Buying your first motorcycle

There's something about hitting the open road on a motorcycle. There's a sense of adventure and freedom, and you cannot wait to experience it yourself.

But before you sign the dotted line and become an official bike owner, you'll need to make some important considerations. This guide will help—from choosing the right bike to getting your personal loan sorted.

What you need to know about motorcycle ownership

A motorbike is more than a form of transportation. For so many, it symbolises a way of life. Similarly, owning a bike is about so much more than the upfront costs. There's a lot that goes into making a smart decision, so let's unpack some of the key factors.

Is safety your top priority?

It goes without saying that safety should be at the top of your priority list. Get to know the safety features that matter most. Traction control and anti-lock brakes (ABS) are good places to start.

What performance do you need?

There are so many different types of bikes available, all of which serve a unique purpose. Of course, you have your preferences. But if you're new to riding, look for a motorcycle with a smaller engine—around 250cc or 300cc. These are a little easier to handle.

Have you considered servicing costs?

Just like cars, motorcycles need regular servicing. Some brands offer better warranties than others, which can save you cash on repairs. So before you make your decision, check how often the bike will need servicing and how much it'll cost. Factor this into your total budget.

Do you have somewhere to store it?

Buying something big?

Interest rate 6.78 % p.a.

Comparison rate 7.17 %^ p.a.

Secured Personal Loan - Fixed rates for 1-7 years

Our Secured Personal Loan is great for those big purchases where you’re able to offer security against the loan. Great for used cars, motorbikes, home renos - even boats and caravans.

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You want your investment to last, so make sure you have somewhere secure and protected to store it. If you don't have a garage, you might need to buy a high-quality motorcycle cover to safeguard it from rain and sun damage.

Are you looking for fuel efficiency?

In most cases, motorcycles are more fuel-efficient than cars. But like other vehicles, efficiency varies between makes and models. As a general rule, the bigger and more powerful the engine, the more fuel it'll guzzle.

Have you factored in extra gear?

When you ride a motorcycle in Australia, you are legally required to wear a helmet. In addition, you might also like other protective gear, like boots and a jacket.

Financing your motorcycle purchase

Many people use a loan to buy their first motorcycle. You've got two main options: dealer financing and a secured personal loan*

On the one hand, dealer finance is convenient. But you might not secure the best possible interest rates and terms, which means you'll wind up paying more in the long run.

On the other, a secured personal loan* can give you access to lower rates. In addition, you can take advantage of these benefits:

• Lower fees, which means more cash in your pocket.
• Lower required deposit, which means you get your bike sooner. Stop daydreaming and start riding.
• Greater flexibility, which means you can make early repayments and save on interest. A cheaper bike? Yes, please.

If a personal loan sounds like the right course of action for you, you'll need to select a lender. There's a whole lot to consider, like rates, terms, fees, and bonus features like easy loan management.

Greater Bank

Then, you'll need to provide information about your finances. The lender will review this, check your credit score, and consider your income.

If everything looks good, you'll secure approval for a personal loan. The money to buy your bike will be transferred into your account.

Finally, it's important to think big-picture. Once you have your loan, you must make your payments on time. If you can, pay more than the minimum—you'll pay off your loan sooner, which means you'll save on interest.

Take the first step today

You've been dreaming about buying a motorcycle for some time now, and you're ready to make it a reality. But this is a big decision, so do your research, calculate your budget, and set yourself up for financial success.

If you're ready to take the first step, learn more about our personal bike loans today.

* Greater Bank Secured Personal Loan can be used when security offered is either a new motorbike, or a used motorbike no older than 7yrs at the completion of the loan.