Have you been eyeing that one motorcycle for a long time but do not have the funds to buy the same? Do you know that you can take a loan for motorcycle financing? Yes, you read it right. Now you can take a loan to buy your favorite motorcycle. There are many lenders and even motorcycle manufacturers who offer motorcycle loans. In the end, if nothing works, you can always go for a personal loan.
It is better to buy a bike with your own money, you should try to avoid the loan. But since bikes have become so expensive, it is nearly impossible to save up that much money, especially if your income is low. So in such circumstances, it is better to go for a loan for a motorcycle.
In this article, we are going to tell you about the 10 best loans for you to get your favorite bike. Here, we have included bike manufacturers, bike loan providers as well as personal loan providers, so that you can select the best loan for yourself.
Motorcycle Loans and its Working
A motorcycle loan is a loan that you take for buying a motorcycle. It is different from a car loan or auto loan, and the loan money can only be used for buying a bike. In order to get this loan, you do not specifically need to go to a bank, or credit union, because some motorcycle manufacturers also offer you money for your bike.
These are generally secured loans where your motorcycle is collateral. So, in case you fail to repay the loan, the lender will take away your bike. You can get motorcycle financing from anywhere, but if your credit score is good, then it is better to take a loan from the bank or credit union because manufacturers or other lenders provide loans with a high-interest rates and APR.
Types of Loans for Motorcycle Financing
In this section, we are going to tell you about different types of loans that you can take to buy a motorcycle. Here we have included loans from manufacturers, dealers, banks, and personal loans. So that if your bike loan application is denied from everywhere else, you can at least get a personal loan for a motorcycle.
1. Motorcycle Loan from a Manufacturer
Some motorcycle manufacturers like BMW and Harley Davidson offer loans for motorcycles. So if you buy a motorcycle from them, they will provide you with financial aid in return for your bike as collateral. But the interest rate and APR of manufacturers are generally too high, so if your credit score is good, you can get better loans from a bank.
2. Motorcycle Loan from a Dealer
Some bike dealers act as a mediator between you and the lender and help you get a bike loan. But it is better to not take a loan from a dealer because they include their mediator fee as well in the interest rate. Some dealers also act as direct lenders and provide secured loans by taking your bike as collateral.
3. Motorcycle Loan from a Bank or Credit Union
If your credit score is good then you can get both secured and unsecured loans from a bank or a credit union. They offer good loans at a low-interest rate. The best part is, you can apply for a pre-qualification with a soft credit pull. If you are sure that you want to take a loan from a bank, then only you will have to go through a hard credit pull.
4. Personal Loans
If you do not get approval for any of the above loans, then you can always go for a personal loan. You can get a personal loan from a bank as well as other financial institutions. But if your credit score is bad, then you will have to go to private lenders who can provide a personal loan for bad credit holders that you can use for bike financing.
Top 10 Motorcycle Loans in 2024
In this section, we are going to tell you about the top 10 lenders that can offer you loans for motorcycle financing. We have selected these lenders on the basis of their interest rate, APR, loan term, loan amount, what they take for collateral, and their terms and conditions. We have also included lenders that offer motorcycle loans for bad credit so that everyone can get a loan for their bike.
1. Harley Davidson
If you are a motorcycle enthusiast, you must have dreamt of having a Harley Davidson motorcycle. Well, Harley Davidson can actually help you fulfill this dream. They offer you financial aid in return for your bike as collateral. If you fail to repay the loan on time, they can take your bike.
Before offering you a loan, they consider things like your income, credit score, credit history, etc. into consideration. The best part is, you can even add accessories to the loan amount. So even if your pockets are empty, you can take a Harley Davidson motorcycle home. Also, they offer loans for used bikes as well.
- Offers loans for both new and second-hand bikes.
- They offer low-interest loans.
- You can even add accessories to the loan amount.
- No down payment loans are available.
Be it loans for motorcycles or loans for autos, MyAutoLoans.com will definitely provide you with a loan. Even if your credit score is bad, it is okay, because they offer bad credit motorcycle loans as well. They have an easy application form, which would not take more than 5 minutes to fill out, and as soon as you apply for the loan, you will start receiving loan offers.
To get a loan from MyAutoLoans.com, you need to have a minimum credit score of 575 and if your credit score is below that, your loan application would simply be denied. You can get a maximum loan of up to $100,000.
- Easy eligibility criteria
- Instant funding
- Transparent processing
LendingTree.com is a private loan provider company that offers loans for different purposes like auto loans, student loans, mortgages, business loans, and personal loans. So if you are looking for motorcycle financing, you can turn to LendingTree.com.
