It's true - motorcycles are cheaper than cars.
But the cost of riding gear, licence fees and motorcycle insurance can quickly add up. The last thing you want is an uncompetitive loan adding to your costs.
Our Motorbike Loan Finder™ guide includes what financing options you have available to help you get your new or used motorcycle.
You can also use our bike loan calculator to get an idea of your monthly repayments.
Motorcycle loans are basically loans where the lender will allow you to use a motorbike as security; however, not every car loan lender will approve a motorbike as security for a loan.
You may be able to get an unsecured loan in this case. Loan terms vary between one and seven years and you may be able to use some of the funds to purchase additional items with your bike, such as insurance.
Costs for a motorcycle vary.
While the actual purchase price is generally cheaper than a car – even new motorbikes will usually set you back less than $10,000 – you still need to take into account insurance, riding gear, licence fees and other upfront costs you will need to pay.
Some lenders may let you take out a loan that is more than the price of your motorbike to cover these costs, but other lenders may only let you borrow the cost of your vehicle. Check these terms before you apply.
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When comparing your finance options, remember to take the following features into consideration to see if the loan is right for you:
Compare your motorcycle loan options using the comparison table on this page. Once you have found the right loan for you, click "Go to Site" to be directed to the lender’s website to fill out an application form.
The eligibility requirements for personal loans will differ between lenders, but generally you will need to be over the age of 18, a permanent Australian resident or citizen and have a good credit rating. If you are taking out a secured loan there will also be restrictions regarding whether the motorcycle you’re looking to purchase is eligible.
If you need a lower rate on your loan, you may want to consider securing the loan by using the bike as collateral. This means that if you default on your repayments, then the lender can repossess your bike to cover the costs.
This is a question raised by many riders when considering buying their next bike. It will come down to your financial situation and your ability to service the loan. See what else is involved in leasing and buying here.
While the offer of a 0% interest finance option may sound temping, it's important to always compare your options. You'll also have to consider balloon payments, monthly costs and other ongoing fees. Find out more information about 0% financing.
Jim works full time for a regional office and enjoys a short 15-minute bus trip to work every day. However, when he is promoted and starts working in the city, he doesn't like the one-hour commute on his bus. He owns a car but doesn't want to have to pay the hefty CBD parking fees. Jim decides he is going to get a second-hand motorbike for his commute.
Hi, do I need to hold a full licence (R) to finance a Harley Davidson?
Looking to secure the bike before I do my test
Hi Nick,
All models, up to 250mL, including mopeds, are eligible for use on an RE licence and are included in the LAM Scheme. A Harley Davidson XG500 Street model (in the 251mL–660mL category) is also eligible for use on an RE licence and are included in the LAM scheme.
I hope this has helped.
Thanks,
Elizabeth
Can you supply me with a list of lenders that will supply a secured bike loan on a bike that is purchased privately. I am trying to avoid banks that only supply personal loans for this type of purchase as the rates are much higher.
Hi Kierren,
I’m unable to recommend any specific lenders to you, but all of the lenders on this page can assist with motorcycle financing. You can click through to the review pages by selecting the name of the lender to find out if pre-approval is available. Getting in touch with the lenders directly may be your best option to find out if financing a private motorbike purchase is available.
Thanks,
Elizabeth