We looked at more than a dozen of the most popular motorcycle lenders, including banks, credit unions and online lenders, and chose the top seven with the lowest APRs and most flexible terms available to the widest range of borrowers. Credit unions typically have some of the lowest motorcycle loan rates, but you’ll need to meet membership requirements.
It’s also possible to get motorcycle financing through the manufacturer, which offer special rates, especially if you’re willing to jump through a few hoops, such as:
The best way to get the best motorcycle loan is to compare rates and terms from multiple lenders before you sign for a purchase or refinance on your cruiser, sport bike, touring bike, scooter or moped.
Motorcycle loans may be secured or unsecured. A secured loan might have a lower rate, but the lender can also repossess your bike if you fail to make payments. The advantage of an unsecured personal loan is no vehicle-related paperwork, but you’re likely to pay higher rates.
LendingTree will help match you to lenders that will meet your needs exactly. Benefits of using LendingTree to find your loan include:
Motorcycle loans may work a little differently than auto loans, but the application process is quite similar:
Use our motorcycle loan calculator to estimate your monthly payment based on loan amount, interest rate and loan term.
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.
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.
The best place to get a motorcycle loan is any reputable lender that can provide the 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.
At the end of 2022, we saw credit union motorcycle loan rates as low as 5.49% APR. In general, motorcycle loan rates are higher than auto loan rates because the likelihood of default may be greater for a motorcycle.
Typically, 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.