When you are going to apply for a loan, whether it is for the car or bike it is very crucial for you to know how the bike finance industry operates. It is very important for the finance company to know that you are able to service the loan, I.E. repay the loan, so they make extensive investigations into your credit history before they will approve your loan. Financiers will access your credit file to look for any sort of history of not paying bills or repayments on time. An experienced broker will also take into account a huge range of other factors when assessing your bike loan, ranging from what income you generate through to the assets you own and whether you are renting or paying off a mortgage.
But there is also another factor that may also produce a negative impact on the bank approving your bike loan, and that is when an applicant has put multiple finance applications into different finance companies over a short period of time. This is why you need to speak with an experienced broker like the ones we have at Ask 4 Finance, we are happy to speak with you and guide you every step along the way so your credit file is kept in good shape.
Many people also fail to consider the importance of insuring their motorbike. Motorbikes are very popular and very valuable items. For your own financial wellbeing it is an essential consideration to ensure that you have adequate insurance coverage not only just on your bike but also to protect your bike loan. We can make sure the insurance company has effectively valued your bike and included any upgrades or modifications you have made to the bike when determining its replacement value.
Generally insurance premiums are lower for more mature motorcycle riders. In the case of a young person, it’s likely that the premiums will be slightly higher until you can demonstrate a safe riding history. At Ask 4 Finance our insurance consultants are accredited with the top insurance companies within Australia, so speak with one of our experienced insurance consultants before you make your decision on who to insure your pride and joy with. For more information on bike insurance visit our website.