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Best Motorcycle Loans

Whether you’re looking to buy the bike of your dreams or merely want a cost-effective alternative to a car, a motorcycle can get you around in style. You may need motorcycle financing to help you cover the costs, making it crucial to find the best motorcycle loans.

Best Motorcycle Loans
Brian T. O'Connor
Copywriter & Content Marketer for Financial Services and Small Businesses

A loan for a motorcycle works like a car loan. You can finance through a bank, financial institution, or from the manufacturer. Depending on the condition of your bike, you can expect to pay anywhere from $3,000 for a used bike with fewer than 10,000 miles or $20,000 for a new bike (or more). Financing can help cover some or most of the cost. Our team of financial experts reviewed and ranked more than 30 online lenders to help you get funded.

Our Top Picks for Best Motorcycle Loans

penfed_logo
  • Low interest rates
  • No origination fees
  • You can apply with a co-borrower
Min. Credit Score
Min. Credit Score Not disclosed
Loan Amounts
Loan Amount $600-$50K
Est. APR
Loan Repayment 1-5 years
lendingtree_logo
  • Considers applicants with fair credit
  • Marketplace lender
  • Offers educational resources to borrowers
Est. APR
Min. Credit Score 585+
Loan Amounts
Loan Amount $1K-$50K
Min. Credit Score
Loan Repayment 3-180 months
onemain_logo
  • Offers joint and secured loans
  • Accepts low credit borrowers
  • Can fund a loan the same or next business day
Est. APR
Loan Repayment Up to 60 months
Loan Amounts
Loan Amount $1.5K-$20K
Min. Credit Score
Min. Credit Score Undisclosed

How to Choose The Best Motorcycle Loan?

If you’ve financed the purchase of a vehicle before, you’ll be familiar with the basics behind getting a loan. Motorcycle loans may take the form of a personal loan, and have rates based on your personal credit history and score. Lenders usually have different qualification standards and fees. Picking the right motorcycle financing option can help save you money. Our experts used these parameters to rank lenders:

  • Loan features: loan terms, amount you can borrow, and loan use limitations
  • Interest rates and fees: fixed interest rates and loan origination fees. Interest rates typically range from 1.5% to 4.5% depending on the type of loan, age of the bike, and the length of the loan’s repayment terms.
  • Application process: Some lenders want more information than others before approving your motorcycle financing. Lenders may perform a soft- or hard-pull credit check, with a hard pull negatively impacting your credit score. Some lenders may take more time to provide you with funding as well, or vary in terms of loan fees.
  • Qualification process: Lenders have different credit score and income requirements as well as different approaches to co-signers or joint applications. Others, like credit unions, may require you to be a member before you can get your loan approved.
  • Customer support: Customer service between lenders varies significantly. Some get higher marks than others as far as multi-channel support and availability are concerned.
  • Online user reviews: Reviews from independent review sites
  • Perks and bonuses: Lenders may offer perks for auto-debit, early repayment without penalties, or better tech tools for repayment.

Best Motorcycle Loans in 2022 — Full Overview

The best motorcycle loans have several things in common: low interest rates, soft credit pulls, and competitive terms and fees. The right motorcycle financing option for you may vary based on your credit score, the make and year of your bike, the loan’s terms, and the amount of money you’re borrowing.

1.PenFed Credit Union — Best for Flexibility

Pentagon Federal Credit Union, more commonly known as PenFed, is a credit union that offers auto loans including motorcycle loans. Their motorcycle loans are one of several financing options available under their transportation loan umbrella. With a transportation personal loan, you don’t need to provide a title for your bike while still getting a fixed interest rate that’s lower than most credit card interest rates.
Pros
Upfront pricing and straightforward loan terms
Wide variety of uses, including accessories and other kinds of vehicles (such as ATVs or Jet Skis)
Long loan terms make it easier to pay your own way
No early payment penalties
Soft credit pull for applications
Cons
Higher interest rates than auto loans
Interest rates may be higher for applicants with poor credit
Not a good fit for applicants with fair credit

penfed
PenFed advertises APRs as low as 4.99% for transportation loans with no origination fees or early payment penalties. Terms go up to 60 months and loan totals can be as high as $50,000. PenFed's qualifying credit score for personal loans is 650, but a 720 or higher tends to net their lowest interest rates and loan totals. Turnaround time on a PenFed transportation loan is usually one or two days, so be ready to secure your loan before you buy.

The Bottom Line

Although PenFed’s transportation loan isn’t an auto loan, it does offer terms that are still borrower-friendly. PenFed is one of the more stringent lenders we’re including because they can be an excellent, cost-effective option for borrowers with solid credit management.

