Personal Finance

The best tips for getting your bike loan approved

Are you preparing to take the plunge into the mad – and rewarding – world of motor biking? Motorbikes are not only excellent replacements for your car or other commuting vehicle but allow you to ride to places conventional transport doesn’t. Not only that, but running costs are far less than your average car. If you’re in the market for a bike, chances are you need a bike loan. If you have bad credit, you’ll definitely need our tips to get approved for motorbike finance.

Fix your credit history
There’s no quick fix for a less than great credit history, but there are things you can do to increase your chances. Grab a hold of your credit history and check it thoroughly for errors and mistakes. Sometimes telcos and utility companies will pull the “default” trigger, even if you did pay an overdue bill. Clearing this up before you set a budget will help your approval chances, but also lowers your risk profile. This means better interest rates! This even applies if you require a bad credit bike loan.

Set a reasonable budget
You want a bike that falls within your spending limit. This is especially helpful if you want bike loan pre-approval. Research how much you can afford to pay back each week, month or fortnight on top of your fuel, rego and insurance costs. Once you’ve determined that, finding a bike with all your “needs” and “wants” becomes a lot easier.

Buy new, not used
When it comes to motorbikes, traditional buyers’ logic need not apply. Buying used might have a lower “sticker” price, but could end up costing you more. Bikes approaching the end of their lifecycle take more to maintain and have less safety features. This is especially true when trying to gain approval for bike loans. Motorbikes with higher value are lower risks as far as lenders are concerned. If you can afford to buy new or close enough to it, that’s definitely the way to go

Use a broker
You should always research the best motorbike loan lenders – but using a broker can save you time and effort and most importantly, money! Whether you have good or bad credit, a bike loan broker will know the industry and do all the legwork when it comes to finding the best loan for you. It’s win-win!

Honesty is your best policy
If you’re shy about having bad credit, don’t be. Sometimes people run into trouble with their finances, and that’s okay. If you’re more responsible now, lenders and brokers are liable to help you. Bike loans are a long-term business deal. Business deals require total honesty from all concerned. So when you are applying, don’t fudge the numbers. Just be up front!

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