Your Options for Bike Finance in Perth

Many people see the attraction of having a bike. With the increased cost of fuel, urban traffic and cost of maintaining a vehicle, a bike seems like a very attractive prospect. However, when it comes to bike finance, the options can seem a little overwhelming and a little off putting to many.

Shopping for a new bike is an exciting prospect, but it can be a good idea to research your finance options before you fall in love with your dream bike. Although there are less options available compared to conventional car finance, there are plenty of options for bike finance. It is well worth taking some time to research your options and determine how much you can afford and borrow before beginning your shopping. If you have a regular income, you are likely to find a number of available options. The first stage of securing finance is to determine how much disposable income available. Calculate your regular expenses and deduct this amount from your monthly income. This will illustrate how much you have available to finance your new bike.

Once you know how much disposable income is available, you can begin researching your bike finance options. When assessing deals for motorbike finance, Australia residents should consider a number of factors. You will need to consider what minimum monthly repayment is required by the company. You will also need to compare the interest rates and any fees or charges which will be applied. You will need to determine if the interest rate is fixed or will fluctuate. Fixed interest rates allow you to properly budget each month. However, if the rate drops you may find yourself paying more. On the other hand variable rates may look attractive, but if the rate increases it could become unaffordable. You will also need to consider the specific terms for each deal. Some finance deals have fees for early or late repayment, which can result in the loan balance increasing significantly.

You will also need to consider the other costs involved in owning and running a bike. When considering the affordability of motorbike loans, Australia residents will also need to consider insurance, servicing and fuel costs. It is a good idea to leave some of your disposable income available for any unforeseen costs such as unexpected repair bills or household expenses.

The final consideration for your bike finance is the long term implications. While it may be more affordable in the short term to repay the loan over a longer term, you will incur more interest charges for the whole loan term. The loan should also offer flexibility in the event that you have more disposable income later and wish to increase your repayments or pay off the loan early.

If you would like to learn more about the options for bike finance available to you, contact us. We are a specialist broker with access to a diverse range of lenders. Our experienced advisors would be delighted to discuss your specific requirements and assist you in obtaining the deal best suited to your needs.