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So you want to buy a motorcycle but don’t have the cash?

Written by

Shaun McGowan

Motorcycle loans are essentially personal loans with two different options:

The main difference is whether your motorcycle is used as “security”. Lenders will typically offer you a secured option when the bike is newer. If it’s older, you’ll be getting an unsecured loan.

Let’s take a look at both below so you can decide which is the best option.

Which type of motorcycle finance is best?

So, your two options are either a secured or unsecured motorcycle loan.

Motorcycle loans with Money Matchmaker

Secured motorcycle loans

Secured motorcycle loans use the motorcycle you buy as security.

Security basically means, if you don’t meet your payments, the lender can take the bike and sell it to get their money back.

Lenders will often only offer this option when the bike is new.

You’ll also get great options to make extra repayments and pay out the loan early from some lenders with no fees.

Unsecured motorcycle loans

It’s really just a personal loan that you’re getting here for the purpose of buying a bike. You’ll be paying a little bit more than a secured option, but have the choice of purchasing an older bike.

Next steps

Once you’ve decided what type of loan you might want:

  • You can look at where you plan to buy your motorcycle
  • You can figure out how much you need to borrow and for what
  • You can compare loan offers and apply for finance

Find the best deal on motorcycle loans


Compare motorcycle loans and rates

When you’re comparing motorcycle loans, you’ll often just be looking for the best, or lowest, rate.

If you’re doing this yourself, keep an eye on any fees included in the loan.

The four types of fees you should be aware of when comparing lenders for a motorcycle loan include:

  • Upfront costs - establishment fees and application fees
  • Ongoing fees - annual fees and monthly fees
  • Late payment fees - charged if you miss a payment
  • Extra repayment fees - charged if you make early repayments to reduce the amount of interest payable on the principal amount.
Fees on loans to be aware of

What lenders are looking for

Lenders love boring, or should we say, consistency!

They love it if you've had the same job forever and have been at the same house since you first left home.

Here's an example of how your employment history can influence your approval.

employment history applicant

How lenders view credit history

Here is how your credit history can influence your ability to be approved.

credit history applicant

Motorbike Loan Rate Comparison

Motorbike loan amount5% interest7.5% interest10% interest





































Comparison motorbike loan repayment examples are calculated using monthly repayments with a fixed interest rate on a 5-year term. They do not include any fees that may be charged by a lender in addition to interest.

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 charges (interest plus fees) as a simple percentage.

Understand what a comparison rate is showing you

Am I eligible?

Every lender has different eligibility criteria for a motorcycle loan, but the most basic qualifying criteria requires you to 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, you will then need to compare lenders and assess their individual approval criteria.

How to qualify for a loan in Australia

What documents do I need to supply to the lender?

  • Proof of identity i.e. passport or driver licence
  • Proof of income i.e. payslips or tax returns
  • Proof of assets and debts
  • Details of current expenditure i.e. bank statements

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

What documents you will need to provide to get a loan

Personal Loan Calculator

See my repayments



Loan Amount: --

Establishment Fee: --

Total Interest Paid: --

Ready for the next step?

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Here are the most popular questions people are asking about motorcycle loans

Yes, it’s certainly possible but be aware you’ll often be required to pay higher rates and fees. Try to find a loan where you can pay it out early. This may allow you to refinance 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.

Yes in most cases you will be able to get a loan to buy a used motorcycle. Unsecured loans usually place no restrictions on the type or age of the motorcycle you purchase.

To compare motorcycle loans, consider the rate, fees, term, features, and flexibility of the loan. Look for a loan that suits your financial circumstances and can be flexible if your situation changes. It might be prudent to speak to a financial advisor.

Each lender has different minimum and maximum motorcycle loan amounts but generally, you can borrow from $2,000 to $75,000.

Unsecured personal loans may have lower maximum loan limits of $40,000 to $50,000.

Most lenders offer loan terms from one to seven years.

The right motorcycle loan can save you $1,000s


About the Author

Shaun McGowan from



Shaun McGowan

Shaun is the founder of 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 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.