Motorcycles are becoming a more practical and popular option for businesses in their everyday operation. From small package metro delivery riders to fast food home delivery, motorbike are a cheaper alternative to a motor vehicle.
Secured business loans use the motorbike as security security for the loan. This is the most common option when purchasing assets such as motorbikes, cars, caravans and lifestyle assets. A Business Use Motorbike Loan offers a range of taxation benefits from claiming GST, the interest component to claiming the repayments as a tax deduction.
Unsecured business motorcycle loans can offer flexibility if your purchasing multiple motorbikes for your business, are purchasing privately or need the funds for multiple use. Unsecured business loans range from line of credit, long term loans and short term financing.
Yes, we offer pre-purchase loans for business use motorbikes. This is a safe option if you’re trying to stick to a budget. Having the funds ready when you are can help if you find a bargain or need to act quickly on a purchase.
Business motorbike loans are a good option for ABN holders if purchasing the motorcycle predominately for work purposes. These are available for farm / AG use, courier and delivery drivers, hire shops and even trades use.
Interest rates for business motorbike loans vary from lender to lender. Determining factors such as the age of the motorbike, your credit score or rating, the loan amount, loan term and the overall loan application including whether you have up to date financials will determine what interest rate you will receive.
Banks are constantly changing their interest rates and our process of comparing loans & lenders can help find a business motorbike interest rate loan that is suitable for you.
Generally the more information you can provide the more options will be available to you.
Some things that may assist your loan application include.
We do have lenders and options that can assist if you have bad or poor credit history, even if your bank has just said ‘No’. As everyone’s circumstances are different, so are the lenders guidelines. Your finance consultant is experienced in sourcing a suitable business loan to meet your requirements and can provide comparative options helping you make a confident decision.
A Chattel Mortgage is a popular option when it comes to business loans .
The motorbike is held as security against the loan.
No deposit is usually required
You can have an optional balloon payment
GST is claimable on the purchase price of the motorbike
The business use interest component can be tax deductible
Yes, we offer a range of business loan products which include leasing.
A lease is an option where the lender retains ownership of the motorbike and rents or leases it back to the buyer.
The GST from the sale price is claimable by the lender, not the borrower
You can claim the repayments and the GST component as a taxation deduction
A balloon payment is generally required for leases
No deposit is needed
Generally most loan terms can range from 12 months (1 year) through to 60 months (5 years) Most lenders will offer a term that’s suitable to your budget and business motorbike usage.
Business motorcycle financing is very similar to business car finance and can be relatively easy to obtain. As with all lending options, the more information you can provide to help with your application, the more loan options that will be available to you.
Business use motorbike loans, either secured or unsecured are a good option with taxation deduction benefits if the motorbike is going to be used predominately for work use.
Business motorbike loans can be accessed quickly, in some cases funding can be provided the same day.
Business use loans is not a suitable product if your purchasing the motorbike for personal use. You will not benefit from a business loan if using the motorbike for private use.
If you anticipate on paying out the loan quickly or only need the funds for a short time, a secured motorbike loan may not be the best option. Secured Business Loans usually have early repayment fees. For a short term loan, it may be worthwhile looking at either a line of credit or unsecured business loan.
The team at iCREDIT Business help make our customers loan journey easy. Whatever your business requirements and whatever your financial situation, we’re on your side. We’re backed by national buying power which means we’re in the best position possible to negotiate better, more affordable business finance options for you.