2.LendingTree — Best for Loan Comparisons

LendingTree isn’t a lender, but a platform that allows you to comparison shop between different lenders. It does help you pick the best option for a personal loan that you can then use to purchase a motorcycle. This can help save you time applying for loans across several websites just to find the best option for your financial needs. LendingTree also enjoys a solid reputation for comparing personal loans, which you may find you want to pursue in order to buy your bike. Their comparison tool only requires basics about your loan total, annual income, location, and tax information before it shows you a list of prospective lenders. You can even specify how soon you need funding, starting at around two days at minimum.
Pros
Compares prospective lenders in one place
Requires minimal personal information
Partners with several leading lenders
Accessible for people with fair or poor credit
Cons
You may still need to apply with lenders
May provide your information to unsuitable lenders

lendingtree
Since LendingTree pairs borrowers and lenders, the loan terms and amounts are bound to vary between lenders the platform pairs you with. You can dial in these factors into your preliminary screening, however, and reduce the chance of getting paired with lenders that aren’t a fit. This can help reduce the amount of time you need to spend chasing down the best offer.

Loan origination fees and interest rates aren’t determined by LendingTree. Nor are the income or credit score requirements for its loans, although LendingTree does try to pair you with the right funding partners based on these details. LendingTree doesn’t charge users a fee for its service; rather it receives a commission from the lender.

The Bottom Line

LendingTree is a good option for motorcycle financing because of their long track record and the size of their affiliate network. Their services make it easy for applicants to compare loans in one place, all based upon criteria and personal information you provide. Bear in mind that LendingTree asks for a considerable amount of information as part of their process. You may find yourself selected for other credit offers from their affiliates.

3.OneMain Financial — Best for Credit Score Flexibility

Not all of us have an impeccable credit score, but each of us needs a means of getting around. If you’ve encountered credit trouble in the past and have a score that’s less than good, you may find OneMain Financial to be a solid option for motorcycle loans. OneMain Financial offers motorcycle financing in the form of a personal loan. These loans can be used to buy a motorcycle, sports bike, or even for other specialty vehicles. You can use these funds for repairs, new gear, or maintenance expenses as well. OneMain is typically more forgiving of a range of credit scores, meaning you may have more luck getting approved even with bad credit.
Pros
Accepting of a wider credit score range
Fast application and approval processes
24-60 month loan periods
Cons
Fewer loan features than many competitors
High APR on most motorcycle personal loans
Includes origination fee, adding to loan costs

OneMain
OneMain Financial’s loan terms are competitive, offering you an industry-standard amount of time to pay off your debt plus interest and fees. Loan amounts range from $1,000 to $20,000, but this depends on your credit history. Interest rates can be anywhere from 18.00% to 35.99% on average. This means you should expect to pay double (or more) in interest what you would with a conventional lender or credit union.

The Bottom Line

OneMain Financial might be a good option for personal loans for motorcycles if you need access to cash quickly and can’t meet credit score and income requirements. You’re likely going to pay for these conveniences by way of high interest, so be sure you’ve considered all your options with banks or credit unions first.

4.LendingClub — Best for Customer Support

LendingClub is one of the most regarded online lenders, as well as one of the most established. This means LendingClub has an advantage over other motorcycle loan lenders. Their intuitive website makes it easy to sign up, make payments, and track your balance. Plus, because LendingClub was among the first of its kind online, it has figured out how to stand out in terms of customer service. LendingClub’s entire application and loan approval process is handled online, which may be ideal for those who want a quick decision or financing in a tight timeframe. There’s also a member center that can assist you in managing money, credit, and your repayment information. You may have to pay a premium for their flexibility, however, as LendingClub charges origination and late fees on top of higher interest rates than other lenders might provide to those with stronger credit.
Pros
Soft credit check only for pre-qualification
On-time payments reported to major credit bureaus
Fast funding after approval (24 to 48 hours)
Three- or five-year repayment periods for personal loans
Cons
High interest rates
Comes with origination and late fees
No discounts for automatically scheduled payments

LendingClub
LendingClub offers less repayment flexibility than some other lenders. You have to choose between a three year or five year repayment timeline, whereas other lenders may give you more flexibility measured in months. Loan amounts range from $1,000 to $40,000 depending on your credit history. Qualifying credit scores are more lenient with LendingClub than other lenders that may stick to candidates with good credit or better. Interest rates range from just over 7% to nearly 38.9%, making this lender more expensive than others.

The Bottom Line

LendingClub might be a good option for your motorcycle loan needs if you want a smooth application process and have fair credit. The approval and funding timeline is short, which can help you seize an opportunity to buy on short notice. You can expect to pay loan-related fees, pay over longer periods of time (thus extending your interest payments), and pay higher interest fees. LendingClub isn’t the cheapest way to get motorcycle financing, but it might be easier.

