BIB Finance

Confidential, Secure Financing
BIB Finance

Motorbike Finance the Easy Way

We have a secure online platform that allows you to apply for motorbike finance in the comfort of your own home. We represent the major finance providers in South Africa, including ABSA, Standard Bank, MFC, and WesBank, which allows us to offer suitably competitive deals to our clients. 

2019-05-21

Get Motorbike Finance the Easy Way

Imagine you have spent hours online looking at new motorbikes and daydreaming about which one would best suit your needs, your lifestyle, and your pocket. You have finally found the perfect one, but you do not have enough cash readily available to purchase it outright. Now what? It is time to find the best motorbike-finance deal for you. We all know that borrowing money carries a measure of risk, but it is interesting to note that, while car finance may seem similar to motorbike finance, creditors tend to consider motorbikes a higher risk, as they are more dangerous to ride and easier to steal. 

Why Motorbike Finance

When a young motorbike rider buys their first bike, motorbike finance allows them to spread their payments over a manageable period, while providing them with affordable transport. Often, a low deposit is required, but sometimes, not at all. The terms are flexible and the interest rate might be a little high because they are a first-time buyer, but fixed, thereby providing a predictable monthly cost to the consumer. Motorbike finance can be arranged quickly, often within 24 hours of initial enquiry.

Why Your Credit Score Is Important

With any financing option, obtaining a loan with a competitive interest rate requires one to have a good credit rating. Modern-day technology has made it easier to see what your credit score is by going online and using one of the free credit-reporting websites. You can also check your rating via your credit-card provider or you can purchase a report from one of the reputable credit-reporting agencies. Should your credit score not be good, it is well worth spending a few months rectifying it. You can do so by partly paying off high debt bills and building up a healthier line of credit, since your ratio of debt to income is one of the things that is considered when your application is assessed. If you do not have any existing credit, the easiest way to obtain a credit record it is to open one or two shop accounts. Of course, these would have to be active and you would have to keep the payments up to date and build up a good credit record.

Shopping Around for Motorbike Finance

Just because most motorbike dealerships are willing to offer you finance, it does not necessarily mean that it is the best deal around. Questions you need to ask are ones like how credible they are and how they rate with their customers. Do your homework; there are a lot of online options out there, but not all of them offer the same affordable rates and easy terms as BIB Finance.

What NOT to Do When Financing A Motorbike 

Do not buy your motorbike on your credit card. Although this is easy – and tempting! – if you have the credit available, bear in mind that the interest rates will be much higher. If you do happen to fall behind on your repayments, the penalties can be severe.

Do not use your property as collateral. Is your home really something that you would want to put at risk, just so that you can have that new bike? Buying property is probably the biggest investment you will make in your lifetime, and this is not an asset that you want to put in jeopardy. 

Do not buy on hire purchase. You may have the pleasure of riding out of the shop on a new motorbike, but you do not own the motorbike until the very last payment has been made. The risks are higher, as well as the interest rate!

We will assist you with your motorbike-finance application. With our help, you can expect a smoother ride in what can be an unpredictable exercise. We have a secure online platform that allows you to apply for motorbike finance in the comfort of your own home. We represent the major finance providers in South Africa, including ABSA, Standard Bank, MFC, and WesBank, which allows us to offer suitably competitive deals to our clients. Our team is reliable, transparent, and professional. We will be there guiding you every step of the way to ensure that you get the best motorbike-finance deal possible, as quickly as possible.

There is only one thing left to do. Apply online for motorbike finance with us and ride on!