How PrimeRates Works
PrimeRates provides access to personalized loan offers through our simple and quick pre-qualification application. Once you're pre-qualified, you can select the best offer for you and finalize the loan application with the lender.
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Simple pre-qual application in less than 1 minute.
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Choose the offer that best fits your needs.
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Finalize your loan offer, get approved, and receive funds.
Personal Loan for Motorcycle
What is a Motorcycle Personal Loan?
A personal loan for a motorcycle is a type of unsecured loan to finance the purchase of a motorcycle. Unlike secured loans, motorcycle financing doesn't require collateral, and loan approval is usually based on the borrower’s creditworthiness. Motorcycle loan options typically offer fixed interest rates and repayment terms, allowing borrowers to make predictable monthly payments over time They’re available from banks, credit unions, and online lenders, providing flexibility and quick access to funds for purchasing a motorcycle.
Benefits of Motorcycle Personal Loans
- No collateral needed: Borrowers can obtain financing without risking their assets because the loan is unsecured.
- Flexible use of funds: The loan can be used for purchasing the motorcycle as well as related expenses like gear, accessories, and insurance
- Quick approval process: Borrowers can receive funds promptly, enabling them to purchase a motorcycle without significant delays.
- Fixed interest rates: These loans offer predictable monthly payments, making financial planning easier and protecting against interest rate fluctuations.
Why Consider Motorcycle Personal Loans?
Consider motorcycle personal loans for their flexibility and convenience. The best motorcycle loans require no collateral, offer quick approval, and have fixed interest rates, ensuring predictable payments. Motorcycle loans allow flexible use of funds, covering motorcycle purchases and related expenses like gear and accessories.
Popular Uses for Motorcycle Personal Loans
- New motorcycle purchases: Finance the purchase of a new motorcycle, making ownership more accessible without needing immediate full payment.
- Used motorcycle purchases: Secure funds to buy a pre-owned motorcycle, offering a cost-effective alternative to new models.
- Motorcycle upgrades and accessories: Cover expenses for customizations, performance upgrades, and accessories like helmets and riding gear.
- Motorcycle repairs and maintenance: Pay for repairs and maintenance, ensuring the motorcycle remains in optimal condition.
How to Qualify for a Motorcycle Personal Loan
- Importance of credit score: A good motorcycle loan credit score is important to qualify because it demonstrates creditworthiness and increases the likelihood of loan approval with favorable terms.
- Stable income requirements: Lenders generally require proof of a stable income to ensure you can repay the loan consistently.
- Low debt-to-income ratio: Maintaining a low debt-to-income ratio indicates financial health and reassures lenders of your capacity to manage debt responsibly.
However, some lenders don’t base loan approval on credit scores.
Can you get a motorcycle loan with bad credit?
It's possible to get a motorcycle loan with bad credit, but it can come with higher interest rates and less favorable terms. Lenders may offer options such as secured loans, requiring collateral, or involving a cosigner with good credit to improve your approval chances. Some lenders provide low credit motorcycle financing. Primerates can connect you with lenders who will approve financing for a motorcycle if you have a bad credit history.
What Are the Different Types of Motorcycle Loans?
- Personal loans: Unsecured loans can be used for purchasing a motorcycle, offering flexibility in terms and usage but often requiring a good credit score from traditional lenders. Some online lenders offer personal loans with less-than-perfect credit.
- Manufacturer financing: Loans provided directly by motorcycle manufacturers, usually featuring competitive rates and promotions for new bikes.
- Dealership financing: Financing options offered through dealerships are convenient but may come with higher interest rates compared to other sources.
- Credit union loans: These loans typically offer lower interest rates and more favorable terms, especially for members in good standing.
Motorcycle Loans for Your Needs
Modern lenders provide personal Motorcycle Loans tailored to cover various needs, from purchasing a new bike to accessories and maintenance. Here’s a detailed review of three leading lenders, highlighting their pros and cons.
