How Do I Get A Motorcycle Loan
Getting a motorcycle loan starts with comparing multiple loan offers. You’ll then submit an application, typically with documentation like W-2s and pay stubs. The application will trigger a hard credit pull. Once approved, you’ll typically receive the loan within a week, though some lenders can send you the funds that same day or the next business day.
See What Our Members Have To Say
“This credit union is fantastic. The tellers are friendly, courteous & fast. I always enjoy seeing them. – Victoria S.
The establishment is sound, the service is great, the staff are very helpful. I’ve been with this CU for about 15 years and have been so pleased. Thank you for all you do! – Chance H.
Explore your wild side and own the open road with an outstanding motorcycle loan from Greater Texas Credit Union.
*Annual Percentage Rate
The APR you receive for the subaccounts will be within the range disclosed above and is based on your credit worthiness. Ask the credit union for the rate you qualify to receive.
**Used RVs and boats can be financed for up to 100% of NADA retail value or BUC price guide. Loans cannot exceed the purchase price. Rate based on credit qualifications and other restrictions may apply. Additional rates and terms available. Subject to credit approval.
***New member applicants may not be eligible for unsecured loan applications for a period of 90 days. All unsecured loan applications may require additional review and verification during the application process. No loan applications will be considered until membership applications have been completed and all information including identification verified.
Get Answers To Common Car Boat Motorcycle Or Rv Questions
How long does approval take on a boat, motorcycle or RV loan application?
It takes less than ten minutes to apply for a boat, motorcycle or RV loan. In most cases, you will receive an answer within 24 hours regarding the status of your loan. It can sometimes take a bit longer depending on your credit profile.
Do you offer payment protection plans for boat, motorcycle or RV loans?
Yes. Payment Protection is available for auto loans. There are two types of Payment Protection:
Payment Protection Features Include:
Payment Protection Benefits Include:
Disclosures
*APR = Annual Percentage Rate.
Loan Example: $15,000 loan at 4.74% APR with 72 monthly payments of approximately $239.81
3.34% APR for 36 months up to 100% LTV not to exceed the lesser of the invoice or the final purchase price on the new motorcycle or the NADA trade-in plus/minus options and mileage on used motorcycles. Limited time offer which applies to purchases only. Cannot be combined with any other offer or loan discount. No off-road dirt bikes and other restrictions may apply.
You May Like: Which Bank Has Best Personal Loan Rates
Getting A Loan From A Dealership
You may decide to arrange financing through a dealership instead of going on your own to a bank. Some motorcycle dealers will submit your loan application to lenders on your behalf to help you secure financing.
While going through a dealership may seem more convenient than finding your own loan, it usually costs more since dealers often add fees to the lenders quote. It can also stop you from comparison shopping at other locations.
Some dealerships offer a less favorable option: in-house financing. In-house financing, provided directly through the dealer, is often aggressively marketed to buyers with poor credit. While this option might appeal to you if your credit isnt in great shape, loans financed in-house also known as buy-here, pay-here loans tend to come with much higher interest rates, meaning the overall cost of borrowing will likely be greater.
Best For Manufacturers Financing: Harley
Harley-Davidson
We chose Harley-Davidson as the best motorcycle loan for manufacturers financing because it offers new and used motorcycle loans for purchases at its dealerships as well as private-party financing on used Harley-Davidson motorcycles. The motorcycle brand provides loans through Eaglemark Savings Bank, a subsidiary of Harley-Davidson Credit Corp.
Depending on the loan you choose, terms can stretch as long as 84 months. APRs can be as low as 4.75% for rider training graduates that fall in the highest credit tier if the loan term is 60 months or less. Military members may also qualify for reduced rates, flexible term options, and a $0 down payment.
You dont need to pick out a motorcycle before applying for financing. A loan decision can be made in minutes, and all financing is facilitated by the dealership, even if you apply online. This includes private-party financing. If you dont have a dealership nearby, this could present issues, as both the buyer and seller must visit a Harley-Davidson location to finalize financing.
They do not specify a minimum credit rating required, but higher credit scores qualify for better loan terms. You must have a photo ID, proof of motorcycle insurance, and any additional documents requested in your credit decision to finish the financing process.
Harley-Davidson, an iconic motorcycle manufacturer, provides motorcycle financing through Eaglemark Savings Bank, a subsidiary of Harley-Davidson Credit Corp.
Don’t Miss: When Do I Start Repaying My Student Loan
How To Compare Motorcycle Loans
Here are the key features to compare between motorcycle loans:
-
Lender requirements: Most lenders look at your credit score and debt-to-income ratio to determine whether to lend to you and at what rate. Some lenders require good or excellent credit, while others will lend to borrowers with bad credit. It may be easier to qualify for a secured loan than an unsecured loan, since the collateral helps guarantee the loan.
-
Annual percentage rates: A loans APR is its interest rate plus any fees, like an origination fee. APRs on most unsecured personal loans fall between 6% and 36% starting rates on secured motorcycle loans may be lower. The loan with the lowest rate is often the best choice.
