Rapid Finance tailors loan solutions to suit just about all client’s unique goals and circumstances. We’ve already helped countless Australians, and we may be able to help you today, so you can hit the road tomorrow. We offer:
A bad credit motorbike loan is a finance product designed for people who struggle to secure finance, when looking for a motorbike loan. Reasons for this might include a poor credit history, short-term employment or a low credit score.
A bad credit loan might be the best option for you if any of the following applies to your financial situation:
These loans typically have features that distinguish them from standard motorbike loans, reflecting the increased risk perceived by the lender. Here are some key features of a motorbike loan with bad credit:
Higher Interest Rates: Due to the increased risk associated with lending to individuals with bad credit, these loans often come with higher interest rates compared to standard motorbike loans. This means borrowers will pay more over the life of the loan.
Larger Deposit: Lenders may require a larger down payment for a bad credit motorbike loan to reduce their risk. This upfront payment represents a higher percentage of the motorcycle's total cost.
Requirement for Collateral: In some cases, lenders might require collateral beyond the motorcycle itself, especially if the loan is unsecured or if the borrower's credit is particularly poor.
Credit and Income Verification: Lenders will typically conduct thorough checks on an applicant's credit history and require proof of income to assess their ability to repay the loan.
We understand that, sometimes, life just happens. For over 20 years, we've been helping people with poor credit histories secure loans for their dream motorbike – no matter how out of reach they thought that dream was, we may be able to help.
We're here for you, no matter what barriers to loans apply to your situation, we will attempt to assist. These Reasons might include:
Don’t wait weeks. Apply today, and hit the road tomorrow.
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Please note: This is an estimate provided for illustrative purposes only, and is based on the accuracy of information provided. It does not constitute a quote. Additional fees and charges may apply dependent on your individual circumstances. Fees such as early repayment costs and establishment fees are not accounted for in the examples of weekly repayments. Interest rates may be subject to change throughout the term of the loan.
Learn your chances of loan success with a free Rapid Finance credit check. It’s fast and easy, and it won’t affect your credit rating. Request your score today – it only takes a few minutes!
The irony of a credit score is that, often, people don’t know what theirs is like until they need to rely on it. So, how do you know if you have bad credit? And what does it mean for your loan application?
Read moreTurned down due to your credit history? Here's what you can do next to secure finance.
Read moreApplying for a bad credit bike loan is simple and takes just minutes. To begin the process, you just need to provide your personal details and information on your current circumstances and the finance you’re seeking. For any questions along the way, simply contact the team on 1300 467 274 or email rapid@gorapid.com.au. You can also receive Free Finance Assessment via the form on this page.
At Rapid Finance, we pride ourselves on being a team of experts with access to a range of flexible bike loan options, which we tailor to your unique situation. We're here to help every type of client, including those with a ‘bad credit history’ – a catchall term covering everything from a missed bill to previous bankruptcy. If you’ve been declined by banks or other institutions, you might think a bike loan is beyond your reach; however, this isn’t necessarily the case. Clients often just need the support of the right company, like Rapid Finance.
To begin the process, apply for the loan either online or over the phone. After we receive your application, a team member will be in touch to assess your situation and explain your options. Next, we design a bike loan solution just for you. Learn more about the Rapid Finance loan application process here.
Poor credit history covers a range of circumstances. A client may have overlooked a bill, or have experienced bankruptcy in the past, to name a couple. We know life gets in the way, whether it’s a clerical miscommunication or a marriage breakdown that has thrown a spanner in the works for your financials. Comprehensive credit reporting has advanced over the past few years, with banks reporting 24 months of payment history on any credit facility you have back to credit reporting agencies. Whatever the reason for poor credit history, it makes it hard to secure finance.
Most people are aware if they have bad credit history, but if you’re unsure, contact the Australian Credit Reporting Agencies for a copy of your credit history. There are 3 Credit Reporting Agencies in Australia:
Equifax
Illion
Experian
Of these, Equifax is the most prominent; however, Illion has grown in recent years. Prospective lenders are likely to check at least one, if not all three, of these agencies, depending on which agency they subscribe to. As someone looking for a loan, it’s very tricky to find out which agency your prospective lender works with.
