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Motorbike Loan Repayment Calculator
Don’t take a stab in the dark planning your bike loan. Get a handle on how much motorbike finance will cost using Savvy's simple bike loan calculator.
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Savvy Editorial TeamFact checked
Like car loans, motorbike loans are a fairly simple financial product: borrow to buy your motorcycle, choose your loan term and repay it with interest in instalments each month. There are, however, many variables at play that can make it difficult to determine what your loan will actually cost.
We can help you work out how each of these variables affects the cost of your loan both month-to-month and overall. Change up the loan term to find out which suits you, get an idea of the amount you can afford to borrow and determine whether you can (and should) make a deposit with our calculator now.
Your estimated repayments
$98.62
Total interest paid: | $1233.43 |
Total amount to pay: | $5,143.99 |
Some of the features of Savvy's motorbike finance
Borrow up to your motorbike’s value
You’ll be able to access financing for up to 100% of your bike’s purchase price, as well as potentially covering other costs such as insurance and rego.
Competitive interest rates
By locking in a low rate at the beginning of your term, you can enjoy consistency and affordability across your motorbike finance repayments.
Choose your loan term
You get to decide the length of your repayment period, with any option available between one and seven years to shape your monthly instalments.
Buy your motorcycle new or used
Whether you’re after the latest Yamaha Supersport model out of the dealership or an older Harley-Davidson, you can be approved for financing.
Available for business purchase
If you need a motorcycle for your business, we’re partnered with lenders who offer commercial products such as chattel mortgages and bike leases.
Rapid approval time
From the submission of your quick quote to the release of funds to your seller (and transfer of ownership to you), the process can take as little as 48 hours.
Available through dealers or privately
Used motorbikes can be purchased either from a dealership or private seller, opening you up to accessing a greater number of options on the market.
Secured financing
Because your motorbike loan is secured by the purchase of the motorbike itself, you’ll be charged a lower interest rate and afforded a greater borrowing capacity.
Why so many Australians choose Savvy?
Over a decade serving you
We’ve been operating in the vehicle finance field for a long time, so we understand loans and how to find the best option for you.
Apply via your smartphone
You won’t need to leave the house when completing your application: simply complete our form and submit your documents online.
Personalised interest rates
Each loan is customised to the borrower’s needs, so your interest rate will be tailored to your own financial circumstances.
What our customers say about their finance experience
Savvy is rated 4.9 for customer satisfaction by 576 customers.
How to reduce your motorbike loan interest rate
Maintain a strong credit score
One of the key factors in any financing agreement is your credit score, which is reflective of your record over the past few years when it comes to servicing debt such as loans and bills. The better you are at paying these on time and in full, the better your credit score will be and thus your interest rate too.
There are other factors that can impact this, such as the credit limits on your cards, but there are ways that you can improve it if it’s not perfect. For one, paying out any outstanding debts will remove a burden on your score, while lowering your available credit on your cards can also help you increase your score.
Have a similar loan in your history
A good credit score is a strong indicator of your reliability as a borrower but having a history successfully repaying a similar loan in the past is just as valuable from a lender’s perspective. Lending out large sums of money to have them repaid over an extended period is a risk, so they want to be as certain as possible that they can trust you with the responsibility.
Loans that can fall under this category include past motorbike or car loans, leisure financing and personal loans.
Choose a new or near-new bike
While they may cost more to purchase, bikes that are brand-new or only one or two years old are often rewarded with low interest rates. This is in part because they have minimal or no history when it comes to repairs and tend to hold a substantially greater resale value than used bikes should the lender ever need to sell off the asset.
It’s in your best interests to work out whether a cheaper bike at a higher rate or a more expensive bike at a lower rate is the more sound financial decision for you. You can compare the costs of the two loans in the calculator above.
Have savings in the bank
Because repaying a loan amount requires financial discipline, lenders will look in all the areas they can to determine whether you can take on the responsibility. One of the factors they look at is the savings that you’ve built up in your account, known as cash at bank.
Substantial savings are considered a valuable asset to back your application which will not only increase your approval chances, but also reduce your rate. This can also apply if you own property such as your home or apartment, even if you’re in the process of repaying it.
Speak to a Savvy consultant
Finally, a valuable way to reduce your rate is simply by comparing offers on the market with your Savvy consultant. They’ll handle your application from start to finish, with one of their first acts being the comparison process between your quick quote and finance offers from our lending partners.
They’ll only select the offers which match your profile and sift through the marketplace to determine the lowest available rate for you. With us, you can rest assured that you’ll receive the best possible deal for your situation. get a quick quote today to get started with your finance application.
Frequently asked motorbike loan questions
Loans can come with fees on top of your interest that form part of the cost of financing, which include:
- Establishment fee of up to $600
- Ongoing fees of up to $20 per month
- Early repayment fees of up to $600 to $900
- Late payment fees of up to $50
All of these bar late fees are waived by certain lenders. There are also other on-road costs that you’ll need to budget for, such as insurance, petrol, rego, protective gear and more.
Yes – we can still help you get approved with one of our many flexible lenders who work with customers with less than perfect credit histories. While you’re likely to receive a higher interest rate and greater restrictions surrounding your borrowing, it’s still a fast and effective finance solution.
This also extends to borrowers who derive some (or all) of their income from Centrelink benefits. You can check with your Savvy consultant as to whether your Centrelink income is eligible to be counted towards your motorbike loan.
Dealership finance isn’t always the best option when it comes to sourcing a loan for your motorbike. Dealers can often advertise 0% or very low interest rates to entice you but, in reality, the inflated cost of the bike and increased fees can result in you paying more for your loan than you would’ve otherwise.
These rates are also often only in effect for the first six to 12 months, after which they revert back to standard or more expensive interest.
You can generally purchase a motorbike under finance up to 15 to 20 years of age with a standard secured loan. However, if you’re looking at a model beyond that age, you can apply for an unsecured personal loan to cover the cost of your bike. Because these loans come with no restrictions on how you use them, you can purchase a bike of any age or model up to $50,000. These loans do charge higher rates than secured loans, however.
Yes – private customers can apply for pre-approval, which gives you a set amount to use when negotiating the cost of your chosen bike. This gives you an advantage: a price ceiling, which prevents your seller from charging much beyond your repayment capacity. You can get pre-approved with one of our lenders within just 24 hours of submitting your quick quote.