Can I get a motorcycle loan if I have bad credit?

Yes, it’s certainly possible but be aware you’ll often be required to pay higher rates and fees. If this is the case, try to find a loan where you can pay it out early. This may allow you to refinance your personal loan on to a lower rate in the future without penalty.

Can I buy other motorcycle equipment with a motorcycle loan?

You can if you use an unsecured personal loan. That can include motorcycle safety gear, insurance, repairs and maintenance. With a secured loan, you generally need to use the funds to pay for the bike itself.

Can I still get a loan if I’m buying a used motorcycle?

Yes, in most cases you will be able to get a loan to buy a used motorcycle. With a secured loan, the bike will simply need to be under the lender’s cut off age (this varies). Alternatively, unsecured loans usually place no restrictions on the type or age of the motorcycle you purchase.

Can I get pre-approval on motorcycle finance?

Yes, a lot of lenders offer pre-approval on vehicle finance. That way you can arrange the finance before you head out to look at motorcycles to buy. It can be a smart way to do it as it means you have a firm budget to work with.

How much can I borrow with a motorcycle loan?

Each lender has different minimum and maximum motorcycle loan amounts, but generally you can borrow from $2,000 up to $100,000. Unsecured personal loans may have lower maximum loan limits of $40,000 to $50,000. But how much you can borrow will depend on factors like your credit history, your income and other expenses.

Why do some motorcycle loans look cheap but have high repayments?

Fees aren’t included in the advertised rate for a loan, which is designed to make the loan offer more appealing than it is, and is true to its name: an advertisement. The true cost of a loan is found by looking at the comparison rate, which expresses all standard charges (interest plus fees) as a simple percentage.

Best Motorcycle Finance Australia: Motorbike Loan Comparison

Why compare motorcycle loans with Money

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Financing a motorcycle in Australia

If you’re looking for finance for a motorcycle in Australia, you have two main options.

A secured motorcycle loan (similar to a car loan)

An unsecured personal loan

These options are similar in some ways. In fact, they’re often advertised by lenders interchangeably.

But trust me, when it comes to cost, they are very different. This is important. In fact, analysis by Money shows that on the average new motorbike loan ($18,267) a 1% difference in interest rate would mean paying an extra $520 in interest over a five-year loan.

How to compare motorcycle loans and rates

When you’re comparing motorcycle loans, you’ll often be looking for the best, or lowest, rate. Currently the lowest motorcycle loan rates start from around 6-7% p.a.

But remember, the interest rate you’re charged will depend on your risk profile.

Lenders will consider your credit score, income, employment situation, living situation and other factors.

Our motorcycle loan rates comparison table below shows just how much of a difference the interest rate can make on your weekly repayments. For exactly the same motorcycle.

This can add up to thousands of dollars over the life of the loan.

Compare a selection of motorcycle loan interest rates in Australia, with ranges based on the borrower's credit score and other factors. The table is sorted by lowest comparison rate.