Avoid the hassle and let the Rapid Finance team handle these questions for you. You can also learn more about bad credit loans here.
Yes, you could. Even while receiving Centrelink or pension benefits, you can apply for finance. For us to approve your bike loan, you need a primary income source to support your payments – and both Centrelink and pensions legally constitute income.
Not every benefit is legally counted as income, but many are, including family tax benefits and veterans’ pensions. We can work with most benefits, excluding Austudy and Jobseeker, as well as some other less common benefits. If you’re still unsure, contact the Rapid Finance team directly and we will clarify what’s available to you.
Yes, 100% finance is possible. We can secure bad credit motorbike loans for clients without a deposit, even for clients with a bad credit history. It comes down to your application and overall profile. But note, that if you have a really bad credit history, a deposit will add strength to your application and increase your chances of approval. There may also be other options available to you, such as a vehicle trade-in and / or additional security of another asset.
If you’re after a bad credit bike loan without deposit, we need proof of your ability to meet repayments. A dedicated Rapid Finance expert will review your situation to explore all avenues and negotiate a bad credit bike loan on your behalf. Talk to our team of Rapid Finance specialists for more information.
Yes, in some cases. We have helped many clients secure same-day approval on their bike loans – even those with poor credit history. For this to happen, we rely on our clients’ speedy cooperation when it comes to supplying accurate information and the documents we need to progress. When this happens, we’re proud to say we process our applications with speed. We understand clients’ needs to sometimes take advantage of deals/offers within a limited window of time.
While we offer a speedy service, the advantage of Rapid Finance is that we work hard to get the very best outcomes for our clients – so you know you’re not being ripped off. We work hard to achieve best-possible rates at lowest-possible fees within the parameters of your overall profile. We compare a vast range of finance products on the market to find you the best fit and put it all together swiftly for fastest-possible approval.
The interest rate available to you will depend on your past employment, residential and credit history, the amount requested, your credit score, and the bike you hope to purchase. Generally speaking, bad credit loans have interest rates of more than 10% P.A.
The good news: we offer ‘interest-reducing loans’. That is, we calculate interest at the end of each month based on outstanding balance at the time. You can also make extra payments as you go without penalty, or choose to repay your loan on a weekly or fortnightly basis, instead of monthly, also without penalty. Generally, you can also pay off the entire balance early without penalty, but that depends on the lender. Any penalties incurred here tend to be small, if any $100–$750 with interest calculated only until the date you repay the loan in full.
A Rapid Finance expert can investigate other ways to reduce this rate, as well as other details in your credit history that might actually strengthen your financial position.
Yes, used motorbike loans are quite common. You could secure a bad credit motorbike loan for a used bike. The details of the loan will of course change depending on your unique financial profile. Generally, bikes 12 years old and newer are fairly easy to work with; however, there are a range of variables to consider. Our Rapid Finance experts are here to guide you through the process.
Don’t apply for credit if you’re still researching and haven’t yet landed on your dream bike. Any application for finance is recorded on your credit history and making multiple applications across lenders can raise red flags.
At Rapid Finance, the biggest mistake we see is when clients apply for the same loan with multiple lenders in a short timeframe. Doing so tells lenders that the person seeking finance is desperate and uninformed, which makes you an unattractive candidate for a loan. It also has a negative effect on credit score, which can earn you an instant decline. Let the Rapid Finance team explore the options out there for you – without jeopardising your standing in lenders’ eyes! With more than 20 years’ experience, we know how to protect our customers.
It’s impossible to secure motorbike finance without a credit check. Under the National Consumer Protection Act, credit providers must perform due diligence, which includes ensuring the application for finance is suitable. Due diligence necessitates reviews of all financial information, including credit history.
However, even if you have poor credit history, it might be possible to secure finance. A credit check actually helps us get a sense of the whole picture, strengthen your application and find you the best-possible outcome. For instance, a previous loan paid on time makes you a more attractive loan candidate to lenders – even if you have defaults!