-
Repayment terms: Most unsecured loans have repayment terms between two and seven years, but some lenders have more limited options. A longer repayment term means youll have lower monthly payments a shorter one means youll pay less in overall interest. Use a personal loan calculator to estimate your rate and monthly payment based on your credit score.
-
Other loan features: If you have multiple loan offers at affordable rates, a loan’s unique features could influence your decision. Some lenders offer next-day funding, access to your credit score, or a mobile app to manage your loan. These features shouldnt trump the offer with the lowest rate, but they can help make the process of getting and repaying your loan more convenient.
Know What You Can Afford
Aside from choosing your lender, you want to be sure your finances are in order and know how much you can afford. Theres nothing worse than falling head over heels for a shiny new motorcycle, then finding that your loan amount wont cover it or that it wont fit in your budget.
Your actual budget and what you can qualify for are not the same. So be sure that you know how much you can comfortably afford to pay each month while considering your other financial responsibilities. A good guideline is to assign no more than 15% of your monthly net income towards vehicle payments.
Your financial status determines part of what you can afford. Here are some factors your lender will look at when determining your loan terms.
Also Check: What’s The Difference Between Refinance And Home Equity Loan
Do You Want The Best Motorcycle Loan
If you want to get the best affordable motorcycle loan, you have options and now you know about them all! Be sure that your finances are in order so you can score favorable financing terms. And do your research on the motorcycle you want to purchase along with associated costs, such as insurance.
With a little due diligence, you will be well-positioned to secure the best loan and enjoying the open road before you know it.
Secured Motorcycle Loans Vs Unsecured Motorcycle Loans
Secured loans tend to have lower interest rates because the lender takes on less risk by having your motorcycle as collateral. Youll find secured loans more often at banks and credit unions.
Secured loans may require or have an optional down payment. A down payment reduces the loan amount and the interest youll pay on the loan. Unsecured loans dont require down payments.
Unsecured loans take into account your credit rather than requiring you to pledge the bike as collateral. This means the lender cant take your motorcycle if you fail to make payments.
These loans are more commonly offered by online lenders, which usually let you pre-qualify for a loan to see the amount, rate and term you may qualify for without impacting your credit score.
Recommended Reading: How To Apply For Fha Loan In Kentucky
How Do Motorcycle Loans Work
Motorcycle loans help you finance your bike if you cant afford the sticker price outright. Interest rates and terms on motorcycle loans vary based on the lender, the loan amount, your credit score and income, and whether the loan is secured by the vehicle or unsecured.
Once you apply and receive the loan, youll pay it back in fixed monthly installments with interest.
Explore Motorcycle Refinance Rates
Suncoast Credit Union Accessibility Statement
PurposeSince early 2017 and as part of Suncoast’s commitment to accessibility for persons with disabilities, Suncoast has been working to modify and update all of its core web page material and mobile application material to include enhanced features for improved accessibility. Suncoast is committed to making reasonable modifications to its web pages and mobile application as requested by our members or otherwise as planned within Suncoasts website and mobile application remediation plan. So, while Suncoast works to improve the accessibility of its online environment, please pardon our digital “dust.”
ContactIf during Suncoast’s remediation you encounter a web page or element of our mobile application that is difficult to access, please contact us. For that purpose, Suncoast has created a process for investigating and responding to your accessibility concerns and/or questions. If you would like to contact us, please do so from our Contact Us page.
*APR = Annual Percentage Rate effective 08/22/2022. Subject to term and credit qualifications. Rates, terms, and conditions are subject to change. Annual percentage rates may change during loan terms on variable rate products. Membership and/or participation fees may apply. Inquire about specific fees for a product through your credit union.
**Maximum term for APR shown displayed in months.
Don’t Miss: How Can I Get An Rv Loan With Bad Credit
What Kind Of Loan Do You Get For A Motorcycle
Motorcycle loans are different from car loans, with different interest rates and repayment terms. When buying a new or used motorcycle, there are three different financing options:
- Manufacturer financing: Manufacturer financing is available from some motorcycle companies, such as Harley-Davidson or BMW. Instead of financing through a third-party bank or lender, you get financing directly from the manufacturer. Depending on the company, you may be able to secure financing for new and used bikes. Manufacturer loans are secured by your bike, meaning the maker can take your motorcycle if you fall behind on your payments.
- Motorcycle loans: Motorcycle loans are specialty loans offered by some banks, credit unions, and online lenders. Depending on the lender, they can be secured or unsecured, but unsecured loans tend to have higher interest rates than secured ones. Some motorcycle loans have restrictions on how the money can be used, such as only allowing you to purchase a new motorcycle rather than a used one.
- Personal loan: Personal loans are unsecured loans you take out from banks, credit unions, and other financial institutions. They can be used for any major purchase, including home renovations or buying a new or used motorcycle. Personal loans allow you to get money quicklysometimes within one daybut youll pay a higher interest rate than you would with a secured loan.
