Editor's choice: Carvana
- Most credit types welcome
- 45-day preapproval
- Seven-day guarantee
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If you’ve decided to buy a motorcycle, finding the right loan is important. Don’t let a loan with high APRs and mountains of fees get in the way of your next adventure on two wheels.
Instead, compare your loan options to find the best terms. Just keep in mind that not every lender offers financing, so your search may take more time than you expected.
Much like financing a car loan, there are a few different ways you can get the money to pay for your motorcycle. The best option for you will depend on your financial situation and credit, as these will impact the interest you’re given and the amount your lender is willing to give you.
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.
These four models have been cited as some of the must-rides of the year. Keep in mind that both the MSRP and destination charge are flexible, so your price will vary.
|2019 Suzuki GSX250R||$4,599||$380|
|2018 Harley-Davidson Street Bob||$14,499||$390|
|2018 Kawasaki Z900RS||$10,999||$370|
|2019 Indian Scout Bobber||$11,999||Not stated|
|2019 Yamaha Niken||$15,999||$450|
While every loan is different, asking yourself these questions can help make your loan decision easier.
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.
Eligibility criteria will differ between lenders, but in general, you’ll have to meet these three basic points to be considered eligible:
But don’t worry about your credit score as much. Even if you don’t have the best credit, you may still qualify for a loan.
Like with eligibility criteria, the exact application steps vary by lender. However, most lenders will require the same basic information no matter what type of loan you’re applying for.
The cost of a motorcycle, like any vehicle, doesn’t stop after you make your purchase. You’ll have to consider how much it costs to ride it at the same time that you calculate the upfront cost.
A motorcycle can be a great way to get out on the open road, but many cost more than you could reasonably afford out-of-pocket. If this is the case, then a motorcycle loan can be helpful. While not every car loan lender covers motorcycles, it can be helpful to browse your loan options to see what kind of terms you can get when you apply.
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