Bike Loan – Need Finance – Low Rates and Great Service.
Bike Loan – If you’re looking to buy a new motorbike as your primary vehicle or as a weekend tourer, you may need some bike finance to do this.
We can help you secure the right loan with a great low interest rate and affordable repayments.
So why choose Need Finance to assist you with the task?
What are the benefits of Bike Finance from Need Finance?
Which way should you go in terms of Secured Finance or Unsecured Finance?
Secured Bike Loan:
The basis for secured bike loan is that the credited loan amount is weighted up against the asset – the Bike itself.
This allows the financier to pass on a lower interest rate because if you are unable to pay the debt back, the asset can be sold and the funds used to payout the loan. The financier is in a more favourable position with less risk.
Secured Loan Features –
Unsecured Bike Loans:
An unsecured loan does not require the credited amount to be weighed against an asset.
These loans are awarded based on your financial situation using your income and credit history.
In general an unsecured loan can be used for other items you wish rather than a specific item like a car, bike or boat.
This also means you can buy and sell items within the loan term without affecting it. Because there is more flexibility, interest rates are generally higher than secured loans.
Unsecured Loan Features –
Glossary of terms:
Deposit: A lump sum payment before the loan term commences to secure the loan, decrease the interest rate or minimise the repayment amounts.
Terms: The number of years decided for the length of the loan. The longer the time frame the less your regular repayments will be, this may assist your current cash flow but mean you increase the total amount repaid.
Balloon/final payment: Is the final payment due on the commitment – It is placed at the end of the loan to allow for lower monthly payments. The balloon is worked out as a percentage (10% – 50%) of the original cost price and is dependent on the term of the loan that you choose.
Comparison Rate: Advertised rates of interest indicated by the use of a % sign that takes into account additional costs of the loan such as monthly servicing fees.
Payment Arrangements: The schedule for repayments due such as weekly, fortnightly or monthly.
Call our friendly team now on 1300 633 334 for a low interest rate Bike Loan.