Deciding on a Harley Davidson for the open road or a Kawasaki for everyday commutes starts with one question: Can you afford it?
Our motorcycle loan calculator helps you estimate your monthly payments and confidently plan your next purchase. Equipped with the numbers, you’ll walk into the showroom ready to negotiate your best deal.
Loan amount: This is the total amount that you’re going to borrow. If you plan to roll taxes and fees into your loan, include those expenses here, as well as what you need for the bike itself.
Estimated interest rate: Your loan’s annual percentage rate (APR) tells you how much interest and fees you’ll be charged on your loan. Motorcycle loan rates are typically a bit higher than auto loans, making it even more important to shop around and compare offers.
Loan terms: Your loan term is the amount of time you have to repay your debt. Motorcycle loans are typically between 12 and 60 months, sometimes 84. The shorter your term, the less overall interest you pay. The longer your term, the lower your monthly payments.
The motorcycle itself isn’t the only thing you’ll have to pay for when you buy your bike. Don’t forget include these expenses to your purchase price:
- Safety gear. For most buyers, motorcycle safety gear tends to run in the $400 to $2,000 range. This includes a helmet, jacket, pants and gloves.
- Insurance. According to ValuePenguin, the average cost of motorcycle insurance is $399 per year, for full coverage. Your rate could be higher or lower depending on where you live, what kind of bike you have and more.
- Regular maintenance. Between oil changes, tire replacements and brake pads, you can expect to pay $450 to $950 per year in upkeep.
- Fuel. Gas is probably the cheapest thing about owning a motorcycle. You could expect around 40 miles per gallon.