How to buy a motorcycle

Read our motorcycle buying guide to know what to look for and compare loans today.

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If you're looking to buy a motorbike, there's a number of things you'll need to keep in mind. Like any other big purchase, it pays to understand your options and find the deal that is right for you.

Before you shop around, read our guide and find out how to finance a motorcycle below.

NRMA Motorcycle Loan

NRMA Motorcycle Loan

From

6.99 % p.a.

fixed rate

From

7.70 % p.a.

comparison rate

  • No monthly fees
  • Terms up to 7 years
  • 5 hour pre-approval
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100% confidential application

NRMA Motorcycle Loan

Get a fixed rate loan for a new or used motorcycle with quick application times and next-day funding.

  • Interest rate from: 6.99% p.a.
  • Comparison rate: 7.7% p.a.
  • Interest rate type: Fixed
  • Application fee: $499
  • Minimum loan amount: $5,000
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Compare motorcycle loans

Updated December 12th, 2019
$
Name Product Interest Rate (p.a.) Comparison Rate (p.a.) Min Loan Amount Loan Term Application Fee Monthly Service Fee Monthly Repayment
NRMA Motorcycle Loan
From 6.99% (fixed)
7.7%
$5,000
1 to 7 years
$499
$0
You'll receive a fixed rate from 6.99% p.a.
Finance a new or used motorcycle with a loan from $5,000. No monthly fees and flexible repayments available.
IMB Secured Personal Loan
6.45% (fixed)
6.8%
$2,000
1 to 5 years
$250
$0
You'll receive a fixed rate of 6.45% p.a.
Benefit from this competitive rate by securing the loan with a vehicle up to 6 years old. Use this flexible loan for any purpose.
Latitude Motorbike Loan
6.99% (fixed)
8.1%
$5,000
1 to 5 years
$295
$10
You'll receive a fixed rate of 6.99% p.a.
Finance a new or used motorbike up with loans from $5,000 and benefit from flexible repayments.
Australian Military Bank Car Loan
From 5.71% (fixed)
6.57%
$1,000
1 to 7 years
$500 (from $100 to $500)
$10
You'll receive a fixed rate between 5.71% p.a. and 8.66% p.a. based on your personal credit history
A flexible loan to help you finance a car, motorbike or boat up to five years old.
St.George Secured Personal Loan - Fixed Rate
From 8.49% (fixed)
9.6%
$3,000
1 to 5 years
$195
$12
You'll receive a fixed rate from 8.49% p.a. based on the value of your car
Get a competitive rate and apply for a larger loan up to $80,000 when you attach a new or used car as security to the loan.
Wisr Secured Car Loan
From 5.19% (fixed)
6.08%
$5,000
3 to 7 years
$655 (Includes PPSR registration and private sale fee, if applicable)
$0
You'll receive a personalised interest rate from 5.19% p.a. to 5.69% p.a. based on your risk profile
A flexible car loan from $5,000 - $50,000 with personalised rates and rewards for strong credit customers.

Compare up to 4 providers

Quick tips on purchasing a motorcycle

Buying any sort of vehicle can be a big financial commitment for most people and this includes buying a motorcycle. Having a motorcycle can be a wonderful experience for those with the confidence and experience to ride one but when it comes to buying your own motorcycle there are a few things that you need to take into consideration.

  • Price. Buying a motorcycle needs to be given the same thought and consideration you would exercise if you were making any other considerable investment. As is the case with cars and trucks, buying a motorcycle can be a costly affair, as the price can be quite high depending on the type of motorcycle you are looking for and whether you buy new or used. Buying a secondhand motorcycle can help save you money, but you should try and ensure the bike is in good condition to avoid the risk of costly repairs in the future. Many auto dealers operate on monthly sales targets, so you may be able to secure a better deal towards the end of the month if the dealer is struggling to meet its targets.
  • Safety. In addition to the financial side of things you also need to look at other important issues, such as the suitability of the machine that you are looking to purchase and also the safety aspects. For example, if you buy a second-hand motorcycle from a private seller you will generally be taking a greater risk in terms of safety than if you bought a brand new and fully checked motorcycle from a dealer.
  • Your experience level and type of riding. Your experience level should give you an indication of the type of bike you should be looking at, and so will the type of riding you think you'll be doing. On-road or off-road, sports bikes or more lifestyle-suited models, make sure you get a bike that's going to complement your skills and needs.
  • Accessories. There are various other things you'll need to purchase along with your bike, so make sure you factor the cost of them into your budget. Remember things like a helmet, jacket, gloves, rain and weather gear, boots and dedicated eye gear if you need it. All of this doesn't come cheap, so make sure you shop around.

