bike loans personal loans

Bike Loans

Need a little help to buy the motorcycle of your dreams? Mozo compares some of the top bike loans in Australia from a range of lenders to help find a loan that’s perfect for you.

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Fact Checked

How much can I borrow if I want to buy a motorcycle?

Unless you’re planning on buying a $50,000 limited edition Harley-Davidson, a motorcycle can generally set you back by up to $14,000. So the amount you are looking to borrow will depend on the type of bike you want and your financial circumstance - that’s why there are a ton of different motorcycle loans available for all different loan amounts.

Where can I compare motorbike loans?

Right here! Our bike loan comparison tool compares some of the latest offers on bike loans in Australia. By making it easy to compare interest rates, loan features and fees, we’re here to help find the best motorcycle loan for you.

Can I apply for a bike loan online?

Absolutely! Just like when getting a new car loan, or even a boat loan; once you’ve found the right bike loan for you using our comparison tool, simply click the ‘go to site’ button. This will take you to the provider’s website where you can begin your application.

Bike loan comparisons on Mozo - last updated 16 May 2022

Search promoted personal loans below or do a full Mozo database search. Advertiser disclosure
  • Personal Loan

    Unsecured, Fixed, Excellent Credit

    interest rate
    comparison rate
    Monthly repayment
    6.39% p.a.to 7.89% p.a.
    6.39% p.a.to 8.49% p.a.based on $30,000
    over 5 years

    With low rates for borrowers with excellent credit, a quick 1 minute rate estimate and simple online application, there’s a lot to love about this loan! You’ll not only benefit from no exit fees, there are also no early repayment fees. You could qualify by simply earning above $25,000 and you’ll be on the way to start spending (other eligibility criteria may apply).

    Repayment terms from 3 years to 5 years. Representative example: a 5 year $30,000 loan at 6.39% would cost $35,126.40 including fees.

    Compare
    Details
  • Home Improvement Loan

    Fixed, Unsecured

    interest rate
    comparison rate
    Monthly repayment
    5.75% p.a.
    5.96% p.a.based on $30,000
    over 5 years

    Handypay offers flexible home improvement loans for Excellent Credit or better. Handypay is a specialist home improvement plan provider and offers loans up to $75,000.

    Repayment terms from 1 year to 7 years. Representative example: a 5 year $30,000 loan at 5.75% would cost $34,840.18 including fees.

    Compare
    Details
  • Unsecured Personal Loan

    Fixed

    interest rate
    comparison rate
    Monthly repayment
    5.35% p.a.to 19.09% p.a.
    6.14% p.a.to 19.99% p.a.based on $30,000
    over 5 years

    Fast, easy and 100% online, this is a low cost loan with no ongoing fees or extra repayment penalties. It's perfect for savvy borrowers with great credit. If you’re over 18 and earn above $30,000, you could qualify (other eligibility criteria may apply).

    Repayment terms from 3 years to 7 years. Representative example: a 5 year $30,000 loan at 5.35% would cost $34,832.61 including fees.

    Compare
    Details
  • Unsecured Personal Loan

    Fixed

    interest rate
    comparison rate
    Monthly repayment
    5.95% p.a.to 17.45% p.a.
    6.79% p.a.to 17.86% p.a.based on $30,000
    over 5 years

    Wisr offers personal loans for any worthwhile purpose, tailored to your credit score to ensure you’re getting a fair deal. Plus, no ongoing or early exit fees. Loans from $5,000 to $79,000. Terms of either 3, 5 or 7 years. $595 establishment fee. Eligibility criteria applies.

    Repayment terms from 3 years to 5 years. Representative example: a 5 year $30,000 loan at 5.95% would cost $35,352.21 including fees.

    Compare
    Details
  • Green Loan

    interest rate
    comparison rate
    Monthly repayment
    5.79% p.a.
    6.36% p.a.based on $30,000
    over 5 years

    Handypay offer flexible green loans up to $75,000 for Excellent Credit or better. Handypay is a specialist home improvement plan provider.

    Repayment terms from 1 year to 10 years. Representative example: a 5 year $30,000 loan at 5.79% would cost $34,873.55 including fees.

    Compare
    Details
  • Secured Car Loan

    Fixed

    interest rate
    comparison rate
    Monthly repayment
    6.79% p.a.
    7.16% p.a.based on $30,000
    over 5 years

    Reach your goal sooner without being penalised with $0 early payout fee. $0 monthly fees. Choose to make either monthly, fortnightly or weekly repayments to suit your income and budget. Winners of Australia's Best Large Credit Union in 2020.

    Repayment terms from 1 year to 7 years. Representative example: a 5 year $30,000 loan at 6.79% would cost $35,729.09 including fees.

