A motorcycle loan is a type of financial arrangement that allows individuals to purchase a motorcycle by borrowing money from a lender. These loans are specifically designed to fund the purchase of motorcycles, including new or used bikes. 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.
LightStream provides an attractive option for personal loans, especially if you have a strong credit history. With competitive interest rates and a lack of fees, it's a borrower-friendly choice.
myAutoloan.com, established in 2003, operates as a direct lending marketplace that serves as an intermediary, gathering loan offers from up to four lenders on behalf of loan applicants.
PenFed's car buying service enables applicants to find a car online, request member pricing from a dealer, apply for financing online, receive approval, and then visit the dealership.
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.
By following these tips and comparing loan offers from multiple sources, you can make an informed decision when selecting a motorcycle loan that suits your needs and financial situation.