Motorcycles are typically cheaper than cars or trucks to buy, but there are a variety of secondary costs associated with motorcycle ownership that can add up. Crunch the numbers to ensure you can afford a new or used bike and factor in additional expenses like insurance, fuel and protective gear before applying for financing. Many financial institutions, dealers and manufacturers offer financing options that can help reduce upfront costs. These loans can include a down payment and often have lower annual percentage rates (APRs) than unsecured personal loans or secured credit cards. Some lenders allow you to prequalify for a loan to see what amount and rate you may qualify for without a hard inquiry on your credit score.

The type of loan you choose and how you pay it back determines your overall cost of the purchase. Secured motorcycle loans require pledging the motorcycle as collateral, allowing the lender to take it back if you fail to make payments. These loans have lower interest rates because the lender takes less risk. Unsecured personal loans are usually a better option for people who don’t want to put up their motorcycle as collateral, but they come with higher interest rates.

Some online lending companies specialize in motorcycle loans and work with multiple lenders to give customers the best terms possible. For example, Southeast Financial works with multiple partners to help borrowers find financing for a new or used motorcycle and can provide a same-day approval decision. The lender also offers a range of repayment term options, although its minimum credit score requirement is slightly higher than some of our top picks.

Many credit unions have motorcycle loan programs that are similar to bank loans but have lower APRs. For example, NASA Federal Credit Union and Digital Federal Credit Union both offer competitive motorcycle loan rates and don’t require a minimum credit score. However, you’ll need to be a member of the credit union in order to apply.

Dealerships are another common source of motorcycle loans. In fact, a dealership’s finance department can be a great place to start your search for a loan because they are often willing to work with a wide range of riders. Some lenders even offer a specialized financing program for specific brands and models, such as Harley Davidson’s motorcycle financing.

A growing number of online lenders offer motorcycle loans. These lenders usually work with a wide range of borrowers, including those with poor credit. They offer fast loan decisions and competitive interest rates. However, they can also come with high fees and require a substantial down payment. In addition, some of these lenders are not licensed to operate in all states. Therefore, it’s important to do your research and explore all of your options before choosing an online lender. A reputable lender should be licensed in your state, have an excellent reputation and offer competitive interest rates. The following table highlights some of the most prominent lenders offering motorcycle loans in the United States.