Motorbikes are a great way to explore Australia. They provide an appeal that brings leisure and confidence. However, when you consider the cost of getting a motorbike, you might just be discouraged. This is thanks to the high cost of purchase that might constitute some financial inconvenience.
Luckily for you, this is a situation that you can quickly find yourself out of. This is by using motorbike finance.
What is Motorbike Finance?
This is a financial option that allows you to avoid the inconvenience of bearing the lump sum payment of your motorbike. With this financial option, you opt for a third-party payment of the cost price. Afterwards, you then commit to the repayment of the sum plus interest to the third-party. This usually takes place over an earlier agreed period.
You can purchase a wide variety of bike with this option. As such, whether dirt bikes, cruisers, quad or track bikes, or racing bikes is what does it for you, financing options remains available. You can also finance the purchase of various brands ranging from Yamaha to Suzuki to BMW to Honda to Harley Davidson.
Why You Need Motorbike Finance
While financing sometimes sounds like a bad idea, in fact, it is a good one. It comes with a wide range of benefits that make it desirable. They include:
Easy Access to Funds
Getting access to funds can be quite challenging today. Usually, you’ll need to save up for months if not years to purchase the motorbike of your choice. However, with motorbike finance, you can avoid this. You get your bike then pay up comfortably over an agreed period.
When you choose the right service provider, you can get access to affordable funding. In turn, this ensures you retain your financial stability while accessing your desired motorbike.
Motorbike Finance Options
You can take advantage of two options to get motorbike finance. They are:
Secured motorbike finance allows you to purchase a new or used bike at low-interest rates. It then comes with the added advantage that you can obtain a higher sum.
Typically, with this finance option, you get access to the finance sum. In turn, you commit to repayment within a fixed term, usually between one to seven years. One thing that sets this option apart is that the motorbike becomes security for the loan. Then, as soon as you complete the payments, the security becomes extinguished.
This option also allows you to access the funds for the purchase of a motorbike. However, it is more suitable for older or used motorbikes. With this option, you get greater flexibility. However, you tend to pay a higher sum as interest.
This is because the lender bears considerable risk as you do not provide any security for the loan. Regardless, you get fixed-term repayment option between one to seven years. Then, once you complete the payment, you extinguish the financial arrangement. Note that there is no lien on your motorbike throughout the loan duration with this option.