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In our motorcycle finance guide:
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If you’re looking for finance for a motorcycle in Australia, you have two main options.
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.com.au 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.
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.
With a motorcycle loan in Australia, this is usually what’s on offer:
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.
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. |
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) |
Moneyplace | |
Interest rate | Secured: 6.29% to 19.19%; Unsecured: 6.99% p.a. to 19.99% p.a. |
Comparison rate* | Secured: 6.72% to 20.77%; 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. |
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) |
NAB | |
Interest rate | 6.99% p.a. to 20.49% p.a. |
Comparison rate* | 7.91% p.a. to 21.33% 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. |
Commbank | |
Interest rate | Unsecured: 8.49% p.a. to 20.49% p.a. (fixed); 8.00% p.a. to 20.00% p.a. (variable) |
Comparison rate* | Unsecured: 9.88% p.a. to 21.78% p.a. (fixed), 9.40% p.a. to 21.30% p.a. (variable) |
Wisr | |
Interest rate | 9.04% p.a. to 23.79% 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 |
MoneyMe | |
Interest rate | 9.20% p.a. to 25.20% p.a. |
Comparison rate* | 10.58% p.a. to 26.58% p.a. |
Fair Go Finance | |
Interest rate | 21.90% - 25.90% (loan amount $5,050 - $10,000 ) |
Comparison rate* | 27.54% - 33.80% |
Jacaranda Finance | |
Interest rate | 18.95% p.a. to 27.00% p.a. |
Comparison rate* | 37.10% p.a. to 45.70% 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. |
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) |
Moneyplace | Secured: 6.29% to 19.19%; Unsecured: 6.99% p.a. to 19.99% p.a. | Secured: 6.72% to 20.77%; 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. |
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) |
NAB | 6.99% p.a. to 20.49% p.a. | 7.91% p.a. to 21.33% 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. |
Commbank | Unsecured: 8.49% p.a. to 20.49% p.a. (fixed); 8.00% p.a. to 20.00% p.a. (variable) | Unsecured: 9.88% p.a. to 21.78% p.a. (fixed), 9.40% p.a. to 21.30% p.a. (variable) |
Wisr | 9.04% p.a. to 23.79% 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 |
MoneyMe | 9.20% p.a. to 25.20% p.a. | 10.58% p.a. to 26.58% p.a. |
Fair Go Finance | 21.90% - 25.90% (loan amount $5,050 - $10,000 ) | 27.54% - 33.80% |
Jacaranda Finance | 18.95% p.a. to 27.00% p.a. | 37.10% p.a. to 45.70% p.a. |
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:
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.
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.
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.
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.
Every lender has different eligibility criteria for motorcycle loans.
But the most basic qualifying criteria mean you must be:
If you meet the basic eligibility for a motorcycle loan, the lender will assess your application based on your financial situation and credit history.
To get motorcycle finance, you'll typically need to provide:
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.
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GET STARTEDGET STARTEDYes, 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.
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.
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.
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.
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.
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.
Shopping around for the right loan can save you thousands of dollars in interest and fees.
Personal Loans guides and resources
The great thing about personal loans is they can fund almost anything. They are perfect when you need that bit extra to cover expenses, start a project or reset your finances to get back on track.
*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.