Find your best BMW Motorcycle finance rate with Driva

After you’ve made the decision to buy a BMW motorbike, the next step is working out how much you can afford to spend on it. 

The bike

The biggest cost you’ll incur is going to be the cost of the bike itself. It’s a good idea to think about how much you want to spend on a bike in total, as well as how much you can afford to spend on monthly bike repayments (which include interest and lender fees). An entry-level adventure bike like the G 310 GS starts at $8,725, and for a racing bike like the M 1000 RR, you’ll need to fork out upwards of $54,105. For riders on a tighter budget, looking at second-hand bike options can be a great idea. 

Ongoing costs

There are also a number of ongoing costs you’ll need to factor into your budget. These include fuel, insurance, registration, safety gear, maintenance and toll road costs.

Learn more: The Cost Of Owning A Motorcycle

Getting motorcycle finance with Driva is a streamlined and 100% transparent process. After you’ve shared a few details about yourself and the bike you’re looking to buy, we’ll show you your best personalised quotes from our panel of more than 30 lenders. This process takes about a minute and won’t have any impact at all on your credit score.

The final decision on which lender to go with is entirely up to you, and we’ll make sure you’re likely to be approved before submitting your application for final assessment. This protects your credit score, speeds up the finance process and prevents disappointment. The approval process generally takes between 2 hours and 2 days, depending on which lender you’ve chosen.

After you’ve found your dream bike, and given us bike details and proof of comprehensive insurance, we’ll release funds and you can hit the open road! You’ll then start making regular repayments (often monthly) to your lender to pay back the loan (plus interest). 

Driva works with a panel of more than 30 different lenders, including banks like Westpac and Macquarie, as well as non-bank and neo-banks like Wisr, Firstmac and MoneyPlace.

You can use our motorcycle loan calculator to get an idea of how much you could borrow with a BMW motorbike loan or check out your estimated monthly repayments.

To legally ride a motorcycle in Australia, you’ll need to take out compulsory third party insurance, which is often included in the cost of your registration (depending on which state or territory you’re in). In addition to this, you’ll also need comprehensive bike insurance in order for your loan to settle with any of our lenders.

Driva has a number of consumer and commercial loan options available to suit a wide range of needs and financial situations. These include:

• Secured bike loan. Secured loans involve using your new bike as collateral against the loan. This gives your lender the security that, in the event that you defaulted on your loan, they’d be able to repossess the bike to recover their funds. Secured loans tend to have lower interest rates and are best suited to newer bikes.
• Unsecured bike loan. An unsecured loan doesn’t require you to put up your bike as collateral, but you will have to pay a higher interest rate. Unsecured loans are normally used for older bikes.
• Commercial loan. If you’re after a motorcycle to use for primarily business purposes, you might be eligible for a commercial loan. Some of our most popular commercial loan products include chattel mortgages, hire purchases and novated leases. 

Yep! Whether you’re after a brand new or used motorcycle, Driva can help you secure finance for it. 

If you’ve got any questions about the finance process, feel free to contact one of our dedicated finance specialists. Give us a call on 1300 755 494 or email us at contact@driva.com.au.