On the hunt for a motorbike loan? We know at this point you’d rather be out on the open road, breaking in your new ride. That’s why we’ve highlighted a number of helpful tips and hints to make sure your loan is approved first go.
Demonstrate you’re not a risk
Showing you are a good risk improves your credit rating, saving you time and money. Here are some things to remember before approaching a credit provider:
- Think carefully about the amount of money you wish to borrow. Choose a figure that is realistic and suits your means.
- New or near-new bikes are considered a safer prospect by credit providers and can be used as security to support the motorcycle loan. It is harder to secure a loan for an older bike because of its low resale value.
- Credit providers prefer borrowers in stable employment. You will stand a better chance of obtaining approval if you can demonstrate uninterrupted employment over a long period of time.
Check your credit record
Finance EZI will want to see your credit history before negotiating a loan. Check your credit rating file and credit ratings with previous credit providers and if there are errors, ensure they are corrected before the current credit provider does its own check. Your bank account and income should demonstrate the capacity to meet repayments. And If you can show a savings track record, it greatly improves your position. Read more advice on getting approved for a loan here.
Shop for the best deal
Ask potential credit providers to improve their rates. Bargaining for a better deal is not a sin. Just like the new business and used-car markets, finance is a competitive industry. Credit providers should fight for your business.
Many banks and financiers offer a low rate but fail to mention ongoing fees and charges. This is often misleading, ultimately making your repayments equate to a much higher interest rate. Make sure you consider all expenses on a loan before deciding on which one suits you.