    Compare
    Details
  • Standard Personal Loan

    Fixed, Unsecured

    interest rate
    comparison rate
    Monthly repayment
    7.99% p.a.
    8.62% p.a.based on $30,000
    over 5 years

    Heritage Bank discounted rates for borrowers with excellent credit. Available loans starting from $5,000 to $25,000. Your choice of loan terms up to five years. Extra repayments allowed, but may incur fees.

    Repayment terms from 1 year to 7 years. Representative example: a n/a year $0 loan at 7.99% would cost $6,988.90 including fees.

    Compare
    Details
  • Personal Loan

    Variable

    interest rate
    comparison rate
    Monthly repayment
    5.75% p.a.to 25.99% p.a.
    6.68% p.a.to 29.2% p.a.based on $30,000
    over 5 years

    Repayment terms from 2 years to 7 years. Representative example: a 5 year $30,000 loan at 5.75% would cost $35,370.18 including fees.

    Compare
    Details
  • Personal Loan

    Fixed

    interest rate
    comparison rate
    Monthly repayment
    5.75% p.a.to 25.99% p.a.
    6.68% p.a.to 29.2% p.a.based on $30,000
    over 5 years

    Repayment terms from 2 years to 7 years. Representative example: a 5 year $30,000 loan at 5.75% would cost $35,370.18 including fees.

    Compare
    Details
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Mozo provides general product information. We don't consider your personal objectives, financial situation or needs and we aren't recommending any specific product to you. You should make your own decision after reading the PDS or offer documentation, or seeking independent advice.

While we pride ourselves on covering a wide range of products, we don't cover every product in the market. If you decide to apply for a product through our website, you will be dealing directly with the provider of that product and not with Mozo.

Hey, before you continue…

Lenders on our site have strict lending criteria. We want you to find the right loan so before proceeding with a loan application, be sure that at a minimum you:

If you don’t know your credit rating, try using our rate matcher tool, where we run a free credit check to help you find a loan you may qualify for.

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FAQ

How to find the right bike loan for you

Regardless of whether you plan to use your bike on your daily commute or just to cruise around on the weekend, a low interest motorcycle loan can help make it happen. But how do you know when you’ve found a winner? To help we’ve answered all the commonly asked questions when it comes to finding the right bike loan for you.

Motorcycle loans or personal loans, is there a difference?

Not necessarily, you can use personal loans for lots of different things, like a home renovation, wedding, or yes, to buy your dream bike. But there are also specific loans designed just for bikes and other speciality vehicles, like scooters.

What kind of motorcycle loan can I get in Australia?

While motorbikes come in all shapes and sizes, you’ll find that bike loans generally fall into two major categories, secured and unsecured. Knowing the difference between the two is important, as you’ll need to choose the type of loan that best suits your needs.

Secured bike loan - This is the most common type of loan you’ll come across once you start to compare motorbike loans. Similar to a secured car loan, it will require an asset, like your new bike, to be put up as collateral. This means that your lender can repossess your bike if you ever default on the loan, but in return, secured loans generally come with lower interest rates.

Unsecured bike loan - On the other hand, if you opt for an unsecured bike loan, you won’t need any big asset for security, but it does mean that you may have to pay a higher interest rate.

Can I buy a motorbike with a car loan?

Yes you can! If you are thinking of taking out a loan to buy a motorcycle, you will have the choice between a personal loan or car loan. There aren’t any big differences between the two loans, other than the fact that a car loan can only be used to buy a vehicle, whereas a personal loan can be used to fund things like a holiday or renovation as well.

Can I still get a bike loan if my credit is bad?

Yes, but again, you’ll need to check with your lender. If you’ve got a bad credit history and are looking to apply for a bike loan, you’ll soon find that the interest rates on offer are pretty steep.

This is because of the risk lenders are up against once you borrow money. So it might be worth repairing your credit score before putting in an application.

How do I find the best motorcycle loan for me?

While picking your dream bike was the easy (and fun) part, now it’s time to choose the right loan to finance it. And when it comes to finding the best motorcycle loan, you’ll mainly need to look at three things:

The interest rate

The interest rate is possibly the first feature you’ll compare in a bike loan and are either a fixed or variable interest rate. A fixed interest rate means your rate will not change for the life of the loan, so you’ll know exactly what your repayments will be, while a variable interest rate can rise or fall along with the market and often offer more flexible features.

Loan fees

Two of the most common fees you’ll find with a bike loan are upfront application and ongoing fees. An application fee is a one-off payment when you apply for the loan. Ongoing service fees are the cost to keep your loan alive and are either charged as a monthly service or annual fee. Some other fees you may encounter during your loan include discharge or late payment fees.

The comparison rate

The comparison rate is a more ‘true’ representation of the cost of your loan. This is because not only does it factor in the interest rate, but also fees and other charges you may have with the loan. Just remember that the comparison rate can only give an estimate, your actual comparison rate will depend on your specific loan terms.

What other motorbike loan features should I compare?

It’s safe to say that you’ve probably already spent hours researching the type of bike you want and it’s just as important to do the same with your bike loan. So take time to compare the following features as they could help you save some cash in the future.

