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Motorcycles are often touted as a less expensive alternative to cars, but they can still be quite pricey — a used bike with relatively low mileage ranges from $3,000 to $6,000 on average, while high-end new bikes can cost anywhere from $8,000 all the way up to $65,000.
On top of that, you’ll also need money to purchase essentials like a helmet, boots, and other protective gear.
If you don’t have the cash saved, you’ll likely need to find a motorcycle loan or motorcycle financing through a dealership or manufacturer before you can start shopping for a bike.
Here’s what you should know about motorcycle financing:
Where to find a motorcycle loan
There are several types of lenders that offer loans for motorcycles. Here are a few of your options:
1. Online lenders
There are some online lenders that offer specialized motorcycle loans while others provide personal loans that you can use for a motorcycle.
An online lender is often a faster option for approval decisions and loan funding compared, too — which could get you on the road more quickly.
Here are Credible’s partner lenders that offer personal loans for motorcycles:
|Lender||Fixed rates||Loan amounts||Loan terms (years)|
|9.95% - 35.99% APR||$2,000 to $35,000**||2, 3, 4, 5*|
*If approved, the actual loan terms that a customer qualifies for may vary based on credit determination, state law, and other factors. Minimum loan amounts vary by state.
**Example: A $5,700 loan with an administration fee of 4.75% and an amount financed of $5,429.25, repayable in 36 monthly installments, would have an APR of 29.95% and monthly payments of $230.33.
|6.49% - 29.99% APR||$5,000 to $35,000||1, 2, 3, 4, 5|
|5.99% - 29.99% APR||$5,000 to $35,000||3, 5|
|6.99% - 24.99% APR||$2,500 to $35,000||3, 4, 5, 6, 7|
|7.99% - 29.99% APR||$10,000 to $35,000||2, 3, 4, 5|
|10.68% - 35.89% APR||$1,000 to $40,000||3, 5|
†Based on a majority of borrowers from LendingClub's marketing partners who were issued loans between 1/1/19-12/13/19. The time it takes for your loan to be funded may vary.
|15.49% - 35.99% APR||$2,000 to $25,000||2, 3, 4|
|3.99% - 19.99% APR||$5,000 to $100,000||2, 3, 4, 5, 6, 7
(up to 12 years for home improvement loans)
|6.99% - 19.99% APR1||$3,500 to $40,0002||3, 4, 5, 6, 7|
1Rate reduction of 0.25% available for AutoPay.
2You may be required to have some of your funds sent directly to pay off outstanding unsecured debt.
3After making 12 or more consecutive monthly payments, you can defer one payment as long as you have made all your prior payments in full and on time. Marcus will waive any interest incurred during the deferral and extend your loan by one month (you will pay interest during this extra month). Your payments resume as usual after your deferral. Advance notice is required. See loan agreement for details.
|18.00% - 35.99% APR||$1,500 to $20,000||2, 3, 4, 5|
|6.49% - 17.99% APR||$600 to $20,000 |
(depending on loan term)
|1, 2, 3, 4, 5|
|6.95% - 35.99% APR||$2,000 to $40,000||3, 5|
|5.99% - 18.83% APR||$5,000 to $100,000||2, 3, 4, 5, 6, 7|
|6.94% - 35.97% APR||$1,000 to $50,000||3, 5|
|8.27% - 35.99% APR4||$1,000 to $50,0005||3 to 5 years4|
4The full range of available rates varies by state. The average 3-year loan offered across all lenders using the Upstart platform will have an APR of 25.79% and 36 monthly payments of $37 per $1,000 borrowed. There is no down payment and no prepayment penalty. Average APR is calculated based on 3-year rates offered in the last 1 month. Your APR will be determined based on your credit, income, and certain other information provided in your loan application. Not all applicants will be approved.
5This offer is conditioned on final approval based on our consideration and verification of financial and non-financial information. Rate and loan amount are subject to change based upon information received in your full application. This offer may be accepted only by the person identified in this offer, who is old enough to legally enter into contract for the extension of credit, a US citizen or permanent resident, and a current resident of the US. Duplicate offers received are void. Closing your loan is contingent on your meeting our eligibility requirements, our verification of your information, and your agreement to the terms and conditions on the www.upstart.com website.
