How do I get the Best Motorcycle Loan?

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  • Written By: Malcolm Tatum
  • Edited By: Bronwyn Harris
  • Last Modified Date: 30 January 2020
  • Copyright Protected:
    Conjecture Corporation
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Obtaining the best motorcycle financing is a lot like financing any type of loan, including a car loan. The process usually requires close examination on your part, making sure you understand what rate of interest you can reasonably expect to command, as well as the terms and conditions that are likely to apply. If you are thinking of purchasing a motorcycle in the near future, here are some tips to help you find the best motorcycle loan possible.

Many people assume that the motorcycle loan offered by the dealer is the best option. While it is certainly true that many dealers do offer competitive motorcycle loans, you may be able to find something with a lower rate of interest, or with monthly installment payments that is a little kinder to your monthly budget. Instead of forging ahead with this one loan option, get the terms in writing and do some comparison shopping before you commit to anything.


As with auto financing, many consumers choose to approach their local banker for a motorcycle loan. If you have a good working relationship with the bank, and are currently employed, there is a good chance that financing the motorcycle purchase through the bank will allow you to enjoy a better rate of interest. You may also be able to arrange automatic deductions for your loan payments. Simply schedule them to take place after one of your automated payroll deposits. This extra perk will help to ensure you are never late and protect your good credit.

Finance companies may be a viable option if your credit is less than perfect. There are a number of high-risk financing institutions that will still extend a loan to help you buy that motorcycle. However, check the terms and conditions very carefully. Compare them closely with what you can get through the dealer. In this instance, you may find the dealer’s financing plan is the better option.

There is always the option of foregoing a motorcycle loan from any lender. If you have a credit card with plenty of available credit and a low interest rate that is better than anything you are offered from other lenders, it may be a good idea to simply charge the entire expense to the card. If you choose this option, don’t pay the minimum due each month. Set a specific amount you will pay on the card each month until the balance is settled in full. Sticking to your goal will allow you to avoid additional interest over time and possibly keep the total cost of the acquisition much lower than it would have been otherwise.

As with any lending transaction, make it a point to consider all your options for a motorcycle loan. Be realistic in what you can afford to pay toward the purchase each month, and set goals for having the debt retired as soon as possible. This will keep your credit rating healthy and also prevent you from getting into a loan situation that may end up costing you money in the long run.



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