Motorbikes let you enjoy the freedom of wide-open spaces, of which Australia has no shortage. To get the bike you want, you may need to spend thousands of dollars, with some top of the range bikes costing over $30,000. If you can't afford to pay these prices up front, motorbike finance could be the solution. 

How does motorbike finance work?

Motorbike finance is a type of personal loan, where you borrow money to buy a high-value item, such as a motorcycle, car or caravan. As well as paying back the money you borrow, you’ll need to pay interest. For motor vehicle loans such as motorcycle loans, the interest rate is often fixed so your repayments stay the same.  

You can choose how long you want to take to pay off your motorbike. The maximum loan term is often 60 months, but you can get shorter loans. The faster you choose to repay your loan, the less total interest you’lll pay compared to repaying the loan over a longer term. 

Why do people use motorbike finance?

Even motorbikes at the cheaper end of the market can cost several thousand dollars, so you may need extra help to buy one. By securing finance to pay for your motorcycle, you can own your bike sooner than if you’d saved up for it. If you already have a bike, you may be able to trade it in to reduce the amount you need to borrow. You can also put your savings towards a deposit - the less you need to borrow, the less interest you may need to pay. 

What are the main features of motorbike finance? 

Motorbike finance shares similar features to other personal and car loans. When you’re comparing motorbike loans, look at:

  • Advertised rate: The extra you’ll need to pay back on top of what you’ve borrowed. This may be a fixed rate that keeps your repayments the same, or a variable rate that may rise or fall over the life of the loan. 
  • Comparison rate: An estimate of the loan’s overall extra cost, including interest and standard fees, expressed as an overall interest rate. 
  • Fees: Some common fees for motorbike loans include upfront fees, early exit fees and redraw fees. 
  • Extra repayments: Paying more money onto your motorbike loan could help you pay off your bike sooner and pay less total interest.  
  • Redraw facility: If you get ahead on your motorbike loan, you can use a redraw facility to take your extra repayments back out from your loan if necessary.  

What are the pros and cons of motorbike finance?

  • You can own your motorbike straight away – no need to save up to buy it.
  • Flexible payment options may be available – extra repayments and a redraw facility could be useful for managing cash flow and your household budget.
  • Make steady progress – regular repayments mean you can make steady progress towards paying off your debt and owning your motorcycle outright.
  • Missing repayments could mean losing your bike – If you choose secured motorbike finance, and you default on your loan repayments, you could lose your motorbike to cover the loan’s costs.
  • Fees – Using some motorbike loan features may require you to pay extra fees.
  • Limited vehicle choice – Some loans may limit your choice of motorbikes to newer, more expensive models that can secure the loan.

Find and compare motorbike loans and financing

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