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Written byShaun McGowan
An e-bike loan is a personal loan between $2,000 and $100,000, offered by lenders for a period of between one and seven years.
These loans can be secured or unsecured, depending on the value of any existing assets (property or vehicles) or the value of the asset you purchase (your e-bike).
Secured loans will require you to provide collateral of equal or greater value than the loan amount in return for a better deal, while unsecured loans usually cost more overall but offer greater freedom in how you use the funds.
A secured personal loan uses one of your assets as security, usually property or a vehicle, which you then use as collateral on the loan amount. This provides greater security to the lender that you will meet all your repayments.
The two main benefits of a secured e-bike loan are:
The two main benefits of an unsecured e-bike loan are:
The real question to ask at this point is whether you’ll require additional funds beyond the purchase of the e-bike itself.
Because these additional costs aren’t included in the value of the asset (the e-bike), you may need to use an alternative asset with a higher value as collateral if you want to qualify for a secured loan.
You can qualify for an e-bike loan in Australia if you are:
If you meet the basic eligibility for a personal loan, you will then need to compare lenders and assess their individual approval criteria.
To get an e-bike loan you will need to:
You can ensure your application is processed faster by preparing supporting documents before applying, including:
You will need to provide personal identification and financial documents (usually your bank statements or recent payslips), as lenders will need to assess your financial stability and determine if you can service the loan amount.
The easiest way to find a lender who can offer you a personal loan for an e-bike is to simply use our Money Matchmaker™ engine.
We’ll compare the best loans we can find from our available pool of lenders, with your results personalised entirely based on a few simple questions.
You can see exactly how much you’ll pay with each lender, including all the little details like rates, fees, restrictions, repayments, and more. See what you can qualify for today.
"Hey I’m Money Matchmaker™, I have a team of wizards making me super smart. I’ve been loaded up with all the information that lenders use, and when you take my quiz, I use your answers to check against all our lenders at once. I’m harmless, I don’t impact your credit score and I’ll show you the best loan matches I can with no brokers fees or annoying ads"
Shaun is the founder of Money.com.au and is determined to help people pay as little as possible for financial products. Through education and building world class technology. Previously Shaun co-founded CarLoans.com.au and Lend.
*Information about comparison rates Comparison rates are designed to allow borrowers to understand the true cost of a loan by taking into account fees and charges, the loan amount and the term of the loan. The comparison rate is based on an unsecured fixed rate personal loan of $10,000 over 3 years. WARNING: Comparison rates are true only for the examples provided and may not include all fees and charges. Different terms, fees or loan amounts might result in a different comparison rate.