The best part is, there is no minimum required credit score, so you can even get bad credit motorcycle loans from LendingTree.com. Also, Lendingtree.com is not a direct lender, they just act as mediators between the borrowers and lenders. As soon as you send a loan application to LendingPoint.com, they forward it to different potential lenders.
- They provide bad credit motorcycle financing.
- No minimum credit score is required.
- You can apply for pre-qualification.
If you do not want to give any collateral and are looking for an unsecured loan for a motorcycle, then MotorcycleLender.com is the perfect option for you. This is a specific lending service that offers loans only for motorcycles, so you can get better APR and rates with them. They give you a guaranteed loan even if you have bad credit.
MotorcycleLender.com offers a maximum loan of up to $40,000. Their loan term ranges from 3 to 5 years and the loan APR starts from 6.99%. You can also apply for a pre-qualification to know what loan amount and APR you might get.
- Only offers loans for motorcycles.
- You can get a loan for bad credit.
- Multiple loan offers to choose from.
Are you looking for motorcycle loans for bad credit? Well, you can take a personal loan from Upgrade and use it for a bike. They offer a loan amount of up to $35,000 and the preferred credit score is 560 points. Upgrade charges an origination fee before depositing the loan amount in your account and it can be up to 8.00%, depending upon your credit score.
The good thing about Upgrade is, they accept joint loan applications. So if your credit score is bad, you can apply for a joint application with someone who has a better credit score. They do not offer money lending services in Washington, D.C., West Virginia, and Iowa. Their APR might be high compared to the other borrowers.
- Easy loan application.
- You can use their loan amount for motorcycle financing.
- You would not have to pay any extra fee for prepayment.
- Joint application available.
Be it loans for bikes, RV loans for bad credit, or loans for paying the rent, you can get a loan for Avant for everything. If your credit score is 550 or more, you will definitely get a loan from Avant. But they do not offer any joint, co-signer, or secured loans, so the APR and interest rate are a bit high.
If you get a loan from Avant, you will also have to pay an origination fee of up to 8%. Not just this, but they also charge late payment fees. The loan term can range between 1 to 5 years depending upon your loan amount. They offer a maximum loan amount of up to $35,000.
- High maximum loan amount.
- A good option for a bad credit motorcycle loan.
- Fast loan deposit.
- You can change your loan repayment date.
If you have already saved up some money and need just a small amount of money for a motorcycle, then you can turn to CashUSA. They offer loans ranging from $500 to $510,000. CashUSA has a very simple and easy-to-fill loan application form, which would not take more than 5 minutes to fill out.
As soon as you send your loan application, you will start receiving loan offers. If you like any loan offer, you can talk to the lender to confirm the deal. After this, just within a single business day, you will receive the loan funds directly into your bank account.
- A good option for small financial needs.
- They offer loans to bad credit score holders as well.
- You are allowed to use the loan for any purpose, so you can use the money for motorcycle financing.
- Instant loan offers.
BadCreditLoans.com is also an online money lending service that offers loans of up to $10,000 in America. As the name suggests, this service is specially made for people with bad credit scores. So it is a good option for motorcycle loans for bad credit. But you can only get a loan from BadCreditLoans.com if you are a citizen of the U.S.A.
They offer loans at an APR of 5.99% to 35.99%. The best part is, they have a restricted APR of 35.99%, so no lender at BadCreditLoans.com can ask you for a higher APR. You need to repay the loan within 3 months to 3 years, which depends on your loan term and credit score.
- They offer loans to bad credit holders.
- Limited APR of 35.99%.
- They offer different types of loans like student loans, auto loans, etc.
- Easy application process.
If you want to get a loan from Prosper, then you need to have a minimum credit score of 600. So, Prosper only offers loans to people with average, fair, and good credit scores. They offer personal loans ranging from $2,000 to $40,000. You can use the loan amount for buying a bike.
Prosper only offers long-term loans, so no matter how small your loan amount is, you will have to repay it in a minimum period of 3 years. To get the loan amount in your account, you will have to pay an origination fee, which can be up to 5% for bad credit holders.
- Instant funding.
- Good for a bike loan.
- Multiple loan options are available.
- Transparent loan process.
You can take a personal loan from PersonalLoans.com and use that money for motorcycle financing. They do consider your credit score, but they do not offer you loans just on the basis of your credit score. So even if your credit score is bad, you can get a loan from PersonalLoans.com.
