Private Sale Motorbike Loan Approvals
Written on the 2 August 2018 by Nathan Drew, Fox Finance Group
You may have noticed that with some bike finance companies, you can only use the money to buy a motorbike from a registered dealership. Ever wondered why that is?It sure can limit the choices you have when it comes to buying your next motorbike. In today's age, most people are getting their motorbike loan pre-approval set up before heading out to buy their new pride and joy so having their choices limited to what is sitting on a Dealer's showroom floor at the time can be frustrating. You might also find that you can get a better deal on a similar motorbike that you find advertised by a private seller.
If you want a bike loan to buy a used motorbike from a private seller then you need to make sure that the people that you have on your side helping you get the right motorbike loan have the right financiers on their panel to offer you the best bike loan options available on the market. Typically, bike loan lenders fall into one of three categories:1. Those that will only offer you a secured loan to be used when you buy from a motorcycle dealership.
2. Those that will offer you a secured loan for a dealership bike, or an unsecured loan with a higher interest rate for a private seller's motorbike.
3. Those that offer you loans with attractive interest rates, whether you want to buy privately or from a dealership. The team at Fox Finance Group deal with several financiers that fit into this category.
Why Are Private Sale Motorbikes Treated Differently?
Most financiers that will look at doing motorbike loan have restrictions for one simple reason, and that is that private sales are viewed as a riskier transaction for them. Understanding their reasons will help you to decide which financier is the right one for you.
In this circumstance and in the financier's eyes the value of the motorbike is more assured, plus the dealer must have a Motor Dealers Licence in order to operate. In a financier's opinion this helps reduce the risk and lends them to be more open with their lending which includes opening up to lower rates and sometimes more flexible lending options for the customer.
How Can This Affect Your Interest Rate?
If you want to buy your motorbike privately, some companies will only offer an unsecured personal loan, which can come with a much higher interest rate. They do this to offset the risk of the private vehicle sale. They may also request to take additional security over something else that you currently own, for example your car.
Do You Have Someone Experienced in Your Corner?
Fox Finance Group is one of Australia's leading personalised financial service organisations. We have spent many years getting things right so that you can rest assured that you are getting the very best financial advice available on the market today. We work for you, not the banks, plus we can have a loan pre-approved ready to go the same day!
As a Fox Finance Group Client, you have access to your very own Accredited Loan Specialist along with access to your very own Qualified Financial Planner. Our team comprises of specialists with many years' experience in Car Loans, Home Loans, Bike Loans, Boat Loans, Jet Ski Loans, Camper Trailer and Caravan Loans, Truck Loans, Personal Loans, Business Loans, Insurance, Financial Planning and more. Yes, we have a large team here at Fox Finance Group ready to help you.
We pride ourselves on the unique personalised service that we provide our Clients. Your Loan Specialist can help you either over the phone, via email, at your home, at your work or at your own business. You get their direct email address and mobile number, which makes it easy for you to stay in contact with them when you have questions.
Author:Nathan Drew, Fox Finance Group
About: Managing Director - Fox Finance GroupConnect via:LinkedIn