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Best Motorcycle Loans to Consider in 2024
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.
Written by:Brian T. O'Connor
Motorcycle loans can be secured or unsecured. A secured motorcycle loan works like a car loan. The financial institution uses the value of the bike as the loan’s collateral.
Unsecured loans are more flexible than secured loans since they are essentially a personal loan, which do not require collateral.
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). Getting motorcycle financing can help cover some or most of the cost.
Our team of financial experts reviewed and ranked more than 30 unsecured personal loans to help you get funded.
Top Picks for Best Motorcycle Loans
- LendingTree - Best for Loan Comparisons
- Credible - Best for Large Loan Amounts
- LightStream - Best for Uncomplicated Lending
- Upstart - Best for Affordable Credit
- SoFi - Best for Competitive Rates
- PenFed Credit Union - Best for Flexibility
- OneMain Financial - Best for Credit Score Flexibility
Because personal loans can have a big impact on your finances, it’s important to spend a little time reviewing your options to make sure you’re not overpaying. Also, it’s usually worth comparing your rates across multiple lenders to ensure you’re getting the best deal for your credit history and financial situation.
Our team of financial experts ranked lenders based on our ratings methodology for personal loans and found the best emergency loans on the market. This ratings methodology evaluates lenders based on loan length, APR, repayment terms, user experience, customer service, credit score history, banking and credit union use, and additional features.
Best Motorcycle Loans in 2024 — Full Overview
The right bike loan 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.
Best Overall
LendingTree — Best for Loan Comparisons
APR.
3.99% - 35.99%
Loan Amount
$1,000-$50,000
Min. Credit Score
585+
Key Features
- Considers applicants with fair credit
- Marketplace lender
- Offers educational resources to borrowers
Pros & Cons
- Compares prospective lenders in one place
- Requires minimal personal information
- Partners with several leading lenders
- Accessible for people with fair or poor credit
- You may still need to apply with lenders
- May provide your information to unsuitable lenders
Overview
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.
Main Features
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.
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.
Credible - Best for Large Loan Amounts
APR.
2.49% to 35.99%
Loan Amounts
$600 - $100,000
Min. Credit Score
560+
Key Features
- Checking rates does not affect credit score
- Best rate guarantee
- Allows you to compare loans from top-rated lenders
- Loan amounts up to $100,000
- No hidden fees
- Easy online application
Pros & Cons
- Competitive interest rates
- No hidden fees or prepayment penalties
- Low credit accepted
- Flexible repayment terms
- Excellent customer service
- Not a direct lender
- Rates will vary by lender
- Some lenders may charge late fees
Overview
If you’re in need of an auto loan but don’t want to spend hours shopping around, consider Credible. Credible is a loan marketplace that finds qualified lenders for you. Whether you have poor credit or need a large loan amount, Credible will do what it takes to find a top-rated lender that will meet your needs. Credible is completely transparent with all lender fees and qualifications, meaning no surprises for you at closing.
Main Features
Credible offers large auto loan amounts ranging from $600 to $100,000. Rates start at 4.60% and terms can go up to seven years. Credible is not a direct lender, but rather a loan marketplace. This allows them to find the best auto loan for you, so you can spend your time figuring out what type of motorcycle you want to buy. Customer service at Credible is excellent, rates are competitive, and they currently have an A+ rating with the BBB.
Credible makes it easy to get an auto loan for your motorcycle purchase. Simply fill out an application and be matched to lenders you prequalify for. From there, you can decide your loan amount, term, and which lender you want to work with. You may be asked to provide additional documentation, but if all goes well, you could have your loan within 24 hours of signing.
LightStream - Best for Uncomplicated Lending
APR.
2.99% to 19.99%
Loan Amount
$5,000 - $100,000
Min. Credit Score
Not disclosed
Key Features
- Offers competitive rates
- Great customer service
- Auto loans up to $100,000
- Apply from your mobile phone
- Funding same day you apply
Pros & Cons
- Competitive, low fixed rates
- No fees
- No prepayment penalties
- Rate discount for autopay
- Must have long credit history
- No option to prequalify
Overview
LightStream is best for motorcycle loan applicants with a solid credit history who need their funds now. The lender offers an easy online application and, if approved, the whole process moves quickly. They pride themselves on simplifying the lending process and want to get you your loan as soon as they can. Rates are competitive and customer service is excellent. In fact, they offer a $100 guarantee that this experience will be impeccable.
Main Features
LightStream is known for making lending uncomplicated. They do this through their easy online application, excellent customer service, and no hassle or lengthy paperwork to fill out. Auto loans at LightStream range from $5,000 to $100,000 with rates starting at 7.99%. To get the best rates, LightStream recommends a solid credit score in addition to several years of credit history. If your credit is top-notch, LightStream should be able to get you your loan as soon as the day of signing.
