What credit score do you need to get a bike?

Generally, a good credit score is preferred by lenders to ensure that borrowers have a history of responsibly managing their finances. While there isn't a specific minimum credit score needed to get a bike, having a credit score in the range of 670 or higher is considered good and may increase your chances of getting approved for a loan with favorable terms. However, some lenders also offer motorcycle loans to individuals with fair credit or lower credit scores, although it may result in higher interest rates or more stringent loan conditions.

Why are motorcycle loan rates so high?

Motorcycles are considered luxury or recreational vehicles, which means lenders may perceive them as higher-risk assets. Additionally, the loan amount for motorcycles is typically lower than for cars or homes, making it less profitable for lenders.

What is good mileage for a used motorcycle?

As a general guideline, a used motorcycle with under 20,000 miles is often considered to have low mileage. Bikes with mileage between 20,000 and 50,000 are considered average and may be a good option if they have been well-maintained. It's also essential to consider factors like the type of riding the motorcycle has been subjected to and the overall condition of the bike before making a purchasing decision.

How to Sell a Motorcycle with a Loan?

To sell a motorcycle with a loan, first, find out your payoff amount from your lender. Then, advertise the bike with its current market value. Once you find a buyer, use their payment to pay off the loan. If the sale price doesn't cover the loan, you'll need to pay the difference. Once the loan is paid off, transfer the title to the buyer.


About the Author

Sarah Brooks

Sarah Brooks

Personal Finance Writer and Editor

Sarah Brooks is a personal finance writer and editor with more than 10 years of experience. She specializes in personal and business loans, mortgages, auto loans, and credit cards.

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