TO ANY ERRORS OR MISREPRESENTATIONS IN THIS MATERIAL, NO LIABILITY IS ACCEPTED. THE DETAILS, CONTENT AND DATA IS PRESENTED PURELY FOR GENERAL INFORMATIONAL PURPOSES FOR MOTORBIKE BUYERS AND THOSE SEEKING MOTORCYCLE LOANS. THIS IS NOT INTENDED AS THE SOLE SOURCE OF INFORMATION FOR FINANCIAL DECISIONS. IF SPECIFIC ADVICE IS REQUIRED AROUND FINANCIAL DECISIONS, READERS SHOULD SEEK THEIR OWN FINANCIAL ADVISOR.
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