Finance Your Next Adventure With Motorcycle Loans As Low As 639% Apr*
Your love of all things adventure should never be compromised, especially not for high-interest loans or inflexible term lengths. Instead, trust Greater Texas Credit Union to deliver a motorcycle loan experience unlike any other.
Members can expect outstanding motorcycle loan benefits that include:
- 100% financing for qualified buyers
- No upfront fees
- Both new and used motorcycle financing
- Competitive rates
Don’t Miss: How To Qualify For Perkins Loan
From Harleys To Dirt Bikes We Can Finance Your Passion
America First understands that it’s more than an avocation for those who live to ride, whether they are on a custom roadster going cross-country or guiding a quick, agile motocross bike in the desert dunes. We make having the motorcycle you need, not want, a reality.
Motorcycles + Scooters
- Loans to fit any need.
What Are Motorcycle Loan Rates
Rates on unsecured personal loans from online lenders range from 6% to 36%. Rates for secured loans may be lower, and federal credit unions cap interest rates at 18%.
You can see what rate you qualify for on an unsecured personal loan by pre-qualifying. Doing so with NerdWallet lets you see potential rates and terms from multiple online lenders and doesnt affect your credit score.
Don’t Miss: Why Is My Student Loan Not On My Credit Report
Motorcycle Loan Vs Motorcycle Financing
Depending on where you are purchasing your motorcycle, you might be able to get financing from the dealer. This may be convenient, but it could cost more than getting a loan elsewhere.
Its a good idea to explore motorcycle loan options from different sources banks, credit unions, online lenders, peer-to-peer lenders to find the best possible offer.
Simplemoneylyfes Best Motorcycle Loans:
- Upgrade: Best for Quick Motorcycle Financing
- LightStream: Best Overall Motorcycle Loans
- Upstart: Best Bad Credit Motorcycle Loans
- Avant: Best for Bad Credit Motorcycle Loans
- USAA: Best Motorcycle Loan for Military
- First Tech: Best for Motorcycle Loans from a Credit Union
- Payoff: Best for Consolidating Motorcycle Loans + Debt
- Auto Credit Express: Best for Comparing Bad Credit Motorcycle Loan Rates
- Prosper: Best for Joint Applications
- Best Egg: Best for Customer Service
Read Also: Can I Loan Money To My S Corp
What Is A Motorcycle Loan
A motorcycle loan is a type of secured personal loan. Its very similar to an auto loan, only it is used to finance a motorcycle. When you take out a motorcycle loan, you are taking out a secured personal loan that can pay for the upfront costs of the motorcycle while you make monthly payments over a predetermined period of time. If you should happen to fall behind on your monthly payments and eventually default, the bank can repossess your motorcycle and sell it to cover as much of the remaining balance as possible.
Quick. Simple. Secure.
Bottom Line: Best Motorcycle Loans
Overall, each of the above motorcycle loans is a great choice for one reason or another. Be sure to compare them carefully to determine which one is the best choice for your financial situation. Or contact us today for more information!
Methodology
To select the best motorcycle loans, we reviewed the annual percentage rate , availability, affordability, funding times, flexibility, customer support, online experience, industry reputation, and security. These factors are absolutely critical for consumers to consider. Our team of product analysts value transparent rates, fees, and terms. Moreover, we also place an emphasis on the security and protection of your personal information data. To review the industry reputation, we utilized trusted third-party sites and platforms, such as Google Review, Better Business Bureau, Consumer Financial Protection Bureau, and the Federal Trade Commission. Read our editorial guidelines and rating methodologies for personal loans to understand the integrity of our thorough review process.
Kim Pinnelli is a Senior Writer, Editor, & Product Analyst with a Bachelors Degree in Finance from the University of Illinois at Chicago. She has been a professional financial writer for over 15 years, and has appeared in a myriad of industry leading financial media outlets. Leveraging her personal experience, Kim is committed to helping people take charge of their personal finances and make simple financial decisions.
Don’t Miss: Will I Get Approved For Home Loan
Best Motorcycle Loans Of 2022
Motorcycle loans include unsecured personal loans from online lenders and secured loans from some banks, credit unions and motorcycle manufacturers.
Many or all of the products featured here are from our partners who compensate us. This may influence which products we write about and where and how the product appears on a page. However, this does not influence our evaluations. Our opinions are our own. Here is a list ofour partnersandhere’s how we make money.
If you cant buy a motorcycle with cash, a loan may be your next best option. Some motorcycle manufacturers offer low-interest financing, which is worth considering if you qualify. An unsecured loan or secured loan from an online lender, bank or credit union is another option.
Understanding the differences between motorcycle loans and comparing offers from multiple lenders can help you find the lowest rate and the best loan for you.
If you cant buy a motorcycle with cash, a loan may be your next best option. Some motorcycle manufacturers offer low-interest financing, which is worth considering if you qualify. An unsecured loan or secured loan from an online lender, bank or credit union is another option.
Understanding the differences between motorcycle loans and comparing offers from multiple lenders can help you find the lowest rate and the best loan for you.
