If you are looking to finance alternative transport solutions, you might want to look into motorbike loans in Brisbane. These types of loans can help you get your hands on a motorbike—a great alternative source of transportation that is significantly more affordable than a car.
Here are the different types of motorbike finance available through iCREDIT.
Secured Loans
Secured motorbike loans are a great option for new lenders, as they offer competitive interest rates thanks to the fact that the motorbike itself is secured as collateral. These loan terms can range anywhere from one to seven years, allowing some flexibility in how you pay it off.
Whether you are buying a new or used motorbike, a secured loan is a good option, as this lowers the overall risk to the lender, meaning you can be eligible for lower interest rates.
Unsecured Motorbike Loan
An unsecured motorbike loan is, in principle, the opposite of a secured motorbike loan. Whereas secured loans are tied to the asset, an unsecured loan does not have an asset tied to it as collateral. This means there is greater risk to the lender, which can lead to higher interest rates.
These loans can also have flexible terms ranging between one and seven years.
An unsecured motorbike loan is generally only recommended when purchasing older motorbikes or if you wish to secure some funding for additions.
Business Motorbike Finance
If you are looking for a motorbike for your business and not for personal use, you might wish to explore the business motorbike finance option. Australian business number holders and any companies looking to finance motorbikes or scooters in relation to their business can take advantage of this option.
This allows you access to options like a chattel mortgage, a hire purchase or a rent-to-own model. This option is more affordable for businesses and also allows you to take advantage of some of the tax breaks associated with it.
Second Chance Motorbike Finance
Second chance motorbike loans are offered to those who have questionable credit histories or a low credit score and would like a chance at redeeming themselves. This is the kind of loan that is designed to give borrowers who have taken a knock on their credit score a chance to get back on track so they can restore their credit rating.
Are you ready to finance a bike? Contact iCREDIT for help securing the right motorbike loan in Brisbane at good rates.