Your loan amount will be determined based on your credit, income, and certain other information provided in your loan application. Not all applicants will qualify for the full amount. Loans are not available in West Virginia or Iowa. The minimum loan amount in MA is $7,000. The minimum loan amount in Ohio is $6,000. The minimum loan amount in NM is $5100. The minimum loan amount in GA is $3,100.
6If you accept your loan by 5pm EST (not including weekends or holidays), you will receive your funds the next business day. Loans used to fund education related expenses are subject to a 3 business day wait period between loan acceptance and funding in accordance with federal law.
With Avant, you can borrow up to $35,000 with a term of two to five years. Avant could also be a good option if you have less-than-stellar credit.
Axos Bank offers personal loans up to $35,000 for a variety of purposes. If you’re approved for an Axos loan, you could get your funds as soon as the next business day.
If you’re looking to buy a motorcycle and have fair credit, Best Egg might be a good option. With Best Egg, you can borrow $5,000 up to $35,000.
Discover personal loans are available for up to $35,000. With Discover, you could have up to seven years to repay your loan, which could be helpful if you want a lower monthly payment.
With FreedomPlus, you can borrow up to $40,000 and could get your funds as soon as two business days after loan approval.
You’ll have two to five years to repay a FreedomPlus loan.
LendingClub offers personal loans from $1,000 to $40,000 with terms of three or five years.
It’s also one of the few lenders that allows you to apply with a cosigner, which could help you get approved if you have poor or fair credit.
LendingPoint loans are mainly geared toward borrowers with near-prime credit — typically scores in the 600s down to the upper 500s.
With LendingPoint, you can borrow up to $25,000 and could get your funds as soon as the next business day if you’re approved.
LightStream offers specialized motorcycle loans ranging from $5,000 to $100,000 with repayment terms up to seven years.
If you’re approved, you could get your funds as soon as the same business day.
With Marcus, you can borrow $3,500 to $40,0002 and could have up to six years to repay your debt.
Keep in mind that if you make consecutive, on-time payments for 12 months, you can defer one payment interest-free.
OneMain Financial offers personal loans up to $20,000 — though larger loan amounts might require collateral.
Keep in mind that if you’re a previous OneMain customer, you might qualify for higher loan amounts.
If you only need a small loan — such as for a used bike or accessories — PenFed might be a good choice. You can borrow $600 up to $20,000 with a term ranging from one to five years.
Prosper’s peer-to-peer lending platform provides loans for a wide range of uses, including motorcycle purchase.
With Prosper, you can borrow $2,000 to $40,000 — though keep in mind that your loan will need to be funded by investors, which means it could take longer to get a Prosper loan compared to other lenders.
If you’re planning on buying a high-end motorcycle and need a large loan amount, SoFi could be a good option.
SoFi personal loans range from $5,000 up to $100,000 and come with benefits like unemployment protection.
Upstart personal loans are available from $1,000 to $50,000. Unlike other lenders, Upstart also looks at your education and job history to determine loan eligibility, which could be helpful if you have little to no credit history.
Learn More: Where to Get a Personal Loan
2. Banks and credit unions
Some banks and credit unions offer loans specifically for motorcycles. Unlike an unsecured personal loan, these motorcycle loans are secured by the bike you’re purchasing.
Because there’s less risk to the lender, they often come with lower interest rates and sometimes longer repayment terms. However, if you can’t make your payments, you risk losing your bike.
Here are a few banks and credit unions that offer motorcycle loans. Note that none of these are Credible partners.
No matter which type of lender you choose for financing your motorcycle, it’s a good idea to consider how much a loan will cost you before you borrow. You can estimate how much you’ll pay for a loan using our personal loan calculator below.
Enter your loan information to calculate how much you could pay
With a $ loan, you will pay $ monthly and a total of $ in interest over the life of your loan. You will pay a total of $ over the life of the loan.
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3. Dealership financing
If you’re purchasing a motorcycle from a dealership, you might be able to get financing directly through the dealer. With dealership financing, you can apply for a loan for the exact amount of the bike you select and get an approval decision on the spot.
Keep in mind that dealership loans might require a down payment. You could also end up with a higher APR than if you shopped for a motorcycle loan on your own — the APR on dealership motorcycle loans typically ranges from 3% to 25%, though the actual APR you get will depend on your credit, income, and purchase amount.
Check Out: Where to Get a $10,000 Personal Loan
4. Manufacturer financing
Some motorcycle manufacturers — such as BMW, Harley-Davidson, and Suzuki — offer their own financing. These loans are secured by the bike you purchase. Keep in mind that they might also require a down payment.