	Harmoney
Interest rate	Secured: 5.66% p.a. to 20.07% p.a.; Unsecured: 5.76% p.a. to 24.03% p.a.
Comparison rate*	Secured: 6.45% p.a. to 20.98% p.a.; Unsecured: 6.55% p.a. to 24.98% p.a.
	Plenti
Interest rate	6.57% p.a. to 24.09% p.a.
Comparison rate*	6.57% p.a. to 26.28% p.a.
	Moneyplace
Interest rate	Secured: 6.29% p.a to 19.19% p.a; Unsecured: 6.99% p.a. to 19.99% p.a.
Comparison rate*	Secured: 6.72% p.a to 20.77% p.a; Unsecured: 6.99% p.a. to 21.49% p.a.
	Liberty Financial
Interest rate	Secured: 6.29% p.a. to 19.19% p.a.; Unsecured: 6.99% p.a. to 19.99% p.a.
Comparison rate*	Secured: 6.72% p.a. to 20.77% p.a.; Unsecured: 6.99% p.a. to 21.49% p.a.
	NOW Finance
Interest rate	6.75% p.a. to 26.95% p.a. (21.65% p.a. for secured loan)
Comparison rate*	6.75% p.a. to 26.95% p.a. (21.65% p.a. for secured loan)
	Pepper Money
Interest rate	6.75% p.a. to 26.95% p.a. (21.65% p.a. for secured loan)
Comparison rate*	6.75% p.a. to 26.95% p.a. (21.65% p.a. for secured loan)
	ING
Interest rate	6.89% p.a. to 18.99% p.a.
Comparison rate*	7.10% p.a. to 19.23% p.a.
	Our Money Market
Interest rate	6.57% p.a. to 18.99% p.a.
Comparison rate*	7.19% p.a. to 21.78% p.a.
	Great Southern Bank
Interest rate	6.99% p.a. to 18.99% p.a.
Comparison rate*	7.24 % p.a. to 19.27% p.a.
	Bank of Melbourne
Interest rate	6.89% p.a. to 19.99% p.a.
Comparison rate*	7.73% p.a. to 20.71% p.a. (variable rate) and 8.01% p.a. to 21.02% p.a. (fixed rate)
	BankSA
Interest rate	6.89% p.a. to 19.99% p.a.
Comparison rate*	7.73% p.a. to 20.71% p.a. (variable rate) and 8.01% p.a. to 21.02% p.a. (fixed rate)
	St.George Bank
Interest rate	6.89% p.a. to 19.99% p.a.
Comparison rate*	7.73% p.a. to 20.71% p.a. (variable rate) and 8.01% p.a. to 21.02% p.a. (fixed rate)
	Commbank
Interest rate	Secured: 6.49% p.a. to 12.99% p.a. Unsecured: 8.49% p.a. to 20.49% p.a. (fixed); 8.00% p.a. to 20.00% p.a. (variable)
Comparison rate*	Secured: 7.90% p.a. to 14.34% p.a. Unsecured: 9.88% p.a. to 21.78% p.a. (fixed), 9.40% p.a. to 21.30% p.a. (variable)
	NAB
Interest rate	6.99% p.a. to 20.49% p.a.
Comparison rate*	7.91% p.a. to 21.33% p.a.
	MoneyMe
Interest rate	6.74% p.a. to 24.49% p.a.
Comparison rate*	8.13% p.a. to 25.87% p.a.
	ANZ
Interest rate	7.49% p.a. to 19.99% p.a.
Comparison rate*	8.18% p.a. to 20.58% p.a.
	G&C Mutual Bank
Interest rate	7.99% p.a. to 16.99% p.a.
Comparison rate*	8.20% p.a. to 17.22% p.a.
	Society One
Interest rate	8.20% p.a. to 23.99% p.a.
Comparison rate*	8.27% p.a. to 25.64% p.a.
	Westpac
Interest rate	7.99% p.a. to 20.49% p.a.
Comparison rate*	9.18% p.a. to 21.61% p.a.
	Wisr
Interest rate	9.04% p.a. to 23.29% p.a.
Comparison rate*	9.88% p.a. to 24.56% p.a.
	Latitude Financial
Interest rate	9.49% p.a. to 29.99% p.a.
Comparison rate*	10.37% p.a. to 31.83% p.a.
	Fair Go Finance
Interest rate	21.90% p.a. to 25.90% p.a. (loan amount $5,050 - $10,000)
Comparison rate*	27.54% p.a. - 33.80% p.a.
	Jacaranda Finance
Interest rate	Secured: 17.95% p.a. to 24.95% p.a. Unsecured: 14.95% p.a. to 27.95% p.a.
Comparison rate*	Secured: 29.30% p.a. to 42.80% p.a. Unsecured: 32.40% p.a. to 39.63% p.a.

