Scooters are a relatively inexpensive way to get around a city with lots of traffic and limited public transportation, but that doesn’t mean they’re affordable for everyone. Most provinces and territories in Canada require you to have insurance for your motorized scooter before you head out on the roads. In addition to paying for gas, safety equipment and storage, the costs can add up quickly. If you’re looking for scooter financing, keep reading to find out about the available financing options and what you’ll need to apply.
There are three main choices when you’re looking for scooter financing options: leisure vehicle loans from financial institutions, personal loans and dealer financing.
Banks and credit unions offer scooter financing in the form of a leisure vehicle loan. They offer some of the most competitive interest rates, but you need good to excellent credit score (above 650) to apply. Loan terms are typically up to 7 years.
Most personal loan providers allow you to use your funds for any legitimate purpose, including scooter financing. Personal loans typically range in amounts from $1,000 to $50,000 — which is plenty of money to purchase a scooter or moped. Terms tend to range from 3 – 60 months, and interest rates run from 6.99% to 35% depending on the lender and your personal financial situation.
Typically, no. Lenders tend to group financing for smaller vehicles like scooters and motorcycles under unsecured loans. On the other hand, auto loans are secured loans that use the vehicle purchased as collateral.
To make comparing even easier, we came up with the Finder Score. Interest rates, fees and features across 40+ personal loans are all weighted and scaled to produce a score out of 10. The higher the score the better the loan—simple.
The easiest way to finance your scooter is to get a loan directly from your dealership. Many offer promotional 0% or low interest rates on financing for the first 6 to 24 months. After the promotional period, many dealerships offer competitive financing options.
Keep in mind dealership financing might not be the most competitive option out there if you need more than a year or two to pay off your scooter. If you think you may qualify for a lower rate, consider a personal loan.
Examples of dealerships that you can check for promos include Vespa, Honda and Yamaha.
Scooters can range from a few hundred dollars to over $10,000. New scooters typically cost more than used scooters, but a used scooter could require repairs and might not last as long. If you’re going to buy used, pay attention to age, mileage and damage like dents and rust. Consider having it inspected by a mechanic before you buy it to make sure you don’t overlook any potential problem areas.
| Manufacturer | Price range |
|---|---|
| Vespa | From $4,099 to $12,499 |
| Yamaha | From $4,699 to $7,599 |
| Aprilia | From $2,845 |
| Honda | From $2,299 to $5,399 |
If you’re buying your scooter directly from the manufacturer, you might also have to pay for shipping — sometimes called a destination charge. Destination charges depend on where you live and the type of scooter you’re buying. You can expect to pay between $100 and $500 for destination charges.
Scooters might help you save time and money when you live in a big city with lots of traffic — but think carefully about whether it’s the right choice for you. Consider factors like:
Getting a new scooter can be a great way to cut down on personal expenses: it’s much less expensive than a car and can help you save on gas costs. While dealership financing might seem like the easiest way to pay for your new vehicle, it’s not always the most cost-effective. Be sure to compare your scooter financing options, including both dealership financing and personal loans, before you apply for funding.
You can start comparing your personal loan options in our guide here.
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