5 things to know about buying a new or used motorcycle | finder.com
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Motorcycle buying guide: Tips on how to purchase your first motorcycle

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Chasing freedom – Checklist of what you need to know before you buy or finance a motorcycle

For some, a motorcycle is a dream purchase. There’s an undeniable feeling of freedom once you roll out down the road. Free from passengers and cellphones — just you and the road. But before you roll out like Tom Cruise, you need to consider your riding ability, price and how you’ll finance your new toy.

Determine what you want out of a bike, and find some tips and tricks to help you get the most out of you motorcycle purchase. This guide will help you get some financing options if you don’t have the money upfront.

Tips on purchasing a new or used motorcycle

For most people, buying any sort of vehicle can be a big financial commitment — including a motorcycle. When it comes to buying your own motorcycle, there are a few things that you need to take into consideration.

  • Price. Buying a motorcycle should be given the same thought and consideration as you would with any other large purchase. Be sure to work out your finances to see if you can fit all of the costs that come with a motorcycle into your budget.
  • Safety. If you buy a second-hand motorcycle from a private seller, you’ll generally be taking a greater risk than if you bought it brand new and fully checked from a dealer. Bringing the bike to mechanic you trust before you start riding.
  • Your experience level and type of riding. Determine what kind of bike you want: on- or off-road, sport bikes or cruiser. Make sure you get a bike that’s going to compliment your skill level — a bike with too much power will undoubtedly be overwhelming for a new rider.
  • Accessories. Make sure you factor in the cost of the accessories you’ll need when riding your bike. Items like a helmet, jacket, gloves, rain and weather gear, boots and eyewear can get expensive, so shop around to find the best deal.

It is important not to get carried away and rush into any decisions when you are buying a motorcycle. If you don’t do any research, it could end up being a costly or even a dangerous mistake.

Arthur's wild ride

Arthur had always wanted a motorcycle, but wanting to save money he decided to buy a used bike for $4,000. Thinking about all of the gear needed to get out on the road, he figured he’d take out a loan for $5,000 and use the extra funds towards the extra expenses. Thinking he wouldn’t be able to save up the money on his own, he decided to compare his financing options.

He saw that he could secure his motorcycle purchase against the loan and get a lower rate in return. He found a loan he was eligible for offering a 4% rate. He worked out his monthly payments of $148 and was able to repay the loan in three years.

5 factors to consider before buying a motorcycle

There are a number of factors that need to be considered before you get on the open road. Some key points to think about before you purchase a motorcycle include:

  • Buy new or used. You need to look at your finances and work out whether buying new or used is more suitable to your budget. If it’s your first bike, a second-hand motorcycle may make more sense as you can see how much you really like it.
  • Decide which motorcycle you want. Some people are set on the make and model of motorcycle they want. But if you don’t know and are more flexible to different bikes at the right price, make a list of features you want, such as the engine size and style and then narrow your search.
  • Comparing models and prices. It’s important to compare prices on motorcycles before you commit, as there could be a big difference in price. Research online and at local dealerships to find the best deal offered.
  • Safety. You need to be sure that the motorcycle you buy is safe — especially if you’re buying a used bike from a private seller. Consider hiring a mechanic to give the bike a full inspection before you commit. Even if you have to pay a little cash for this service, it could save you from buying a faulty motorcycle.
  • How to pay for your motorcycle. There are a number of different options that you can look at when it comes to making your bike purchase, such as financing from the dealership or a personal loan.

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Rates last updated September 24th, 2018

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Unfortunately, none of the personal loan providers offer loans for that credit score. If you are in urgent need of a small loan, you might want to consider a short term loan.
Name Product Product Description Minimum Credit Score Term of Loan Requirements
car.Loan.com Car Loans
Apply with a simple online application to get paired with a local auto lender. No credit and bad credit accepted.
300
Varies by lender
Must be a US citizen with a current US address and employed full-time or have guaranteed fixed income.
Auto Credit Express Car Loans
Get connected with an auto lender near you, even if you have bad credit.
300
Typically 3 to 6 years
Must be employed full-time or have guaranteed fixed income of at least $1,500/month and be a current resident of the US or Canada.
LendingClub Auto Refinancing
Lower your monthly car payments and save on interest through a fast and easy online application process.
Fair or poor credit
Minimum of 2 years
Car must be less than 10 years old with fewer than 120,000 miles. Current loan must have a balance between $5,000 and $55,000 and at least 24 months left in its term.
MotoRefi Car Loan Refinancing
A car loan connection service for borrowers looking to refinance.
525
1–6 years
Must have an income of at least $2,000/month and have a vehicle with less than 100,000 miles.
myAutoloan.com Car Loans
Get up to four offers in minutes through one simple application. Multiple financing types available including new cars, used cars and refinancing.
550
24 to 84 months
Must have a Social Security number; make $24,000+/year; have no open bankruptcies.
LendingTree Auto Loans
Compare multiple financing options for auto refinance, new car purchase, used car purchase and lease buy out.
670
Typically 1 to 7 years
Must be a US citizen and 18+ years old. Must have good to excellent credit.
Capital One Auto Financing
You could qualify for a car loan of up to 40000, but not all dealers accept this bank's financing.
Good to excellent credit
36 to 72 months
Valid street address; existing Capital One accounts in good standing. Car must be a 2006 model or newer with less than 120,000 miles.
Wells Fargo Auto Loans
Auto loans with high loan amounts to cover your car purchase or refinancing needs.
Good to excellent credit
1 to 6 years
Your income and assets must support your existing debt obligations and the desired loan amount.

Compare up to 4 providers

Bottom line

Putting time upfront can give you peace of mind when you’re buying your motorcycle. It also cuts the risk and issues that could arise from buying a defective or unsafe bike. Remember to compare your loan options if you’re considering finance to find the best deal on the market.

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