Bike loans – What does a lender look at?
2010
When you think of a motorbike you think of freedom, hitting the road and just ridding on your dream machine non-stop. As bikes have become more popular lenders are have increased their approval rates. A Bike loan is a great way to purchase your dream motorbike without having to have the full upfront amount. By financing your bike loan you can easily turn your dream bike loan into reality.
Essentially bike loans come two different forms:
• Unsecured
• Secured
They both have their own advantages. An unsecured bike loans is generally approved much fast, the same day in most cases, whereas a secured bike loan will give you a lower interest rate.
Nowadays bike finance can be obtained for 100% of the amount finance. This mean you don’t have to put down a cent!
What will a lender or broker look at?
A lender will look at the term of the loan and the repayment plan plus
• The year of the motorbike
• The model
• Your income
• You credit history
• Employment history
• Capacity to maintain the bike loan
• Is the motorbike secured or unsecured
• The deposit you can put in
• Credit activity – how often you make loan applications
One of the requirements to get your dream motorbike financed is that you must have motorbike licence to ride the bike you wish to finance.
How can I get a better deal?
There are a number of factures that the finance company will look at to determine the rate of your bike finance. Each lender has their requirements but generally these factors will be looked at:
• Employment history – Minimum of 2 years
• Credit history – What loans have you repaid and were you on time?
• Deposit – The amount of money you can put into the loan
• Property backing – Owning a house or having a mortgage will heap a lot
There are many websites that you can look at to get a quote for bike finance. One should be carful of applying at too many places in a short period of time. Having said do your research and don’t just shop the rate also look at the fees and charges that come with the loan.
Mary Nebotakis is a financial consultant. She offers loan and financial advice on Motor Bike Loans. She is working as the senior financial consultant for Natloans. To find Bike Loans, cheap motorbike loans, motorbike loans, poor credit motorbike loans visit http://www.natloans.com.au/
Comment