They offer loans ranging from $1,000 to $35,000. The APR can be somewhere between 5.99% to 35.99%. Also, there is no geographical restriction, they offer their money lending services in all 50 states of the U.S.A. The loan term can be up to 72 months.
- Fast loan approval.
- Immediate loan funding.
- Good for motorcycle financing bad credit.
- Multiple loan options are available.
Required Credit Score for Motorcycle Financing
Be it a bike loan, or any other loan, your credit score holds a lot of importance. Your credit score represents your chances of repaying the loan. If your credit score is good, you can get a loan with a low-interest rate, but if you are a bad credit score holder, you will have to pay a higher interest rate.
Since a loan for a bike is a long-term loan, and you will apply for a high amount, most lenders prefer a credit score of 650 or more. But it may vary from lender to lender. Some lenders also offer bad credit motorcycle loans, but you might have to pay a higher interest rate.
If your credit score is bad and you need a motorcycle loan then we would recommend you go for secured loans. In a secured loan, you will have to give collateral and you would be able to get a loan with a low-interest rate. You can also go for options like joint loans or cosigner loans.
Whether I Can Get a Loan for a Used Motorcycle?
Definitely. Some lenders offer loans for used motorcycles as well. Manufacturers like Harley Davidson also offer finances for second-hand motorcycles. You just need to do your research and you would be able to find a lender that would offer you a loan for a used motorcycle.
But if you cannot get a loan for a used motorcycle then you can take a personal loan. Later you can use the loan amount for motorcycle financing. There are many online loan providers that offer loans for people also.
How to Get the Best Motorcycle Loans?
Selecting a loan for your motorcycle can be really difficult. There are so many things involved that you can actually get confused. But do not worry! In this section, we are going to tell you about all the important factors that you must consider before getting a loan.
1. Lender’s Reputation
Before getting a loan, make sure you check the reputation and credibility of the lender in the market. Because these days, there are many lenders in the market, who offer motorcycle loans at low-interest rates and later pile up a lot of hidden fees on your head. The best way to do it is to check the online ratings and reviews of the lender from their previous customers.
2. Compare Interest Rates
Before making your final call, make sure that you compare the interest rates of all the potential lenders that can offer you a loan. This will help you to select the best loan for yourself.
3. Plan Repayment
Before applying for a loan, find your debt-to-income ratio. Have a look at your income and expenses and see if you can repay the loan on time or not. If you will be able to repay the loan as well as manage the budget with your current income, then only you should go for a bike loan. Also, go for loans where you do not need to pay an extra fee for prepayment of the loan. So that you can repay the loan early if you get extra funds or income raise.
5. Other Terms and Conditions
Interest rates and APRs are important but other terms and conditions of the loan are also equally important. So before making a final deal, make sure that you read all the terms and conditions of the loan. See if they charge any hidden fee or any other fee that is not mentioned in the agreement.
Frequently Asked Questions (FAQs)
Q1. How much credit score is required for a bike loan?
There is no predefined minimum credit score for a bike loan. It differs from lender to lender. But if your credit score is 650 points or more, it increases your chances of getting a loan. Some lenders also offer motorcycle loans for bad credit holders.
Q2. Can I get a bike loan without proof of income?
You can only find a limited number of lenders, who would offer you a motorcycle loan without income proof. But then you will need to provide collateral to the lender, which can be your motorcycle as well. And if you fail to repay the loan on time, the lender can take away the collateral.
Q3. How hard is it to get approved for a motorcycle loan?
There are many factors that matter in getting a motorcycle loan approval. It includes your credit score, monthly income, credit history, etc. If your credit score is above 650 points and you have no recent history of bankruptcy then you can easily get this loan. If your credit score is low then you can also go for options like joint, co-signer, or secured loans.
Should I Go for a Motorcycle Loan?
It is better to save up money for a motorcycle. Because otherwise, you would end up paying more than the actual cost of the motorcycle. But if you do not have savings and you are desperate to get a motorcycle then you can definitely go for a loan. Also, before making the final call, make sure that you take care of all the important things: interest rate, ratings and reviews of the lenders, other terms and conditions, and your loan repayment plan.
- Meet our Author of Our Editorial Team, Susan Anderson. She is an experienced writer and financial expert who has been writing about credit cards, card offers, services, and other related topics for more than twenty years. With her in-depth knowledge on the matter and her ability to distill complex topics into useful information for readers, Susan has become a go-to source for reliable credit card advice. In addition to her work at the editorial team, she also contributes to major publications such as The Wall Street Journal and CreditCards.com. With her expertise and industry experience, she is able to provide sound advice on all aspects of credit responsibly while helping people save money in the process.
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