LightStream
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| APR range | 3.99% - 16.79% w/AutoPay1 |
| Available loan terms | 24 to 144 months1 |
| Loan amounts | up to $100,000 |
| Time to fund | As soon as the same day** |
| Fees | Origination fee: None Late fee: None Prepayment fee: None |
| Credit needed | 660+ |
| Income needed | n/a |
| Soft Credit Check? | Varies |
| Best for | Borrowers with good credit, long credit history, co-signers, debt consolidation, home improvements |
| Click “Check Rates” to apply to LightStream | |
» MORE: LightStream Personal Loans Review
Avant
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| APR range | 9.95% — 35.99% |
| Available loan terms | 24 — 60 months |
| Loan amounts | $2,000 — $35,000 |
| Time to fund | As soon as the next business day* |
| Administration fees | Up to 4.75% |
| Credit score needed | 580; typical credit score is 600 — 700 |
| Income needed | No set income requirement stated |
| Soft Credit Check? | Yes |
| Best for | People with poor or bad credit, debt consolidation |
| Click “Check Rates” to apply to Avant | |
Among the internet’s leading lending platforms, Avant offers borrowers with less-than-stellar credit access to loans for HVAC units, whereas most banks would turn these applicants away.
- Loan Amounts — $2,000 to $35,000
- APR — 9.95% to 35.99%
- Origination Fee — 4.75%
- Time to Funding — Next day
- Repayment Terms — 2 to 5 years
Pros & Cons
- Avant is among the best for people with credit scores as low as 580
- This lender charges late fees and administrative fees
- Loan payments are flexible, and you only need an annual income of $20,000 to get approved
NetCredit
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| APR range: | 34% – 155% |
| Available loan terms: | 6 months to 5 years |
| Loan amounts: | $1,000 to $10,000 |
| Time to fund: | Usually 1 business day |
| Origination fee: | None |
| Credit needed: | No minimum |
| Income needed: | No minimum |
| Best for: | Borrowers with poor credit |
| Click “Check Rates” to pre-qualify and receive a personalized rate. | |
NetCredit is an online lender that considers more factors than simply an applicant’s credit score when determining whether or not to issue them a home improvement loan.
- Loan Amounts — $2,000 to $10,000
- APR — 34% to 155%
- Origination Fee — None
- Time to Funding — 1 to 3 days
- Repayment Terms — 6 months to 5 years
Pros & Cons
- NetCredit is a great option for applicants with poor to average credit scores
- Homeowners with decent to excellent credit scores will get better rates elsewhere
- On-time payments with this lender can help homeowners with bad credit improve their scores
Upgrade
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| APR range | 7.99% — 35.89% |
| Available loan terms: | 36 and 60 months |
| Loan amounts: | $1,000 — $50,000 |
| Time to fund: | One day |
| Origination fee: | 1.5% – 6% |
| Credit score needed: | 620 |
| Income needed: | n/a |
| Soft Credit Check? | Yes |
| Best for: | Those with a steady income |
| Click “Check Rates” to apply to Upgrade | |
Upgrade specializes in low, fixed-rate loans that borrowers can use for major purchases, home improvement, debt consolidation, or to refinance balances on existing credit cards.
- Loan Amounts — $1,000 to $50,000
- APR — 7.99% to 35.89%
- Origination Fee — 1.5% to 6%
- Time to Funding — 1 day
- Repayment Terms — 3 to 5 years
Pros & Cons
- Upgrade loans are a solid option for applicants with below-average to decent credit scores
- Many borrowers choose Upgrade because the lender makes it easy to consolidate debt
- You’re not likely to get approved if you have less than $800 left over at the end of each month
Conclusion
For easy motorbike finance, apply for loans through Primerates. We connect you with multiple lenders using our easy online pre-qualification process. Receive offers, pick the loan you want, and complete your application with the lender. Get approved quickly and you’ll soon feel the wind in your hair on your motorcycle adventure.