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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
- Motorcycle loan frequently asked questions
- Ready to buy a motorcycle?
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) |
|---|---|---|---|
Credible Rating
Credible lender ratings are evaluated by our editorial team with the help of our loan operations team. The rating criteria for lenders encompass 78 data points spanning interest rates, loan terms, eligibility requirement transparency, repayment options, fees, discounts, customer service, cosigner options, and more. Read our full methodology.
| 9.95% - 35.99% APR | $2,000 to $35,000** | 2, 3, 4, 5* |
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Credible Rating
Credible lender ratings are evaluated by our editorial team with the help of our loan operations team. The rating criteria for lenders encompass 78 data points spanning interest rates, loan terms, eligibility requirement transparency, repayment options, fees, discounts, customer service, cosigner options, and more. Read our full methodology.
| 11.79% - 20.84% APR | $10,000 to $50,000 | 3, 4, 5, 6 |
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Credible Rating
Credible lender ratings are evaluated by our editorial team with the help of our loan operations team. The rating criteria for lenders encompass 78 data points spanning interest rates, loan terms, eligibility requirement transparency, repayment options, fees, discounts, customer service, cosigner options, and more. Read our full methodology.
| 6.99% - 35.99% APR | $2,000 to $50,000 | 3, 5 |
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Credible Rating
Credible lender ratings are evaluated by our editorial team with the help of our loan operations team. The rating criteria for lenders encompass 78 data points spanning interest rates, loan terms, eligibility requirement transparency, repayment options, fees, discounts, customer service, cosigner options, and more. Read our full methodology.
| 7.99% - 24.99% APR | $2,500 - $40,000 | 3, 4, 5, 6, 7 |
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Credible Rating
Credible lender ratings are evaluated by our editorial team with the help of our loan operations team. The rating criteria for lenders encompass 78 data points spanning interest rates, loan terms, eligibility requirement transparency, repayment options, fees, discounts, customer service, cosigner options, and more. Read our full methodology.
| 7.9% - 35.99% APR | $1,000 to $40,000 | 3, 5 |
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Credible Rating
Credible lender ratings are evaluated by our editorial team with the help of our loan operations team. The rating criteria for lenders encompass 78 data points spanning interest rates, loan terms, eligibility requirement transparency, repayment options, fees, discounts, customer service, cosigner options, and more. Read our full methodology.
| 6.49% - 25.29% APR with autopay | $5,000 to $100,000 | 2, 3, 4, 5, 6, 7 (up to 12 years for home improvement loans) |
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Credible Rating
Credible lender ratings are evaluated by our editorial team with the help of our loan operations team. The rating criteria for lenders encompass 78 data points spanning interest rates, loan terms, eligibility requirement transparency, repayment options, fees, discounts, customer service, cosigner options, and more. Read our full methodology.
| 18.0% - 35.99% APR | $1,500 to $20,000 | 2, 3, 4, 5 |
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Credible Rating
Credible lender ratings are evaluated by our editorial team with the help of our loan operations team. The rating criteria for lenders encompass 78 data points spanning interest rates, loan terms, eligibility requirement transparency, repayment options, fees, discounts, customer service, cosigner options, and more. Read our full methodology.
| 8.49% - 17.99% APR | $600 to $50,000 (depending on loan term) | 1, 2, 3, 4, 5 |
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Credible Rating
Credible lender ratings are evaluated by our editorial team with the help of our loan operations team. The rating criteria for lenders encompass 78 data points spanning interest rates, loan terms, eligibility requirement transparency, repayment options, fees, discounts, customer service, cosigner options, and more. Read our full methodology.
| 8.99% - 35.49% APR10 | $5,000 to $100,000 | 2, 3, 4, 5, 6, 7 |
|
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Credible Rating
Credible lender ratings are evaluated by our editorial team with the help of our loan operations team. The rating criteria for lenders encompass 78 data points spanning interest rates, loan terms, eligibility requirement transparency, repayment options, fees, discounts, customer service, cosigner options, and more. Read our full methodology.
| 7.99% - 35.99% APR | $1,000 to $50,000 | 2, 3, 5, 6 |
|
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Credible Rating
Credible lender ratings are evaluated by our editorial team with the help of our loan operations team. The rating criteria for lenders encompass 78 data points spanning interest rates, loan terms, eligibility requirement transparency, repayment options, fees, discounts, customer service, cosigner options, and more. Read our full methodology.
| 7.8% - 35.99% APR4 | $1,000 to $50,0005 | 3 or 5 years4 |
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Avant
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
Axos Bank offers personal loans up to $50,000 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.
Best Egg
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 $2,000 to $50,000.
Discover
Discover personal loans are available for up to $40,000. With Discover, you could have up to seven years to repay your loan, which could be helpful if you want a lower monthly payment.
LendingClub
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.
LightStream
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.
OneMain Financial
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.
PenFed
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 $50,000 with a term ranging from one to five years.
SoFi
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.
Upgrade
With Upgrade, you can borrow $1,000 to $50,000 with a term of two, three, five, or six years. Upgrade borrowers also enjoy access to free credit monitoring and educational resources.
Upstart
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 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
How to get a motorcycle loan
If you take out a motorcycle loan through a specialized financier, the loan will typically use the motorcycle as collateral — similar to how an auto loan is secured by your vehicle. However, if you don’t want to use your bike as collateral or only need to borrow a small amount, then you might consider an unsecured personal loan instead.
Follow these five steps if you’re ready to get a motorcycle loan:
- Check your credit. When you apply for a loan, the lender will review your credit to determine your creditworthiness — so it’s a good idea to check your credit beforehand to see where you stand. You can use a site like AnnualCreditReport.com to review your credit reports for free. If you find any errors, dispute them with the appropriate credit bureau to potentially boost your credit score.
- Decide which type of lender to use. Motorcycle loans are available from a variety of lenders, including online lenders, banks, and credit unions. Many dealerships also offer their own financing. Keep in mind that depending on which lender and loan type you choose, you might have to use your motorcycle as collateral.
- Compare lenders and pick a loan option. Once you’ve chosen the kind of lender you’d like to work with, be sure to shop around and compare your options from as many of these lenders as possible to find the right loan for you. Consider not only interest rates but also repayment terms, any fees charged by the lender, and eligibility requirements. After you’ve done your research, pick the loan option that best suits your needs.
- Fill out the application. Once you’ve picked a loan option, you’ll need to complete a full application and submit any required documentation, such as tax returns or pay stubs.
- Get your funds. If you’re approved, the lender will have you sign for the loan so the funds can be released. The time to fund for an unsecured personal loan is usually about one week — though some lenders will fund loans as soon as the same or next business day after approval. Other types of financing can also vary in approval and funding times, so be sure to check with the lender to know when you can expect the loan to close.
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.
Even if you don’t need a cosigner to qualify, having one might get you a lower interest rate than you’d get on your own.
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.
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Ready to buy a motorcycle?
Before buying a motorcycle, remember to consider your budget as you decide which type of bike you want to purchase. Also be sure to shop around and compare your loan options from as many lenders as possible so you can more easily find a good deal on a loan.
If you decide to take out an unsecured personal loan to buy your motorcycle, Credible can help — you can compare your prequalified rates from multiple lenders in just two minutes.
Ready to find your personal loan?
Credible makes it easy to find the right loan for you.
Find My Rate
Checking rates won’t affect your credit
About Rates and Terms: Rates for personal loans provided by lenders on the Credible platform range between 5.20%-35.99% APR with terms from 12 to 144 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 12%. 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 October 9, 2023, none of the personal loan lenders on our platform require a down payment nor do they charge any prepayment penalties.