	Interest rate	Comparison rate*
Harmoney	Secured: 5.66% p.a. to 20.07% p.a.; Unsecured: 5.76% p.a. to 24.03% p.a.	Secured: 6.45% p.a. to 20.98% p.a.; Unsecured: 6.55% p.a. to 24.98% p.a.
Plenti	6.57% p.a. to 24.09% p.a.	6.57% p.a. to 26.28% p.a.
Moneyplace	Secured: 6.29% p.a to 19.19% p.a; Unsecured: 6.99% p.a. to 19.99% p.a.	Secured: 6.72% p.a to 20.77% p.a; Unsecured: 6.99% p.a. to 21.49% p.a.
Liberty Financial	Secured: 6.29% p.a. to 19.19% p.a.; Unsecured: 6.99% p.a. to 19.99% p.a.	Secured: 6.72% p.a. to 20.77% p.a.; Unsecured: 6.99% p.a. to 21.49% p.a.
NOW Finance	6.75% p.a. to 26.95% p.a. (21.65% p.a. for secured loan)	6.75% p.a. to 26.95% p.a. (21.65% p.a. for secured loan)
Pepper Money	6.75% p.a. to 26.95% p.a. (21.65% p.a. for secured loan)	6.75% p.a. to 26.95% p.a. (21.65% p.a. for secured loan)
ING	6.89% p.a. to 18.99% p.a.	7.10% p.a. to 19.23% p.a.
Our Money Market	6.57% p.a. to 18.99% p.a.	7.19% p.a. to 21.78% p.a.
Great Southern Bank	6.99% p.a. to 18.99% p.a.	7.24 % p.a. to 19.27% p.a.
Bank of Melbourne	6.89% p.a. to 19.99% p.a.	7.73% p.a. to 20.71% p.a. (variable rate) and 8.01% p.a. to 21.02% p.a. (fixed rate)
BankSA	6.89% p.a. to 19.99% p.a.	7.73% p.a. to 20.71% p.a. (variable rate) and 8.01% p.a. to 21.02% p.a. (fixed rate)
St.George Bank	6.89% p.a. to 19.99% p.a.	7.73% p.a. to 20.71% p.a. (variable rate) and 8.01% p.a. to 21.02% p.a. (fixed rate)
Commbank	Secured: 6.49% p.a. to 12.99% p.a. Unsecured: 8.49% p.a. to 20.49% p.a. (fixed); 8.00% p.a. to 20.00% p.a. (variable)	Secured: 7.90% p.a. to 14.34% p.a. Unsecured: 9.88% p.a. to 21.78% p.a. (fixed), 9.40% p.a. to 21.30% p.a. (variable)
NAB	6.99% p.a. to 20.49% p.a.	7.91% p.a. to 21.33% p.a.
MoneyMe	6.74% p.a. to 24.49% p.a.	8.13% p.a. to 25.87% p.a.
ANZ	7.49% p.a. to 19.99% p.a.	8.18% p.a. to 20.58% p.a.
G&C Mutual Bank	7.99% p.a. to 16.99% p.a.	8.20% p.a. to 17.22% p.a.
Society One	8.20% p.a. to 23.99% p.a.	8.27% p.a. to 25.64% p.a.
Westpac	7.99% p.a. to 20.49% p.a.	9.18% p.a. to 21.61% p.a.
Wisr	9.04% p.a. to 23.29% p.a.	9.88% p.a. to 24.56% p.a.
Latitude Financial	9.49% p.a. to 29.99% p.a.	10.37% p.a. to 31.83% p.a.
Fair Go Finance	21.90% p.a. to 25.90% p.a. (loan amount $5,050 - $10,000)	27.54% p.a. - 33.80% p.a.
Jacaranda Finance	Secured: 17.95% p.a. to 24.95% p.a. Unsecured: 14.95% p.a. to 27.95% p.a.	Secured: 29.30% p.a. to 42.80% p.a. Unsecured: 32.40% p.a. to 39.63% p.a.

