Short answer: Most first-time riders finance a bike with a secured motorbike loan, an unsecured personal loan or dealer finance. There's no single "best" loan. The right one depends on the bike's age and price, whether you're buying from a dealer or privately, and how established your income and credit history are. Compare total cost, not just the repayment.
The main options
| Option | How it works | Worth knowing |
|---|---|---|
| Secured motorbike loan | The bike is security for the loan | Often priced below unsecured loans. Lenders may set age limits on the bike. |
| Unsecured personal loan | No security. Based on your income and credit. | Handy for older bikes or private sales. Usually costs more. |
| Dealer finance | Arranged at the dealership through its lenders | Convenient. Check the rate, fees and any add-ons bundled into the loan. |
Buy now pay later services usually have limits too low for a bike, and lenders count them as debts when you apply for other credit. For a deeper comparison, see personal loan vs motorbike finance.
What lenders look at for first-time buyers
- Income and employment. Steady employment helps. Casual or probationary work may be accepted with a longer track record or in the same industry. See employment requirements.
- Credit history. Having little or no history isn't the same as bad credit, but it gives the lender less to go on. A phone plan or small account paid on time helps.
- Loan size relative to income. A modest first bike is easier to get approved and easier to afford.
- The bike. Its age, the kilometres, whether it's a road or off-road bike, and whether it's a dealer or private sale.
Costs beyond the loan
Example only: $15,000 over 5 years at 10% p.a. is about $319/month. Over 3 years it's about $484/month, but you'll pay less interest in total. On top of repayments, budget for:
- Riding gear. Helmet, jacket, gloves, pants and boots can add up quickly.
- Insurance. Premiums for new and younger riders are often high. Get quotes before you buy. Lenders usually want comprehensive cover on a secured loan.
- Rego and CTP, stamp duty and transfer fees. These vary by state.
- Servicing, tyres and chain. Bikes typically need servicing more often than cars.
Licence rules for new riders
Learner and provisional riders in most states can only ride bikes on the approved LAMS (Learner Approved Motorcycle Scheme) list. Check the exact rules with your state transport authority before you pick a bike, because finance won't be approved for a bike you can't legally register and ride.
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Related guides
General information only. This isn't financial advice. Finance the Ride is a referral service and doesn't hold an Australian Credit Licence. Last reviewed September 2026.
