Embrace your wild side and discover the financing options that can help you get onto a Ducati
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Ducati has been a top-tier motorcycle brand for many motorcycle enthusiasts due to its dominance in World Superbike competitions. However, the way that the bike handles itself, as well as its sleek aesthetic that oozes luxury and recognisable engine roar, is enough to capture attention on their own. It goes without saying that these bikes aren’t cheap. A 2016 Ducati Diavel Carbon will set you back $30,000, whereas a 2016 Ducati Classic Scrambler is a bit cheaper at $13,999.
How can you finance a Ducati?
There are a number of finance options to choose from when looking to get your dream Ducati. However, some of these options might not be suitable as Ducati is a luxury brand and therefore isn’t cheap. Some of the options you can consider include the following:
- A secured motorcycle loan. A secured loan can give you a lower rate, but this is only because they take your asset (in this case, your sweet ride) as a guarantee if you default on your repayments. Loan rates start from a low 6.99% p.a. with comparison rates going as high as 14.2%. The amount you’re able to borrow can start from as low as $1,000, but consider Ducati’s price point before making a final decision.
- Unsecured personal loan. This loan has higher rates as they don’t take any assets as security and there is more of a risk. Interest rates start from 9.5% p.a. with the comparison rates going as high as 16.55% p.a. Loan terms vary depending on the lender, but can range from one to seven years.
- Dealership finance. If you were hoping to find a cheaper rate or a secured loan backed by Ducati, you’re out of luck since Ducati does not offer any dealership finance.
- Novated lease. This is where you buy your bike and let your pre-tax salary dollars take care of it. All operating and maintenance costs will be covered by these pre-payments. You just have to convince your manager that you’ll pay it off since they’ll technically be the one making the repayments from your salary.
- Chattel mortgage. A chattel mortgage is where you’re lent money from a financier in order to purchase a vehicle (or in your case, a Ducati). You’ll technically own it as soon as you buy it, but the lender will use the purchase as security for the loan until the amount is paid in full.
Compare the Ducati loan options below
How much will a Ducati cost?
The type of Ducati you want to buy will greatly influence how much the motorcycle will cost you. The 2018 Ducati 1299 Panigale R Final Edition bike starts from a hefty $60,000 whereas the 2017 Ducati Panigale S is $35,490. It’s important to note that since this is a luxury brand, general servicing doesn’t come cheap either. You’re more than likely going to want to get it serviced at the dealership so they use all genuine parts, which can be an added expense. A general service would cost you about $350 (and that’s if nothing’s wrong!).
How do you decide how to finance your Ducati?
While looking around at suitable financing options for your Ducati, it’s always a good idea to keep an eye on these key features so you can ensure that you’re getting the best deal for your financial situation:
- The interest and comparison rate. Although the initial interest rate might be low, the comparison rate is a more accurate rate since that takes into account the total cost of the loan over the term of the loan.
- Fees (upfront and ongoing). Being aware of the fees involved can influence your decision. Some lenders charge a steep application fee while others charge a monthly fee. Look for the fee schedule on the lenders website to determine the lender’s fees and make your decision from there.
- Repayment flexibility. Repayment flexibility is a huge bonus as it allows you to tailor your repayments to your income schedule. It’s usually offered weekly, fortnightly or monthly depending on the lender.
- Balloon repayments. A balloon repayment is where you pay a one-off sum at the end of your loan term in exchange for reduced repayments.
What else do I need to know about financing a Ducati?
What if my credit score is low?
There are lenders out there that are willing to overlook a low credit score in exchange for either a higher rate or a reliable repayment history. However, these are generally short term loans. Read more here.
What other features should I look out for?
You should check to see if you will need to pay early-repayment fees or exit fees.
My loan says it’s fixed. What does this mean?
This just means that your interest rate stays the same over the duration of the loan. This means your repayments don’t change over the term of your loan.
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