Best Motorcycle Loans in 2024

Find the best bike loan with no impact to your credit score

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Best motorcycle loans in 2024

Written by Carol Pope | Edited by Amanda Push and Stephanie Cervone | Updated December 20, 2023
How Does LendingTree Get Paid?
LendingTree is compensated by companies on this site and this compensation may impact how and where offers appear on this site (such as the order). LendingTree does not include all lenders, savings products, or loan options available in the marketplace.

How Does LendingTree Get Paid?

LendingTree is compensated by companies on this site and this compensation may impact how and where offers appear on this site (such as the order). LendingTree does not include all lenders, savings products, or loan options available in the marketplace.
LenderUser ratingsBest for…APR rangeLoan termsLoan amountsCredit score required
(292)
User Ratings & Reviews rating-reviews-tooltip-icon

Ratings and reviews are from real consumers who have used the lending partner’s services.

Motorcycle loans with rate matching6.99% to 25.49% (with autopay)24 to 84 months

Loan Term Disclosure

Your loan terms, including APR, may differ based on loan purpose, amount, term length, and your credit profile. Excellent credit is required to qualify for lowest rates. Rate is quoted with AutoPay discount. AutoPay discount is only available prior to loan funding. Rates without AutoPay are 0.50% points higher. Subject to credit approval. Conditions and limitations apply. Advertised rates and terms are subject to change without notice. Payment example: Monthly payments for a $25,000 loan at 7.49% APR with a term of 3 years would result in 36 monthly payments of $777.54. © 2024 Truist Financial Corporation. Truist, LightStream and the LightStream logo are service marks of Truist Financial Corporation. All other trademarks are the property of their respective owners. Lending services provided by Truist Bank.

$5,000 to $100,000Not specified
(14)
User Ratings & Reviews rating-reviews-tooltip-icon

Ratings and reviews are from real consumers who have used the lending partner’s services.

Small motorcycle loans7.99% to 17.99%12 to 60 months$600 to $50,000760
(3,639)
User Ratings & Reviews rating-reviews-tooltip-icon

Ratings and reviews are from real consumers who have used the lending partner’s services.

Motorcycle loans for excellent credit8.99% to 35.99%24 to 60 months months$2,000 to $50,000560
(97)
User Ratings & Reviews rating-reviews-tooltip-icon

Ratings and reviews are from real consumers who have used the lending partner’s services.

Quick motorcycle loans8.99% to 29.99% (with discounts)*24 to 84 months$5,000 to $100,000680
Upgrade logo
(129)
User Ratings & Reviews rating-reviews-tooltip-icon

Ratings and reviews are from real consumers who have used the lending partner’s services.

Motorcycle loans for fair credit11.69% to 35.99% (with discounts)36 or 60 months$1,000 to $50,000560
(16,478)
User Ratings & Reviews rating-reviews-tooltip-icon

Ratings and reviews are from real consumers who have used the lending partner’s services.

Motorcycle loans for bad credit7.80% to 35.99%36 and 60 months$1,000 to $50,000300

Motorcycle lenders at a glance

LightStream: Best for motorcycle loans with rate matching

APR range6.99% to 25.49% (with autopay)
Loan terms24 to 84 months

Loan Term Disclosure

Your loan terms, including APR, may differ based on loan purpose, amount, term length, and your credit profile. Excellent credit is required to qualify for lowest rates. Rate is quoted with AutoPay discount. AutoPay discount is only available prior to loan funding. Rates without AutoPay are 0.50% points higher. Subject to credit approval. Conditions and limitations apply. Advertised rates and terms are subject to change without notice. Payment example: Monthly payments for a $25,000 loan at 7.49% APR with a term of 3 years would result in 36 monthly payments of $777.54. © 2024 Truist Financial Corporation. Truist, LightStream and the LightStream logo are service marks of Truist Financial Corporation. All other trademarks are the property of their respective owners. Lending services provided by Truist Bank.

Loan amounts$5,000 to $100,000
Origination feeNone
Minimum credit scoreNot specified
ProsCons

 May beat competitors' APRs through Rate Beat program

 No late fees

 Same-day funding possible

 Requires good to excellent credit

 High minimum loan amount

 Can't prequalify

PenFed: Best for small motorcycle loans

APR range7.99% to 17.99%
Loan terms12 to 60 months
Loan amounts$600 to $50,000
Origination feeNone
Minimum credit score760
ProsCons

 Small loans could be ideal for used motorcycle purchases

 Financial assistance available in case of hardship

 Credit union membership benefits

 Must join credit union

 Must have good credit

 Shorter maximum loan term

Prosper: Best for motorcycle loans for excellent credit

APR range8.99% to 35.99%
Loan terms24 to 60 months
Loan amounts$2,000 to $50,000
Origination fee1.00% - 7.99%
Minimum credit score560
ProsCons

 Low minimum APR for excellent-credit applicants

 Accepts poor credit

 Offers joint loans

 Approval can take up to five days

 Customer service unavailable on weekends

 Charges 5% of the unpaid amount, or $15, whichever is greater.

