Motorcycle Finance

Motorcycle Finance

Owning a motorcycle is a dream for some and a necessity for others. It’s a great way to get around Australian cities without the hassle of queuing up for public transport or being stuck in traffic.

If you’re in the market for a motorbike but don’t have the funds to pay for it upfront, you can apply for motorcycle finance at SocietyOne. We provide a wide range of personal loans you can apply for, including wedding loans, green loans, and student loans.

How long can you finance a motorcycle?

Terms may vary among finance and loan companies. With SocietyOne, the length of your finance term depends on the type of loan you take out. The two types of motorcycle loans we offer are secured and unsecured.

With unsecured loans, you can loan from $5,000 to $50,000 and pay it off in two, three, or five years. When you apply for a secured motorcycle loan, your loan amount can range from $5,000 to $70,000, and you can choose to repay your debt in two, three, five, or seven years.

Secured loans for bikes require you to put up an eligible asset to apply. These assets include passenger and light commercial vehicles, caravans, motorbikes, and marine vehicles. Secured loans can give you a wider range of loan repayment options, amounts, and terms.

If you have any concerns with your payments, please feel free to reach out to our customer service team, and we can provide you with short-term to medium-term solutions for your financial issues regardless of your loan type.

What do I need to finance a motorcycle?

To apply for motorcycle finance, ensure you are eligible and have all the necessary documents. Requirements may differ depending on the loan company.

In order to be eligible for a loan with SocietyOne, you have to be at least eighteen years old, an Australian citizen or permanent resident, earning more than $30,000 per annum, and with a good credit profile. We follow a risk-based pricing system at SocietyOne, so if you have a good credit score, you have better chances of getting bike loans with low-interest rates.

If you are unsure of your credit standing, feel free to run a credit check on our website with help from Experian, an official credit reporting agency in Australia. Have your driver’s licence on hand, as we’ll need it to verify your identity, access your records, and provide insight into your credit score.

For those with less-than-ideal credit, we can give tips and tricks to improve it. If you want to take it a step further, you can sign up for our Credit Score Club, where we can help you grow your financial literacy.

To apply for motorcycle finance with SocietyOne, you’ll need to submit the following documents:

• Personal documents stating your name, address, and date of birth
• Driver’s licence or passport
• Proof of your address, like a utility bill
• Proof of income, like a payslip or a bank statement
• Details about your daily expenses and any other existing debt

If you’re applying for a secured motorcycle loan, you’ll also need to submit asset details, such as the registration certificate, proof of insurance, and dealership invoice.

Once your loan application gets approved, you’ll receive the funds in your Australian bank account in as little as one business day.

Is it legal to sell a motorcycle under finance?

Yes, selling a motorbike that’s still under finance is legal in Australia. However, as a seller, you’ll have to inform your lending platform regarding the sale – the motorbike may still be under security until you’ve paid off your entire loan.

One option is to apply for an unsecured personal loan to repay the remaining debt and lift the security over your motorcycle. You will then be able to provide a clean title for the buyer.

Buyers tend to be sceptical when they find out the bike is still under finance. Encourage your buyer to run a search with the Personal Property Securities Register for a comprehensive report on the vehicle’s history. You may also request a letter detailing the loan from your finance company to be sent to the buyer. Doing these two things may help ease your buyer’s worries about vehicles under finance.

If your buyer is also looking for motorbike financing, you can direct them to SocietyOne. We offer fair and flexible financing for motorbikes, new or used alike. They can even loan higher than the price of the motorbike so that they can use it for vehicle improvements, registration fees, and more.

Apply for hassle-free motorcycle finance with SocietyOne today!

At SocietyOne, we work very hard to provide our customers with access to flexible personal loan options without any hassle. One of the ways we ensure this is by providing a streamlined online lending process. Everything – from getting a quote through our bike loans calculator to repaying your loan – is done online so that you can do it from the comfort of your own home.

We offer transparent pricing, so you’ll never have to worry about extra charges, such as early repayment or monthly fees. What’s keeping you from applying? Get a personal motorcycle loan with us now!