It is important not to get carried away and rush into any decisions when you are buying a motorcycle, as this could otherwise end up being a costly or even dangerous mistake. You have to respect that these are powerful machines and safety should be paramount. This, coupled with the variety of other considerations that you need to think about, means that you should do your research before you purchase a motorcycle.

Arthur's Wild Ride

Arthur has always wanted a motorcycle, and when he turned 25 he decides to get one for himself. Not wanting to spend too much, and hearing that it's common to replace a bike every two to three years, he decides to buy a second-hand bike. Looking into a few second-hand bikes, he is a bit taken back by the price – not to mention all the other add-ons he needs to purchase like a helmet and riding gear.

He doesn't think he'll be able to save up the money on his own, so decides to compare his financing options. He learns that he can secure his motorbike purchase against the loan and get a lower rate in return. He finds a loan that he's eligible for and that is offering a competitive rate. Working out his repayments, he sees that he can borrow the amount he needs and repay the loan in two years.

What to look for when buying a motorcycle

You need to remember that buying any sort of vehicle, including a motorcycle, is a big step and there are a number of things to consider before you take the plunge. Some of the things you need to think about before you purchase a motorcycle include:

  • Whether to buy new. Most people would, of course, like to be able to buy a gleaming brand new motorcycle but this is dependent on your budget amongst other things. You need to look at your finances and work out whether you can afford to buy new or whether you need to be looking at your second-hand options.
  • Decide which motorcycle you want. Some people will already know exactly which make and model of motorcycle they want whereas others will be more flexible. If you are open to different makes and models at the right price, make a list of features you want from your new motorcycle, such as the engine size, and you can then target your search accordingly.
  • Comparing models and prices. Whether or not you have a particular make or model in mind, it is important to compare prices on motorcycles before you commit, as there could be a big difference in price based on where you buy from. This is something that you can do online, which means that you don't have to go out of your way to try and find a good deal.
  • Safety aspects. Motorcycles are big, powerful machines so to reduce the risk of accidents and issues, you need to take action to ensure that the motorcycle you buy is safe. This is particularly important if you are buying a used machine from a private buyer, as you do not have the same safety checks and reassurances as you would with a new motorcycle. You can consider employing the services of experts in the motor industry to carry out checks before you commit. Even if you have to pay a little cash for this service, it could save you a fortune in the long run and more importantly could save you from serious accidents resulting from riding a faulty motorcycle.
  • Ways to finance your motorcycle. Whether you buy a new or used motorcycle, the cost is likely to be quite high, so one of the first things you will need to look at is the funding for your purchase. There are a number of different options that you can look at when it comes to funding. You may be lucky enough to have the money in savings to make your purchase outright, otherwise you will need to look at options such as financing from the dealership or a bank loan to make your purchase.

Putting some time and effort into doing your research before you make your decision means that you can enjoy greater peace of mind when you are buying your motorcycle as well as cutting the risk of problems and issues that could arise from buying a defective or unsuitable motorcycle. Remember to compare your loan options if you're considering finance to ensure you get the best deal.

Picture: Shutterstock

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IMB New Car Loan

You'll receive a fixed rate of 5.45% p.a.
A low minimum borrowing amount of $2,000 that you can use to purchase a new car or one up to two years old.

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Beyond Bank Low Rate Car Loan "Special Offer"

You'll receive a fixed rate of 5.49% p.a.
Take advantage of a competitive rate, pre-approval and no early repayment fees when you finance a car under two years old.

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Latitude New and Used Car Loan

You'll receive a fixed rate of 6.99% p.a.
Apply for a loan from $5,000 to finance a new or used car. Flexible repayments and options to finance a classic car.

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RACV New Car Loans

You'll receive a fixed rate from 5.69% p.a.
A larger loan of $5,000 or more to help you buy a new or used car. 5-hour pre approval available and no ongoing fees.

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