Manufacturer financing is available for both new and used bikes and might offer lower promotional rates than you’d get from an online lender, bank, or credit union.
Like with dealership financing, manufacturer financing could be a good idea if you can get better terms through a manufacturer. Make sure to shop around and compare lenders before making your decision.
Learn More: How to Get a $20,000 Personal Loan
Motorcycle loan frequently asked questions
Here are some answers to commonly asked questions about motorcycle loans:
What’s the difference between a motorcycle loan and a personal loan?
Motorcycle-specific loans are similar to car loans. They’re secured by the vehicle you purchase — which means if you fall behind on your payments, the lender could repossess the motorcycle and sell it to recoup the outstanding balance.
Personal loans, on the other hand, are generally unsecured, meaning they don’t require collateral. While most personal loans could be used to purchase a motorcycle, they could have higher interest rates compared to secured motorcycle loans.
Can I get a loan for a used motorcycle?
Not all dealers and manufacturers offer loans for used motorcycles. If this is the case, you might be better off applying for a personal loan to cover the cost.
You can typically use a personal loan for any personal expense (though some lenders might have restrictions), so you could even use a personal loan to buy a motorcycle from a private seller.
Can you get a motorcycle loan with bad credit?
If you have poor credit, it might be more difficult to qualify for a motorcycle loan. However, there are several lenders — such as Avant, Best Egg, and LendingPoint — that offer personal loans for bad credit.
If you decide to take out a personal loan for a motorcycle, be sure to consider as many lenders as possible to find the right loan for you. Credible makes this easy — you can compare your prequalified rates from multiple lenders in two minutes.
Can you get a personal loan for motorcycle repairs?
Personal loans can be used for almost any personal expenses, including motorcycle repairs. If you plan to buy a motorcycle or need to make repairs to a bike you already own, a personal loan could help you cover the cost.
How can you get a better rate on a motorcycle loan?
To qualify for the lowest rates on motorcycle loans, you’ll typically need excellent credit.
If you have less-than-stellar credit and can wait to get your motorcycle, spending some time improving your credit could help you get a better interest rate on a motorcycle loan in the future.
Here are a few ways to potentially build your credit:
- Pay down debt. If you already have existing debt, you could boost your credit score by paying down the amount you owe. This will improve your credit utilization (the amount of credit you’ve used compared to what you have available), which factors into your overall score.
- Make all of your monthly payments on time. Be sure to pay all of your bills on time each month. Your payment history is the biggest factor affecting your score, so staying on track could have a positive effect on your credit.
- Limit new credit inquiries. Applying for new forms of credit could negatively impact your credit score. Be sure to shop for credit sparingly and apply for a loan only when you really need it — such as when you’re ready to get your motorcycle loan.
If you decide to take out a personal loan for a motorcycle, remember to consider as many lenders as you can to find a loan that fits your needs. Credible makes this easy — you can compare your prequalified rates from multiple lenders in two minutes.
About Rates and Terms: Rates for personal loans provided by lenders on the Credible platform range between 4.99-35.99% APR with terms from 12 to 84 months. Rates presented include lender discounts for enrolling in autopay and loyalty programs, where applicable. Actual rates may be different from the rates advertised and/or shown and will be based on the lender’s eligibility criteria, which include factors such as credit score, loan amount, loan term, credit usage and history, and vary based on loan purpose. The lowest rates available typically require excellent credit, and for some lenders, may be reserved for specific loan purposes and/or shorter loan terms. The origination fee charged by the lenders on our platform ranges from 0% to 8%. Each lender has their own qualification criteria with respect to their autopay and loyalty discounts (e.g., some lenders require the borrower to elect autopay prior to loan funding in order to qualify for the autopay discount). All rates are determined by the lender and must be agreed upon between the borrower and the borrower’s chosen lender. For a loan of $10,000 with a three year repayment period, an interest rate of 7.99%, a $350 origination fee and an APR of 11.51%, the borrower will receive $9,650 at the time of loan funding and will make 36 monthly payments of $313.32. Assuming all on-time payments, and full performance of all terms and conditions of the loan contract and any discount programs enrolled in included in the APR/interest rate throughout the life of the loan, the borrower will pay a total of $11,279.43. As of March 12, 2019, none of the lenders on our platform require a down payment nor do they charge any prepayment penalties.