5.Oportun — Best for an Easy Application Process

Oportun is an online lender that prioritizes a hassle-free experience for applicants and borrowers. The company offers motorcycle financing by way of personal loans, which you can apply for in a matter of minutes. These loans can go toward the purchase of a new or used bike alongside any necessary repairs or gear purchases. Plus, if you own your own car already, you may be able to increase your borrowing limit through Oportun’s secured loans. Oportun makes loan applications simple, which can go a long way if you’re looking to tap into capital quickly. Their approval process takes only a few minutes and doesn’t require a hard pull of your credit.
Pros
Can provide a credit approval decision in around an hour
Loans typically funded in one business day
Flexible credit requirements
Soft credit pull won’t lower your credit score
Cons
High interest rates compared to other lenders
You must live in the same state you work in
May require personal references during application

oportun
Oportun loans come with APRs ranging from 12% to 36%, which can be an expensive proposition for financing. Terms range from 6 to 46 months, however, which does provide more flexibility with how you repay and for how long. Credit score requirements are forgiving compared to other lenders, with a range of 300 to 700 getting approval. Turnaround time is fast, with many borrowers receiving funds within one working day.

The Bottom Line

If you need money quickly with your motorcycle loan and credit is an obstacle, Oportun can help you tap into cash without delay. Those who are repairing their credit may have to pay a premium for an Oportun loan by way of fees and high APR rates, however.

6.LendingPoint — Best for Loan Accessibility

LendingPoint is an online lender that offers personal loans for a variety of purposes. Beyond its financial offerings, however, is a technological platform that LendingPoint says looks at the entirety of your financial history. In other words, LendingPoint considers the entire applicant’s relationship with money, which can be a benefit to applicants with financial soft spots on their record. LendingPoint may be a good option for motorcycle financing if you need a lender that is willing to look beyond your credit score.
Pros
More forgiving credit requirements
Wide range of loan totals
Soft credit pull doesn’t impact score
Loan funded the next business day
Cons
Higher interest rates than conventional lenders
Does not accept joint applications
Social Security Number required

LendingPoint
LendingPoint typically accepts credit scores as low as 580, which makes them stand apart from competitors that often have higher minimum score requirements. This flexibility may come at the expense of interest rates and APR. LendingPoint charges between 9.99% and 35.99%, which means you may be paying a steep price for getting a loan with bad credit.

Personal loans from LendingPoint also come with origination fees (between 0% and 6%) and late repayment fees. Loan totals range from $2,000 to $36,500 depending on your application and credit information. You can use your personal loan to buy a used or new motorcycle as well as any repairs required.

The Bottom Line

LendingPoint is an option for those who have motorcycle financing needs but who may not have the kind of credit score that makes a less-expensive loan a possibility. The APR on LendingPoint personal loans is higher than what most banks or credit unions would charge, but this may be worth it for those who have been denied a loan from these lenders.

Best Motorcycle Loans - Main Features Table


Company Name

Est. APR

Min. credit score

Loan Amount

Loan term

PenFed

4.99%

650

$50,000

60 months max

LendingTree

Varies

Varies

Varies

Varies

OneMain Financial

18.00% - 35.99%

600

$1,500 - $20,000

24, 36, 48, or 60 months

LendingClub

15.95%

600

Up to $40,000

36 to 60 months

Oportun

9.95% - 35.99%

300

Up to $10,000

6 to 46 months

LendingPoint

9.99% - 35.99%

590

$2,000 - $36,500

24 to 60 months

How Do Motorcycle Loans Differ From Car Loans?

Both loan types consist of regular, recurring loan repayments, come with a fixed interest rate, and are available for new or used motorcycles. However, there are a few differences between a motorcycle and a car loan.

Auto loans are secured loans that use the value of the car you buy as the loan’s collateral. Interest rates are often lower for auto loans because of their high collateral, and also come with more flexible repayment terms.

Most motorcycle loans are unsecured personal loans that you can use towards the purchase of a new or used bike, repairs to your motorcycle, or to purchase gear and accessories. They’re more flexible than auto loans since they are essentially a personal loan, which does not usually come with major restrictions.

Motorcycle loans tend to come with shorter repayment periods, both because they are personal loans as well as motorcycles being less expensive than cars. You may also find that your motorcycle loan total is lower than it would be for a car, given the typical price disparity between the two vehicle types.

What Type of Loan Do You Get for a Motorcycle?

There are several motorcycle financing options: personal loans, motorcycle loans, or manufacturer financing.

