Bikerloans

Bikerloans, motorcycle finance brokerage for UK riders

Bikerloans is a finance brokerage business that arranges motor finance to consumers, operating since 2002. It describes itself as a UK motorcycle finance specialist and sources enquiries both from motorbike dealers and from riders approaching the company directly to finance bikes and cars. The company presents itself as an alternative for applicants whose circumstances fall outside the narrow lending criteria of standard lenders.

What can be financed

The brokerage states that it can finance any age of road legal bike, including modern classic machines over ten years old, and that there is no age or mileage restriction on the vehicle. The range of vehicles covered includes:

• Motorcycles, including classic bikes
• Scooters and mopeds
• Trikes
• Trials bikes
• Road legal quads
• Cars, for dealer purchases from £1,500, including classic cars, imports, 4x4s and prestige cars

Purchases can be made from any dealer with credit facilities. Finance is secured on the bike only, with loan amounts between £3,000 and £25,000.

Refinancing and PCP balloon payments

Beyond the purchase of a vehicle, Bikerloans handles the refinancing of an existing bike and can finance an outstanding PCP balloon payment. This line is presented as a way to restructure the final payment of a PCP agreement rather than settle it in a single instalment.

Underwriting based on individual circumstances

The company states that all enquiries are underwritten manually and that it does not use computerised credit scoring. Its stated approach is that people, not credit scores or computers, assess proposals using a common sense approach. It accepts applicants who have experienced past credit problems, including CCJs, defaults and arrears, as well as those with a limited voters roll history. The brokerage is explicit that it cannot assist customers experiencing current credit difficulties.

Eligibility criteria listed by the company are:

• UK residents
• Aged 21 and over
• Employed, self-employed or in the Armed Forces
• Home owners, tenants, or living with parents

Lenders work on a rate-to-risk basis, so customers do not all pay the same rate. The company indicates that if it cannot offer a fair deal at a reasonable rate, it will decline the application.

Cost of the service and how the process works

The brokerage describes its service as entirely free, with no arrangement fees. Applications are handled online, and the underwriting team then contacts the customer directly by telephone to discuss the loan and the agreed repayments, so the arrangement is completed from home. The company also frames regular monthly repayments as an opportunity to strengthen or re-establish a credit rating.

Dealer relationships

Bikerloans addresses dealers directly, positioning itself as a more flexible finance partner for stock that a dealer's current funders cannot finance, with proposals assessed by people rather than by automated scoring.

Customer feedback shown on the site

The site reproduces several customer comments, including praise for the handling of a first-time trike purchase and for the efficiency of the application process. These are individual testimonials rather than an aggregate measure of the service.