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Many lenders offer financing for motorcycles, so you’ll want to compare interest rates and loan terms to get the best deal for you. Before heading to the dealer, examine your budget and decide if you need a loan at all. Paying cash may be your best option if you can make it work financially.
When shopping around for motorcycle loans you’ll notice that motorcycle loans and auto loans are classified differently. Sometime they hold varying interest rates higher than normal auto loans. Some lenders won’t offer lending for used motorcycles, chopper/custom motorcycles, dirt bikes, scooters or ATVs. Some don’t offer any financing for motorcycles at all.
Here’s a huge note to yourself as you shop for a motorcycle. The Federal Trade Commission requires a used-car dealer to have what’s called ‘Buyers Guides’ for you to review before you purchase an automobile. You’ll be surprised to know that this isn’t required for motorcycles. Now your state may require that a dealership show some type of documentation, this also varies from state to state.
Your best bet may be to ask for a Carfax, although this may not be available especially for choppers or custom motorcycles. Here are some of the disclosures you won’t necessarily get for a used motorcycle without a Buyers Guide.
- Information about the bike’s mechanical and electrical systems
- Major issues to look out for
- How to get a vehicle history report
- Whether the motorcycle is under warranty, and if so, which type and what the warranty includes
Just because the dealer isn’t required to provide this information upfront, doesn’t mean you can’t ask for the details. Be sure to request the info before you purchase the motorcycle. It’s also advised to get any oral promises and agreements in writing.
Shop around in person or online for the type of motorcycle you want. Look on the manufactures website for details if it’s a new motorcycle. If you are buying a used but newer model you can still look on the manufactures website for details too. Pay attention to the MSRP, Manufacturer Suggested Retail Price — also known as “sticker” price … which is a recommended selling price that manufactures give a new motorcycle.
When it comes time to actually get a loan, be sure to check and know your credit score first.
Below is a simple loan calculator to give you an idea about getting a loan for a motorcycle.
This calculator is intended solely for general informational purposes and to provide a rough estimate based on the information you have provided. You should not base your decision on this estimate alone.
Don’t forget that title, registration, tax and other fees, and personal circumstances such as employment status and personal credit history, were not considered in the calculations. Personal circumstances may have a significant effect on interest rates for which an individual might qualify.
Accordingly, we cannot and do not guarantee the accuracy or applicability of the estimates produced by this calculation, and the results from its use should be viewed as hypothetical, for illustrative purposes.
At the appropriate time, we recommend that you rely upon actual interest rate and payment information provided to you by your dealer or lender.