Can I Borrow Money Against My Motorbike?

By July 2, 2020 August 5th, 2020 Pawn Loan

There are times in life where you simply have to borrow money. It could be to cover an emergency, to buy something you want or you simply need money to pay for something now and you don’t have enough cash on hand.

If you need to get a loan and the amount is not too high, the easiest solution could be to ask a friend or family member if they can front you the money. If that’s not an option there are always the banks, but then you have to deal with extensive application forms, piles of supporting documentation and sometimes long waiting periods to get a decision. A bank will also want your employment details and to do a check on your credit history too.

Another option is to get a Pawn Loan. If you own a motorcycle you can get a Bike Pawn Loan and have the money you require almost instantly.

What Is a Bike Pawn Loan?

Pawn Loans are secured loans offered by private lenders. While similar to the type of loan you get in a pawnshop but on a grander scale, private lender Pawn Loans will fetch you larger sums of money due to the fact that you’ll leave a vehicle or some other item of significant value as collateral. In relevance to this post, it would be a motorbike that you ‘pawn’ in order to secure the loan you need.

The Bike Pawn Loan Process

Let’s say you decide to skip the Personal Loan process with the banks and seek out a private lender that offers Bike Pawn Loans. This is how the process basically works in a nutshell.

You find a private lender and take your motorcycle into their premises and tell them you want to get a Pawn Loan on your bike. One of the staff members will conduct an evaluation of your bike to determine its approximate current market value. Once that’s been established, usually you can borrow up to 60% of the market value. How much you borrow depends on you. You can take the full amount offered or less.

If your motorbike is determined to be worth $20,000, that means you can borrow a maximum of $12K against it. Whatever amount you agree on up to the $12K, you do some paperwork, provide the bike’s registration papers, prove your identification and then sign the contract. Your bike will remain in the safe possession of the lender until you repay the Pawn Loan in full. Once you do, your motorcycle will be ready for collection in pristine condition.

The Advantages of a Bike Pawn Loan

There are a number of positives associated with Pawn Loans. One is that there are no credit checks, so it doesn’t matter if you have bad credit or no credit record at all. This is because it’s a secured loan. The lender has your bike until you repay the loan and interest in full. If you don’t, the lender sells your motorbike to recoup their funds.

Another thing you don’t have to be concerned about is your employment situation, or trying to prove how much money you earn each week or month. It doesn’t factor into the equation when you get a Pawn Loan.

Bike Pawn Loans don’t involve mountains of paperwork and if you bring your bike to the office early enough in the day, the process is so fast that you’ll have the money you need deposited into your bank account instantly.

Speed, efficiency and no fuss is what these types of loans are all about. The process is much easier than applying for bank loans or other forms of finance.

Where Can I Get a Bike Pawn Loan?

If you are looking for Bike Pawn Loans Sydney, get in touch with the friendly team at Cashify. We are Sydney’s leading lending specialists when it comes to Pawn Loans for motorcycles, cars, trucks, business equipment, expensive jewellery, designer watches and more.

As a private lender, we pride ourselves on providing quality service, as well as processing and approving loan applications in quick time. If you need money in a hurry, see Cashify first for a Bike Pawn Loan or a Personal Loan today.

Disclaimer: Please note this content is of general nature only and does not take into account your personal objectives, financial situations or needs. For advice tailored to your financial situation, it is advised that you seek guidance from an accountant or financial advisor. The information contained in this article is correct at the date of publication.