The loan term

Bike loan terms are usually between 2-5 years, however it is not uncommon for borrowers to extend the loan over 5 years. Just keep in mind this will mean you’ll pay more in interest over the long run.

For example, say you planned to borrow $15,000 to repay over 3 years on an interest rate of 7.99%. According to the Mozo car loan repayment calculator, you will have paid $1,919 in interest. If you chose to repay the same loan over 6 years, you’d pay $3,244 in interest - an extra $1,325!

Repayment features

Some bike loans come with pretty handy features that give you a little more flexibility in how you pay off your loan. If you’re keen to pay off your loan faster, having an extra repayments features allows you to make additional repayments, helping you save on interest. Just remember that if you’re on a fixed rate offer, there may be extra fees if you pay the whole loan out early.

Another handy feature is a redraw facility, which allows you to redraw any extra repayments to pay for unexpected bills or costs during your loan term.  

Repayment options

You’ll also often have the option to pay off your loan on a repayment schedule that suits your budget best. Depending on the lender and type of loan you choose, you may be able to make your repayments on either a weekly, fortnightly or monthly basis.

Should I use dealer finance instead of getting a bike loan?

If you are planning to buy your car through a dealer, you are able to use the finance option provided by the dealership. But before you take the offer, it’s worth shopping around and comparing all options first to make sure that you’ll be getting the most competitive deal.

Sound like a lot of work? We've made it easy without car loan comparison calculator car loan comparison calculator.

I plan to buy a motorbike privately, can I still get a bike loan?

Yes, many lenders will still offer you a bike loan if you plan to buy a motorcycle through private sale, but they may want to inspect the motorcycle before issuing the loan to you.

Are there any other costs I should know about before applying for a motorcycle loan?

Although motorcycles are somewhat cheaper to run than cars, there are a few other costs you’ll need to factor into your budget before you head online to apply. Having a comprehensive motorcycle insurance policy on your side will really help safeguard yourself on the road. You might also want to sign up for roadside assistance, which helps you in circumstances like a breakdown or flat tyre. Regular services, rego, license and test fees along with good quality motorcycle gear will also need to be factored into your budget.

What do I need to apply for a motorcycle loan online?

Once you’ve found the loan that’s right for you, all that’s left to do is apply! But before you head online to submit your application, you’ll need to have a few documents prepared beforehand, including:

  • Your current source of income - Have your payslips and bank statements ready because lenders will want to see that you have a steady source of income you’ll use to make your repayments.
  • Proof of genuine savings - Lenders will also want to see that you can be responsible with your money, so you should have proof of savings, for example a bank statement that shows regular deposits to your savings account.
  • A list of any liabilities you currently have - You should be honest and upfront with your lender about any other debt you may have that might impact your ability to repay your motorbike loan, like a mortgage or a credit card.

Personal Loan Reviews

St.George Personal Loan
Overall 8/10
Not bad but could be better

The interest rate does seem higher than other banks. I would love it to be more competitive

Read full review

The interest rate does seem higher than other banks. I would love it to be more competitive

Price
6/10
Customer service
7/10
Convenience
9/10
Trust
8/10
Less
Liza, New South Wales, reviewed 14 days ago
Commonwealth Bank Personal Loan
Overall 4/10
Beware: They sold me Junk Insurance

Took out a $10,000 personal loan for a medical procedure. I’ve been a lifelong customer of Commonwealth Bank and thought they’d offered me a good package as this is the first and only loan I’ve had. Was unknowingly sold junk insurance and am now part of a class-action suit for a refund of the insurance and interest they charged. Here’s hoping they do the right thing!

Read full review

Took out a $10,000 personal loan for a medical procedure. I’ve been a lifelong customer of Commonwealth Bank and thought they’d offered me a good package as this is the first and only loan I’ve had. Was unknowingly sold junk insurance and am now part of a class-action suit for a refund of the insurance and interest they charged. Here’s hoping they do the right thing!

Price
4/10
Features
3/10
Customer service
7/10
Convenience
7/10
Trust
2/10
Less
Stephanie, New South Wales, reviewed 19 days ago
Bendigo Bank Unsecured Personal Loan
Overall 10/10
The bank who cares

They are very transparent with their fee's and we were able to get an unsecured loan to pay off our credit card and pay for a trip to England when my father died. We only had one person who was on a permanent wage and don't live in a home we own. No mortgage and we've managed to have it almost paid off in 4 years

Read full review

They are very transparent with their fee's and we were able to get an unsecured loan to pay off our credit card and pay for a trip to England when my father died. We only had one person who was on a permanent wage and don't live in a home we own. No mortgage and we've managed to have it almost paid off in 4 years

Price
10/10
Features
10/10
Customer service
10/10
Convenience
10/10
Trust
10/10
Less
Michelle, New South Wales, reviewed about 1 month ago

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