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Products Updated August 5, 2018

Cheap Bike Loans & Finance

If you need a loan to buy a motorbike then our loan experts can help. Our experts have access to a wide range of lenders who are willing to offer loans to those who wish to buy a new or second hand bike. They can quickly compare the market to find you the cheapest deals.

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Loan Amount
£1,000 - £250,000

Representative APR
6.9%

Loan Term
1 - 7 years

Loan Type
Vehicle Finance Broker

Status
Homeowners & Tenants

Finance for cars, motorbikes, vans and motorhomes. We make the process hassle-free & provide the customers with a helping hand throughout. Our aim is to get the best possible finance deal, whilst providing an efficient service of the highest quality.

Representative Example

Securing bike loans: the basics

Motorbike financing and loans

Motorbike financing and loans

Taking out a bike loan can be as costly as buying a new car, and sometimes as difficult to achieve as a good mortgage. Bike loans are in a world of their own, however, being very different to the loans possible with a car, or with any other kind of vehicle loan. One of the reasons why getting the right bike loan can be so difficult is due to the number of different loans available to someone who wants to buy a bike. Many of these loans are specialised to the world of bikes, and this means that you may never have seen them before. As motorbike loan companies often offer terms and conditions which are completely unique to their business, you may not know what to do in order to secure the loan. Working out the basics is therefore essential to securing the loan and getting to drive a bike home.

Types of bike loans

It is hard to define the many different types of bike loans available, since there are so many. The most basic, and the one which you will come across most often, is a loan offered by the company selling the bike. They don’t run a lending business, but will broker a deal for you with a connected lending business. These are specialised lenders who know what they are doing, and can be perfect for the bike loan beginner.

Another type of loan is that offered by your bank. This will most likely be a unsecured loan, and you may have to repay the loan with a high rate of interest. You will also have to have a good credit rating, since bikes are seen as luxuries, and this means that banks will only lend to the lowest-risk category of borrower.

Self-secured loans are available to those who cannot get loans for the bike in another way. This is the least specialist type of loan, and may involve very high rates of interest, and a short period in which to pay back the loan. Most bike buyers do not take out these loans, but if you really need one, then a broker may be able to help you get a deal which doesn’t take too much out of your monthly pay packet.

How to find the perfect loan for you

If you are considering buying a bike, then you may have already have been offered one type of loan already. This may be the right loan for you, but you may also want to consider other forms of loan, and find the one which is best for you. You should start by checking out your credit rating, to see whether you will be eligible for a personal loan from your bank. You may also want to talk to a specialist broker, who will help you to shorten the research time, and may be able to give you advice about the right type of lender for your motorbike loan, current interest rates, and the advantages of borrowing a loan with a particular lender.

 

FAQ's

Can I get a bike loan for a 125cc motorbike?

Yes. Our panel of lenders and brokers can assist you in securing a loan against any road worthy motorbike from any reputable dealer.

Can I get a bike loan for a Moped or Scooter?

Yes. Our panel of lenders and brokers can assist you in securing a loan against any type, make or model of road worthy motorbike.

My credit rating isnt very good can I still get a bike loan?

Yes. Our panel of lenders are winning to lend to applicants with some adverse credit. There are also a range of guarantor lenders who can help you get the money you need with the help of a guarantor.

Can I get a motorbike loan without a credit check?

No. All the motorbike lenders on our panel will require you to have a credit check to ensure your creditworthiness. The lender will need to see what outstanding debts you have (if any) and to check if you have any history of missed loan payments, CCJ's or any other credit issues that may effect your ability to repay the loan.

I am self employed, does this matter?

No. Being self employed is fine as long as you can show proof of income and adequate evidence. You may need to provide proof of business accounts or SA302 documents from HMRC which shows your income and tax paid for the financial year. You may need to show 2 years worth of income to satisfy the lender.

What is HP - Hire Purchase?

Hire Purchase (HP) is a type of finance agreement where you can borrow a set amount of money over an agreed period at a fixed interest rate. The amount borrowed and the total interest is divided across the entire agreement, meaning you pay the same amount each month. You can also pay off the total early.

What is a Personal Contract Purchase or PCP agreement?

Personal Contract Purchase (PCP) is a popular motorbike financing option that allows you to pay monthly instalments that cover the bike depreciation during the term of the loan. At the end of the loan agreement, you then have three options: you can return the bike, pay a balloon payment to keep the van, or use the bike as a part exchange (deposit) on finance for a new bike or vehicle of your choice.

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