When buying an asset as expensive as a house or car, it’s very helpful budget-wise to get a pre-approved loan. The same is true when purchasing a motorcycle. The price of a new set of wheels can get quite high, which can give some second thoughts on making the purchase. This is where the benefit of pre-approved finance comes in. Getting your loan pre-approved before shopping around gives you greater confidence at the dealerships knowing your finance is already sorted.
There are more benefits to getting pre-approved motorbike finance, and we’ve included a few of these below.
1. You’ll have a set budget
By getting pre-approved finance, you will have a better idea about the maximum amount of money you can borrow. Because of this, you’ll be able to set a budget and avoid buying a motorbike that is beyond your means. A pre-approved bike loan will let you know the price range of motorbikes you can choose from, which will help with your decision-making process.
2. More buying power
Another reason to consider pre-approved bike finance is that you will have more buying power. Going to the dealerships with your finance at hand will send a message to the sellers that you have the capacity to buy their product. In other words, you’re a sure buyer. It’s likely you’ll get better offers than they would usually give to persuade you to buy at their dealership.
3. More negotiating influence
Aside from the increased purchasing power, you’ll also have more of an influence in negotiations. Since you’re a sure buyer, the dealerships will do their best to keep you happy. Whatever you may want to bargain for, i.e. a lower price, better terms, or more freebies; the vendors are more inclined to give it to you, maybe all of them, just to close the sale. Without a pre-approved loan, you’ll have to fight harder for these perks.
4. Avoid expensive financing deals
Another advantage of getting pre-approved bike finance is that you’ll avoid expensive dealer financing. With your funds already taken care of, you can avoid the traps of ‘zero percent finance deals‘ and dealer finance. These deals are often pricier and attract higher interest rates.
5. Sellers will give you priority
Do you want to feel like a VIP? A pre-approved bike loan will certainly help. It will make you a top priority for the sales team once you let them know you’ve got the funds ready to go. Why? They’ll be more responsive to your queries compared to those just browsing. You’ll be seen as a more serious buyer and they’ll try harder to close the deal with you.
6. Be auction-ready
An auction is a great place to find a good motorbike deal. If you want to be able to bid at an auction, you must have your finance pre-approved. You’ll know the maximum bid you can make. Without it, you’ll be going to the auctions blind and may bid in a frenzy without realising the financial consequences. Pre-approved bike finance will make sure that you don’t bid for a motorcycle that’s over your financial capacity.
7. Reduced Processing Time
Whether it be from a dealership, auction, or private sale, you’ll need to process the finance to ultimately gain ownership of the motorbike. With some banks and lenders, this could be a lengthy process. But if you already have your finance pre-approved, the overall loan processing time will be reduced significantly. This will help you close out the purchase much faster than if you applied after you found the bike you wish to purchase.
Pre-Approved Bike Finance at Aussie Bike Loans
Getting pre-approved finance is a must before shopping for your next motorbike. The benefits are overwhelming and can assist greatly with your purchase. Aussie Bike Loans have been providing motorcycle finance throughout Australia for over 30 years with flexible loan repayment options and fixed interest rates to give you peace of mind. Getting your finance doesn’t have to be a burden.