Posted on 2017-12-08
Well first off, you probably know that restrictions vary between Australian states for entry level motorcycle riders so it’s best to check the specific rules for your respective state before you make a purchase. Specific rules fall within what the government calls ‘LAMS schemes’ in each state. A quick check may help you avoid disappointment or hefty fines.
If you’re a Queenslander for example, the RE class is the first class of license you will be subject to (check out www.qld.gov.au for more specific information). Generally speaking, for this class of license riders can’t ride a bike with an engine capacity of over 660mL and with a power-to-weight ratio of more than 150kW/t.
If you’re a Victorian, rules differ slightly. To qualify as a LAMS motorcycle, the bike or scooter you select must meet the following criteria:
Here are some options to consider for your first bike purchase:
These motorcycles range between $3,000 and $9,000 not including licensing, insurance and registration costs. The costs can add up so often riders choose a low rate motorcycle loan to help them get on the road sooner rather than later.
Like car loans, there are a variety of options available to you when looking for a loan to fund a new or used motorcycle.
Here are a few things to consider:
Know the amount you want to borrow ahead of time
When buying your first motorcycle, you are restricted to certain types of models so before applying for finance ensure you check the amount you need to borrow so you are covered for all costs.
Secured or unsecured?
You have the option of applying for a secured loan which will use your motorcycle as security should you be unable to make repayments (you can only borrow the exact amount the bike is worth), or an unsecured loan which will allow you to borrow a higher amount. Generally, due to a higher perceived risk to the lender, unsecured loans will have a higher interest rate.
Check rates and fees
Interest rates and fees for personal loans will differ between banks and lenders. So before you select a motorcycle loan be sure to check for certain fees such as making additional repayments and late payment fees.
Alternatively, you can call one of our friendly brokers who will do the searching on your behalf and give you options so you can be on the road in no time! Call us today to get started.