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The average motorcycle with low mileage costs anywhere from $3,000 to $6,000, with luxury bikes costing even more, according to J.D. Power. If you have dreams of buying your first or next bike but don’t have the cash to pay outright, a motorcycle loan could help you make the purchase. Compare the best options below.
Company | Forbes Advisor Rating | Minimum credit score | APR range | Loan amounts | LEARN MORE | ||||
---|---|---|---|---|---|---|---|---|---|
SoFi® | 4.0 | 650 | 8.99% to 29.99% | $5,000 to $100,000 | Compare Rates | Via Credible.com's Website | |||
LightStream | 4.0 | 660 | 6.99% to 25.49% | $5,000 to $100,000 | Compare Rates | Via Credible.com's Website | |||
LendingPoint | 4.0 | 600 | 7.99% to 35.99% | $2,000 to $36,500 | Compare Rates | Via Fiona.com's Website | |||
Upgrade | 3.5 | 580 | 8.49% to 35.99% | $1,000 to $50,000 | Compare Rates | Via Credible.com's Website | |||
Universal Credit | 3.5 | 580 | 11.69% to 35.99% | $1,000 to $50,000 | Compare Rates | Compare rates from participating lenders via Forbes Advisor | |||
Discover | 3.5 | 660 | 7.99% to 24.99% | $2,500 to $40,000 | Compare Rates | Via Fiona.com's Website | |||
Upstart | 3.5 | 300 | 7.80% to 35.99% | $1,000 to $50,000 | Compare Rates | Via Credible.com's Website | |||
Avant | 3.5 | 580 | 9.95% to 35.99% | $2,000 to $35,000 | Compare Rates | Via Credible.com's Website |
Follow the tips below to weigh options before borrowing:
A motorcycle loan is a type of installment loan that credit unions, banks or online lenders may offer. In some cases, financial institutions provide loans specifically for motorcycles, or you can use a personal loan to buy your bike.
Aside from banks and credit unions, dealerships and manufacturers offer their own motorcycle financing options. For example, Harley Davidson provides financing for both new and used bikes, while Ducati provides flexible financing solely for new bikes.
Terms of financing contracts can vary, and certain deals may offer optional add-ons, such as an extended warranty to cover mechanical breakdowns when the standard warranty expires. Weighing all of your options can help you choose the most affordable deal with the right perks.
Loans for motorcycles can be secured loans or unsecured loans. Secured loans may require a down payment and tend to have lower interest rates than unsecured loans since the motorcycle backs the loan. If you don’t make payments, the lender can take the bike to recoup the loss, which minimizes risk for the lender and can result in better interest rates.
An unsecured personal loan doesn’t require collateral and can take less paperwork to apply for, but the trade-off is the interest rate may be higher. Whether you get a secured or unsecured loan, payments for motorcycle loans are fixed and due each month.
The loan amount and interest rate you qualify for on a motorcycle loan can depend on your credit history, income and how much other debt you have. Loan terms for motorcycles vary but could range from 12 to 84 months.
If you’re in the market for a motorcycle loan, here are the steps to get financing:
When you have bad credit or no credit, it tends to be harder—and more expensive—to qualify for financing. Lenders that cater to borrowers with subprime credit usually charge high interest rates that may border on being predatory—but there are ways to improve your loan options.
Applying with a co-signer who has good credit could help you get a better loan because there’s another person guaranteeing repayment. But since a co-signer is also financially liable for your debt if you fail to repay, they should fully understand co-signer risks before they sign on the dotted line. One major risk is that any late payments you make will show up on the co-signer’s credit report.
If you have bad credit and no co-signer, improving your credit before borrowing could help your approval odds. Here are some strategies that could help your credit score:
We reviewed 29 popular lenders based on 16 data points in the categories of loan details, loan costs, eligibility and accessibility, customer experience and the application process. We chose the best lenders based on the weighting assigned to each category:
Within each major category, we also considered several characteristics, including available loan amounts, repayment terms, APR ranges and applicable fees. We also looked at minimum credit score requirements, whether each lender accepts co-signers or joint applications and the geographic availability of the lender. Finally, we evaluated each provider’s customer support tools, borrower perks and features that simplify the borrowing process—like prequalification options and mobile apps.
Where appropriate, we awarded partial points depending on how well a lender met each criterion.
To learn more about how Forbes Advisor rates lenders, and our editorial process, check out our Loans Rating & Review Methodology.