Motorcycle loan interest rate comparison based on products analysed by Money advertising a high and low interest rate range. Rates are current as of 2 January 2024. Check with the provider for full current loan details, including rates, fees, eligibility and terms and conditions. While this is an extensive list of motorcycle loans available in Australia, not all loans in the market are shown. This list is for reference only and does not reflect the selection of loans you may see if you get a personalised quote through Money. *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.

Unless the bike you’re buying is particularly old or unusual, there’s a good chance it will be eligible to be financed with a secured motorcycle loan.

As an example, among borrowers looking for secured finance for a used motorcycle through Money.com.au, the average age of the bike is 7.1 years.

Secured motorbike finance is usually the cheaper type of personal loan. Sometimes it's a lot cheaper. Here's how it works.

Secured vs unsecured motorcycle loans

Secured motorcycle loans

The bike you buy is used to secure the loan (known as collateral)

This lowers risk for the lender so they charge less in interest

You may have the option of a longer term

And a larger amount

Just remember, if you can’t repay your loan, the lender can repossess the bike

Unsecured motorcycle loans

With an unsecured personal loan you don’t need to use the bike as collateral

The interest rate is usually higher

You might be limited to a shorter loan term

And a lower loan amount

But you’re not limited to using the loan to pay for the bike itself

With a motorcycle loan in Australia, this is usually what’s on offer:

Loan amounts up to $100,000

Terms from 1-7 years (our data shows a five-year term is most common)

Finance a new or used bike

Variable or fixed interest rates available

Weekly, fortnightly or monthly repayments

No deposit required

Interest rate is tailored to your situation

1

Work out how much you can afford to borrow

2

Compare motorcycle loans

3

Apply for pre-approval with the lender

4

Find a motorcycle to buy based on your pre-approved amount

5

Finalise your loan approval (let the lender know what bike you're buying and provide any additional information requested)

What else should you look for in a motorcycle loan?

The interest rate on motorcycle finance is important. BUT it’s not the only factor you should pay attention to.

Here’s what else I’d recommend comparing:

Motorcycle finance fees

Upfront fees can be very high on some loans (over $1,000 in some cases) and some lenders charge ongoing fees too (annual or monthly). But you should be able to find options with low fees.

Comparison rate

This gives you a better idea of the true cost of your motorcycle finance. It includes the interest rate plus most fees. Ideally the interest rate and comparison rate should be similar. Or the same ideally.

Loan term

This is how long you’re borrowing the money for. If you go with a longer term, you’ll have lower repayments. But the overall cost in interest will be higher. You can combine the loan term with the interest rate and fees to calculate the total cost of your personal loan.

Extra repayments possible?

If the loan allows you to make extra repayments, this can help you save money. Just watch out for fees that may apply for doing this on some loans.

Am I eligible for a motorcycle loan?

Every lender has different eligibility criteria for motorcycle loans.

But the most basic qualifying criteria mean you must be:

18 years of age or older

An Australian citizen or permanent resident

Employed, with a regular source of income that you can demonstrate

If you meet the basic eligibility for a motorcycle loan, the lender will assess your application based on your financial situation and credit history.

What documents do I need to supply to the lender?

To get motorcycle finance, you'll typically need to provide:

Proof of identity i.e. passport or driver licence
Proof of income i.e. payslips or tax returns
Proof of any assets you own
Statements for any other loans or credit cards
Details of regular expenses i.e. bank statements

If you’re using a motorcycle as security you’ll also need to provide details about the vehicle including its age and the type of bike it is.

If you’re self-employed (i.e. no payslips) there’s a different loan type called a low doc personal loan you can apply for.

When deciding whether to approve your application, the lender will do a credit check.

Borrowers with an extensive and blemish-free credit history will be eligible for the cheapest motorcycle loans.

But most lenders will approve borrowers who have a good credit score.

Borrowers with lower credit scores may need to consider a specialist bad credit personal loan provider.

These lenders generally charge higher rates.

I recommend checking your credit score for free before you apply for motorcycle finance so you know where you stand.

Get your best offers from multiple lenders at once. There's no obligation and checking your rates won't impact your credit score.

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