If you need a motorcycle loan fast and have good credit, LightStream could be the lender for you. LightStream is perfect for those that just want a simple lending process and an easy experience. The whole application can be done from your phone, and if approved, funds can be in your account that same day.
Upstart - Best for Affordable Credit
APR.
3.09% - 35.99%
Loan Amounts
$1,000 - $5,000
Min. Credit Score
600+
Key Features
- Artificial Intelligence (AI) lending marketplace
- High approval rates
- Competitive, low interest rates
- Auto loans up to $50,000
- No prepayment fees
Pros & Cons
- Flexible loan amounts
- Fixed rates and terms
- Excellent customer service
- Applying does not affect credit score
- Funding as soon as the next business day
- No mobile app
- May charge an origination fee
Overview
With Upstart, you can get a motorcycle loan in just three steps. First, check your rate. This takes just a few minutes and will not affect your credit score. Second, choose your loan amount and loan term. And finally, sign your paperwork and get funded. Most loans are funded the next business day.
Main Features
Upstart is an artificial intelligence (AI) lending marketplace whose mission is to improve access to funding to borrowers, including those with low credit scores or short credit histories. If you’re in need of a motorcycle loan and perhaps don’t have the best credit, Upstart may be able to find you a loan with a competitive rate and flexible terms. Loan amounts range from $1,000 to $50,000 with rates starting at 4.6% and terms of 3-5 years.
Upstart is ideal for borrowers with less-than-ideal credit scores who want a simple lending experience. Upstart does not focus solely on a borrower’s credit score, but also looks at job history and education to qualify people for loans. If you’re looking for a motorcycle loan with a low interest rate and an easy application process, look no further than Upstart.
SoFi - Best for Competitive Rates
APR.
6.99% - 21.78%
Loan Amount
Up to $100,000
Min. Credit Score
680+
Key Features
- Loan amounts up to $100,000
- Low fixed interest rates
- No fees whatsoever
- Funding same day as loan approval
Pros & Cons
- Large loan amounts
- Excellent customer service
- Flexible loan terms
- Unemployment protection offered
- Free financial advising
- Rates may be high for those with poor credit
- Cosigners not allowed
Overview
SoFi offers personal loans up to $100,000 that can be used to purchase a motorcycle. SoFi does not charge any fees whatsoever - no origination fees, late fees, or prepayment penalties. Terms are flexible and can extend to seven years. SoFi also offers member benefits such as unemployment protection and free financial advising. They are a lender you could work with time and time again, whether that’s to purchase a motorcycle, consolidate debt, or refinance your student loans.
Main Features
If you need a motorcycle loan, SoFi is one of the best out there for personal auto loans. Loan amounts range from $5,000 to $100,000 with funds being deposited in your account the same business day of loan approval. Terms range from 2-7 years and you can prequalify in just 60 seconds. Checking your rate will not impact your credit score.
Applying for a motorcycle loan with SoFi is easy - simply prequalify in just 60 seconds, view your rate, and choose your loan term. If approved, you’ll sign your loan agreement and receive your funds as soon as the same day.
PenFed Credit Union — Best for Flexibility
APR.
4.99% to 17.99%
Loan Amount
$600-$50,000
Min. Credit Score
Not disclosed
Key Features
- Low interest rates
- No origination fees
- You can apply with a co-borrower
Pros & Cons
- 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
- 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
Overview
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.
Main Features
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.
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.
OneMain Financial — Best for Credit Score Flexibility
APR.
18% to 35.99%
Loan Amount
$1,500-$20,000
Min. Credit Score
Undisclosed
Key Features
- Offers joint and secured loans
- Accepts low credit borrowers
- Can fund a loan the same or next business day
Pros & Cons
- Accepting of a wider credit score range
- Fast application and approval processes
- 24-60 month loan periods
- Fewer loan features than many competitors
- High APR on most motorcycle personal loans
- Includes origination fee, adding to loan costs
Overview
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.
Main Features
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.
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.
LendingPoint — Best for Loan Accessibility
APR.
9.99% to 35.99%
Loan Amount
$2,000-$36,500
Min. Credit Score
580+
Key Features
- Loans accessible to people with bankruptcies
- Payment due dates can be customized
- Borrowers prequalify without hurting their credit
Pros & Cons
- More forgiving credit requirements
- Wide range of loan totals
- Soft credit pull doesn’t impact score
- Loan funded the next business day
- Higher interest rates than conventional lenders
- Does not accept joint applications
- Social Security Number required
Overview
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.
Main Features
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.
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.
How to Choose The Best Motorcycle 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.
- 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.
Main Features of The Best Motorcycle Loans
PenFed4.4
LendingTree4.3
OneMain Financial4.2
LendingClub4
Oportun4.6
LendingPoint4
- Est. APR - 4.99%
- Min. credit score - 650
- Loan Amount - $50,000
- Loan term - 60 months max
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.
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About the Author
Brian T. O'Connor
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.
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