Motorcycle Financing

Buying a used motorcycle today can be expensive. So, there are not many of us that can write a check for the full value. That is why it pays to do your research and carefully consider your financing options. Motorcycle loans come in many shapes and sizes, and may last well beyond five years, and slight differences can make a big difference. For example, a 1% difference on a $10,000 motorcycle loan for five years will cost you an extra $500. Whether you are applying for a good credit motorcycle loan or a bad credit motorcycle loan, it pays to do your research.

Generally speaking, there are two types of motorcycle lenders. Direct Lenders are financial services companies, like a bank or a credit union. They actually have the money to lend you for your motorcycle and have their own underwriting standards. They may be local, like a credit union, or they may be national. Indirect Lenders are agents or brokers, companies who make a commission by placing your loan with a qualified direct lending institution. Many indirect motorcycle lenders have an Internet business model where you submit the application online and they contact lenders with your completed application. There are important advantages to both, and both are valuable resources when you are looking for your loan. The important thing to know before you begin submitting applications is whether you are working with a direct or indirect lending source. That will save you time, confusion, and possibly costs as you begin the process of securing your loan for your motorcycle.

There are certain advantages in using a specialty motorcycle lender. Even if you find a general lender to finance your used motorcycle purchase, you may still want to look into a specialty lender for a few reasons. Using a specialty lender may speed up the process of getting a loan, and you may get a lower interest rate because they understand the true value of your purchase. With a specialty lender, you may qualify for longer-term loans as well. Typical motorcycle loans are three to five years, but you may be able to find a lender that has more extended terms.

Below are established motorcycle lenders, lenders who specialize in both good credit loans and bad credit loans. We have categorized them into Direct and Indirect motorcycle lenders for ease of reference.

Direct Motorcycle Lenders

Wells Fargo
Key Bank
Sun Trust
Merrick Bank
IBC Bank
US Bank
Commerce Bank

Indirect Motorcycle Lenders

Motorcycle Financing Guide
eBike Loans
Net Loan Online
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