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The in’s & out’s of Bike Finance

loan term and conditionsI have written this article to educate purchasers about the pitfalls of bike finance. I have been a finance broker now for a relatively short time. (10 years) Brokers are contracted by you the client to source the best finance options possible. Whether you are seeking finance for a car loan, truck loan, boat loan or to purchase equipment for your business.How many brokers you might ask, act in good faith and actually do the job they are required to do? And find the most suitable finance package for your particular circumstances. History has taught me when searching for finance for clients that the best brokers generally find the best finance and loan package possible BUT!. Do they, then pass this on to you the client at the rate they are receiving the approval. The answer is easy No!

Very few do. They find the best loan interest rate possible for the bike you are purchasing. Manage your expectations and offer you the rate for the bike loan they think you will be happy with. Surprise, surprise and why do they do this? Because they make more money if they sell you the bike loan, car loan, boat  loan, equipment, at a higher rate than what is commonly called the delivery rate.
Generally there will be a dealer fee or brokerage charged by the finance broker to supply the boat loan to you the client. The lender will also have a loan application fee added to this a Rev’s fee and insurance and you have yourself a complete finance package.

How do you, the client overcome this scenario? The answer is easier than you think, increase your expectations, and lower the bike loan; car loan or equipment finance interest rate you think is achievable. Manage your broker, ask him to provide the best interest rate finance package possible, don’t forget it’s not all about interest rate either, remember to ask about the fees and charges applicable with your loan package! And don’t get stung on insurances either, this is just another way finance can cost you more than it should! Shop around if a finance broker has a bad name steer clear of him and his business there are honest finance brokers out there that will help you achieve the finance and loan package best for your particular circumstances. Remember they have to make money to, so find a bike finance professional you trust, one that charges a reasonably fee and sells you the insurance you require, not the insurance that gives him the best return. Make sure he/she returns your calls and treats you with the respect all clients deserve.

 

Do you require more information?

Complete our enquiry form or call an experienced bike loan consultant on 1300 95 17 82 today.

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