Compare motorcycle loans for new and used bikes | finder.com

Compare motorcycle loans

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Compare financing and loan options for your motorcycle to enjoy the open road.

Finding the right loan is important if you’ve decided to buy a motorcycle. Don’t let a loan with high APRs and mountains of fees get in the way of your next adventure on two wheels.

Once you’re ready to buy that motorcycle you’ve been wishing for, compare loans to find the best price. Read our guide to find the best rates and get advice to help you make a more knowledgable decision.

car.Loan.com Car Loans

Our top pick: car.Loan.com Car Loans

Get matched with a local car dealership to finance your car purchase. Bad credit, no credit OK.

  • Specializing in 'buy here, pay here' car loans. No banks or credit unions.
  • Typically hear back from a rep within 24 hours.
  • Free loan-matching service. No obligation offers.

    What is a motorcycle loan and how does it work?

    Like other loans, motorcycle loans offer unsecured and secured financing that comes with fixed or variable interest, depending on your creditworthiness. Loan terms can range between one and seven years.

    Secured loans can offer lower rates by using your motorcycle as collateral. Other lenders allow for higher loan amounts to cover things like insurance, gear and registration.

    Compare auto loan providers

    Rates last updated July 23rd, 2018

    Reveal your potential loan offers and rates

    Answer two quick questions to filter the loan offers and get the best one for you.

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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 at least 18 years old, 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 at least 18 years old and a current resident of the US or Canada. Must be employed full-time or have guaranteed fixed income of at least $1,500/month.
    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.
    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 be at least 18+ years old; 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
    At least 18 years old, have a valid street address, have 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

    6 questions to ask comparing motorcycle loans

    When comparing your loan options, ask the following questions:

    1. What loan amount do you need? Check the minimum and maximum loan amounts when comparing your motorcycle loan options and only borrow as much as you need.
    2. What is the loan term? Fixed-rate loan usually offer terms between one and five years, while variable-rate loans typically have terms between one and seven years.
    3. Can you qualify for a secured or unsecured loan? Secured loans use your motorcycle as collateral to protect the lender in case of default. Unsecured loan, on the other hand require a healthy credit score and can offer larger loans with flexible payments.
    4. What interest rate will you get? Your interest rate is determined by your credit history and whether you choose a fixed or variable loan. Variable rates can fluctuate while fixed rates are set for the life of the loan.
    5. What fees will you pay? Lenders can charge fees upfront, or ongoing fees to keep you loan active. Read the fine print and terms of your loan before you sign on.
    6. Can I make extra payments? One way to bring down interest on your loan is to make extra payments when you can afford it. If you feel like you’ll be able to pay back the debt early, make sure your lender allows this or doesn’t charge any fees.

    Before you apply, think about the actual cost of the loan — including all the fees and interest. Calculate your payments and consider the length of time it’ll take to pay back the loan to see if it realistically fits in your budget.

    man riding motorbike

    How much do motorcycles cost?

    What you pay for your motorcycle depends on if you want something new, used, high-performance or good for a beginner. You could find a used bike online for $1,000 or you could buy a brand new Ducati for more than $20,000.

    However, the cost of riding gear, license and registration, plus insurance and other upfront costs can quickly add up. Some lenders may let you borrow more than the price of your motorcycle to cover these costs. However, other lenders may restrict your loan to the cost of your bike. Always check these terms before you apply.

    How to choose your motorcycle

    When you’re shopping for your bike, consider the following:

    • The type of bike you want. There’s a bike out there for everybody: Harley Davidson for cruisers, Ducati if your looking for speed, BMW touring bikes for longer travelers or even scooters for putting around the city.
    • The strength of the engine. When looking at motorcycles, consider your skill level. Motorcycles with higher CCs have more powerful engines and are suited for skilled riders — if you’re just starting out, 250 CCs will suffice.
    • New or used bike. Consider the long-term commitment and if you’ll be riding for the next couple of years. If you’re buying your first motorcycle, consider buying a used bike, and then upgrade when you’re sure its a hobby you’ll stick with.
    • Test your ride. Like when you buy a car, take the bike for ride before you buy it. Think about how it handles, the acceleration and if there are any weird noises.
    • Look at the title and service history. By reviewing the title history, you can determine if there were any recalls or major complaints about the make and model you’re looking at. The service history can provide you with a detailed list of maintenance to ensure the motorcycle was properly maintained.

    How you can apply for a new bike loan

    Keep in mind that personal loans differ between lenders. Once you’ve done your research and found the right loan for you, you’re ready to apply.

    Eligibility requirements

    • Older than 18 years old
    • A US resident or citizen
    • Have good credit

    Other required documents

    • Social Security number and valid photo ID
    • Personal information, contact details and home address
    • Employment details and income information
    • Financial details such as assets, debts and liabilities
    • Documentation proving income if you’re self-employed
    • Registration details of the bike you intend to buy

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