SoFi: Best for quick motorcycle loans

APR range8.99% to 29.99% (with discounts)*
Loan terms24 to 84 months
Loan amounts$5,000 to $100,000
Origination fee0.00% - 7.00% (optional)
Minimum credit score680
ProsCons

 Same-day motorcycle loans

 APR discounts for direct deposit and autopay

 Optional origination fee

 Good credit required

 High minimum loan amount

 Origination fee required for lowest APRs

Upgrade logo

Upgrade: Best for motorcycle loans for fair credit

APR range11.69% to 35.99% (with discounts)
Loan terms36 or 60 months
Loan amounts$1,000 to $50,000
Origination fee5.25% - 9.99%
Minimum credit score560
ProsCons

 Poor to fair credit okay

 Free credit monitoring comes standard

 Offers autopay discount

 Debt consolidation required for lowest APRs

 Mandatory origination fee

 Limited available loan terms

Upstart: Best for motorcycle loans for bad credit

APR range7.80% to 35.99%
Loan terms36 and 60 months
Loan amounts$1,000 to $50,000
Origination fee0.00% - 12.00%
Minimum credit score300
ProsCons

 Only requires a 300 credit score

 Competitive minimum APR

 Customer service available on weekends

 Only two terms to choose from

 Potential for expensive origination fee

 High maximum APR

How does motorcycle financing work?

Motorcycle financing works like other types of financing. Instead of paying for your motorcycle up front, you take out a loan from a bank, a credit union or an online lender. Then, you pay back what you borrowed (plus interest) in monthly installments. You’ll generally have between 12 and 84 months to pay off your purchase.

  Is financing a motorcycle loan a good idea?

For most, a motorcycle is a good-to-have, not an essential, purchase.

Before you get your heart set on a new bike, be sure that you aren’t forgoing other priorities. For instance, you may want to double-check your emergency fund. Instant gratification can be hard to deny, but you’ll be grateful for the foresight if the unexpected occurs.

Types of motorcycle loans

Broadly, there are two types of motorcycle loans: secured and unsecured. Under these two umbrellas, you’ll find specific loans, each with its own benefits and drawbacks.

Unsecured motorcycle loans

Unsecured motorcycle loans are personal loans, so they don’t require collateral. Personal loans provide a lump sum of money that you can use for almost everything, including a motorcycle.

Compared to secured motorcycle loans, unsecured motorcycle loans usually have higher interest rates and more fees. On the plus side, unsecured motorcycle loans don’t require a down payment. They can also be easier to find than traditional, secured motorcycle loans.

Secured motorcycle loans

A secured loan is backed by collateral. In this case, it’s your motorcycle. If you don’t stick to the terms of your loan, the lender could repossess your bike.

Secured loans are less risky for the lender because it can recoup some of its losses if you don’t pay back your loan. As a result, secured loans tend to have lower APRs and can be easier to get if you have bad credit.

Unlike personal loans, many secured motorcycle loans require a down payment. That is, unless the lender or dealership is offering a “no-money-down” promotion.

Manufacturer loans

If you’re buying a brand-new motorcycle, you may want to look at a manufacturer loan. A manufacturer loan is one offered by the brand of your motorcycle, such as Honda or Suzuki.

Manufacturer loans tend to have some of the most competitive rates, especially during the holidays. It’s common for manufacturers to offer deals and buyer incentives during this time.

Bank motorcycle loans

Some banks can provide motorcycle loans, but they might refer to them by a different name. One institution might offer motorcycle loans under their RV loan product. Others might call it a powersport loan.

As an example, First Citizens has motorcycle loans designed specifically for motorcycles. Regions, on the other hand, lumps motorcycle financing with RVs and offers it as a secured, personal loan.

Credit union motorcycle loans

Credit union motorcycle loans are similar to bank loans, but because they’re nonprofits, they generally have lower APRs. Additionally, you must be a credit union member to borrow.

Digital Federal Credit Union (DCU) offers motorcycle loans with low rates with a term of up to 60 months. You can also finance up to 125% of your bike’s value to pay for related expenses like protective gear.

In-house financing

Of all your secured motorcycle loan options, in-house financing will probably have the least attractive terms. You might know in-house financing as “buy here, pay here.” These loans target bad-credit borrowers through lax eligibility requirements. In turn, they come with much higher APRs.

How to apply for a motorcycle loan

The steps you’ll take to get a motorcycle loan depend on the type of loan you’re applying for. If you’d like to finance with a personal loan, the steps below will give you an idea of what to expect.

Review your budget and shop for a bike

First, crunch the numbers to make sure you can afford a motorcycle. Don’t just consider the bike but also protective gear, insurance or motorcycle classes. You could roll these expenses into your loan to reduce your upfront costs.

At this point, you don’t need to know exactly what bike you’re going to buy, but you do need to have an idea of how much it will cost. This will dictate how much money you should apply for.

Then, use our motorcycle loan calculator to get a feel for your monthly loan payment.

