Should I get a loan for a motorcycle?
If a motorcycle is your primary mode of transportation and you don’t have the cash on hand to buy a bike outright, a motorcycle loan makes sense. Balancing a motorcycle loan and a car payment at the same time might be trickier — paying for a bike with cash instead will save on interest fees. Motorcycles are typically less expensive than cars, but some Harley-Davidsons start around $50,000. Shop for the lowest rate at the shortest term you can afford.
Is it hard to get a loan for a motorcycle?
No, you can find motorcycle loans at many of the places you find auto loans: banks, credit unions, online lenders and manufacturers. It is true that some auto loan providers don’t always finance motorcycles, but even so, there are lots of options for borrowers of all credit profiles.
Where is the best place to get a motorcycle loan?
The best place to get a motorcycle loan is where you can get your lowest rate at the terms you prefer. A local credit union is a good place to start — rates are generally lower and membership requirements might be easier to meet than you think.
What is a good rate for a motorcycle loan?
We’ve seen credit union motorcycle loan rates as low as 1.69% APR, though in general, motorcycle loan rates are higher than auto loan rates. That’s because the likelihood of default may be greater for a motorcycle than a car.
What credit score is needed for a motorcycle loan?
In general, those with credit scores of 660 or higher will receive the best motorcycle loan rates and most favorable terms. Some lenders accept credit scores under 600, but rates may be high. If possible, postpone your purchase until you’ve had time to improve your credit before applying for a motorcycle loan.
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