  • Online Personal loan: interest rates tend to be higher on a personal loan than automobile loans (and have higher loan totals). Buying a motorcycle with a personal loan does away with the need for a secured loan.
  • Motorcycle loans: use your bike as collateral. Banks and credit unions offer these. Most lenders offer lower rates than you’d get for a personal loan or even manufacturer financing. So long as you can qualify for a competitive loan, you may end up paying the least with a motorcycle loan.
  • Manufacturer financing: a popular option to help pay for your new ride. When you opt for manufacturer, you’re taking the easy route: this option usually takes less approval time than a bank loan, which means you won’t have to wait on a bank loan to clear. This financing option does tend to cost more in interest and fees.
  • Dealership financing: Some dealerships may provide you with assistance in getting a loan directly through them. They will often sell this loan to another financing company, like a bank.

If you’re looking to spend the least amount possible for your financing, a motorcycle loan is still your best option.

How to Get a Motorcycle Loan

Getting a motorcycle loan is usually a straightforward process that’s similar to other personal loan applications. You’ll have to:

  • Consider what financing options are available to you
  • Narrow down your options to potential lenders
  • Submit an application for review
  • Wait on a decision, typically within one or two days
  • Determine your options based on application decisions
  • Formalize your loan with your chosen lender
  • Wait one or several business days for your funds to arrive

Other Types of Motorcycle Financing

There are other ways to get funding to purchase a motorcycle through financing. They’re not specifically designed for the purchase of a bike or other vehicle, but they can provide you with the money you need to make a purchase.

If buying a motorcycle is out of range for you even with a motorcycle loan, leasing can be an alternative. Motorcycle leasing is harder to come by than you might expect, especially since it’s such a common practice for cars and primary vehicles. You can expect to pay a high rate if you have poor credit, however, so the financials behind leasing aren’t without drawbacks. Motolease and Speedleasing are two options for getting a leased bike.

If you truly have your heart set on getting a bike and need financing to make it happen, you could opt for P2P lending or a home equity loan. Peer-to-peer loan companies pair borrowers with lenders, which can help you qualify more easily. Decisions usually come within a day or two, and loan funds usually hit your account a day or so after if you’re approved. These loans may come with high interest rates and more fees than more conventional lenders would charge.

Home equity loans use your house’s value as collateral, meaning you may lose your home if you default on your debt. That said, they provide very flexible terms for how you use the money. If you own a home, you’re also sitting on a substantial amount of equity, which means you may have a fair amount of money you can borrow against it.

Conclusion

If you’ve financed a car purchase before, getting a motorcycle loan should feel familiar. Both loan types come with lower interest rates than personal loans or other borrowing options. You can use a motorcycle loan to buy a new or used bike, too. Be prepared to pay off your motorcycle loan more quickly, however.

No matter what bike you want to buy, it’s critical that you do your research and shop around between lenders. You may find that each financing option comes with slight differences: many of them are financial (e.g. interest rate and fees) but some are more nuanced. Lenders may differentiate themselves on customer service, digital tools, or other cost-saving options.

Frequently Asked Questions (FAQ)

Can I Get a Loan for a Used Motorcycle?
Yes. Motorcycle loans are available for both used and new bikes. Your lender will likely ask questions about what you plan to purchase and its age. Loan options may vary depending on how old the motorcycle is. Check with your prospective lenders for more information as these terms differ between them.
What credit score do you need to get a motorcycle loan?
This varies. Most lenders may expect you to have a minimum credit score of 620, but some lenders may have less stringent requirements. Expect higher interest rates if you have a low credit score. You may also have to put up a higher down payment with low credit.
What are repayment terms on motorcycle loans?
The repayment terms on motorcycle loans may be shorter than car loans. Motorcycles tend to be less expensive than cars, meaning lower loan totals. Since you’re paying less for your new two-wheeled ride, you may expect to have to pay your debt off sooner too. Most motorcycle loans are between 36 and 60 months.
What are motorcycle loan rates?
The average motorcycle loan rate could be anywhere from 1.5% to 4.5% depending on your credit history, the length of the loan term, the price of the bike you’re buying, or other factors. Lenders set their own rates, meaning one funding source could offer you a better deal than another.
Can you get a personal loan for motorcycle repairs?
Personal loans do cover motorcycle repairs as well as gear and other must-haves for you and your bike. These loans are also open to purchase and repairs to ATVs, Jet Skis, and other recreational vehicles.

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About the Author

Brian T. O'Connor

Brian T. O'Connor

Copywriter & Content Marketer for Financial Services and Small Businesses

Brian is a small business writer, focusing on the best ways for entrepreneurs to get their business off the ground. Brian is the co-owner of Brunch Money, a digital strategy agency based in Connecticut.

More about me