Check your credit score

Once you’ve determined you can fit a bike into your budget, check your credit score. This will help you know which lenders you could qualify for and whether their APRs are competitive.

Prequalify and compare several loans

Prequalifying on a personal loan is a low-stakes way of checking your eligibility without taking a credit ding. Here, the lender will ask for some basic information like your name, employment status and annual income.

Get offers from a handful of lenders and compare, paying attention to APRs and loan amounts

Apply for your motorcycle loan

When you’ve found the best loan for your situation, it’s time to apply. Filling out a loan application is a lot like prequalifying but requires more details. The lender may also ask for documents like pay stubs or bank statements.

Every lender has its own approval timeline, but many provide same-day decisions. After, you could expect your loan in a few hours or a few days — this also depends on the lender.

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Qualifying for motorcycle loans with bad credit

Getting a motorcycle loan with bad credit isn’t impossible, but it can be difficult. If you do qualify, APRs may be out of reach. If that’s the case, these tips could help you get approved for a more reasonable loan down the line.

1. Pay down debt. Many lenders look at your debt-to-income ratio when calculating your APR. This metric measures how much debt you have compared to how much income you make.

If your debt-to-income ratio exceeds 35%, consider paying some outstanding debts before applying for more.

2. Add a co-borrower. Taking out a joint loan with a creditworthy family member or friend could land you a loan with a better rate. Keep in mind, though, that late payments will affect their credit score as much as yours. Your co-borrower will also have equal access to the loan.

3. Consider a secured loan. Offering up your motorcycle as collateral on a secured loan may help you get approved. You’ll typically find these loans with banks and credit unions.

How we chose the best motorcycle loans

We reviewed more than 28 lenders to determine the overall best six motorcycle loans. To make our list, lenders must offer personal loans that can be used to purchase a motorcycle with competitive APRs. From there, we prioritize lenders based on the following factors:

  • Accessibility. Lenders are ranked higher if their personal loans are available to more people and require fewer conditions. This may include lower credit requirements, wider geographic availability, faster funding and easier and more transparent prequalification and application processes.
  • Rates and terms. We prioritize lenders with more competitive fixed rates, fewer fees and greater options for repayment terms, loan amounts and APR discounts.
  • Repayment experience. For starters, we consider each lender’s reputation and business practices. We also favor lenders that report to all major credit bureaus, offer reliable customer service and provide any unique perks to customers, like free wealth coaching.

Frequently asked questions

It can be, but it depends on the type of loan you’re targeting. It can be hard to get an affordable unsecured motorcycle loan (or personal loan) if your credit score is below 640. Some lenders specialize in bad credit, but you’ll pay higher APRs.
 
Generally, secured motorcycle loans are easier to get since they use your bike as collateral (and sometimes require a down payment). Still, collateral doesn’t guarantee approval.

When you apply, the lender will run a hard credit pull to review your borrower history. This may cause a slight, temporary drop to your credit score.
 
However, making on-time loan payments will probably give you a boost. Conversely, missing payments is a surefire way to tank your score.

The best loan for a motorcycle is one that most aligns with your needs. If you don’t want to make a down payment, then a personal loan could be a good fit. For the lowest rates, you might want to check out a manufacturer loan.

*Pricing Disclosure:
Fixed rates from 8.99% APR to 29.99% APR reflect the 0.25% autopay interest rate discount and a 0.25% direct deposit interest rate discount. SoFi rate ranges are current as of 02/06/2024 and are subject to change without notice. The average of SoFi Personal Loans funded in 2022 was around $30K. Not all applicants qualify for the lowest rate. Lowest rates reserved for the most creditworthy borrowers. Your actual rate will be within the range of rates listed and will depend on the term you select, evaluation of your creditworthiness, income, and a variety of other factors. Loan amounts range from $5,000– $100,000. The APR is the cost of credit as a yearly rate and reflects both your interest rate and an origination fee of 0%-7%, which will be deducted from any loan proceeds you receive. Autopay: The SoFi 0.25% autopay interest rate reduction requires you to agree to make monthly principal and interest payments by an automatic monthly deduction from a savings or checking account. The benefit will discontinue and be lost for periods in which you do not pay by automatic deduction from a savings or checking account. Autopay is not required to receive a loan from SoFi. Direct Deposit Discount: To be eligible to potentially receive an additional (0.25%) interest rate reduction for setting up direct deposit with a SoFi Checking and Savings account offered by SoFi Bank, N.A. or eligible cash management account offered by SoFi Securities, LLC (“Direct Deposit Account”), you must have an open Direct Deposit Account within 30 days of the funding of your Loan. Once eligible, you will receive this discount during periods in which you have enabled payroll direct deposits of at least $1,000/month to a Direct Deposit Account in accordance with SoFi’s reasonable procedures and requirements to be determined at SoFi’s sole discretion. This discount will be lost during periods in which SoFi determines you have turned off direct deposits to your Direct Deposit Account. You are not required to enroll in direct deposits to receive a Loan.