Motorcycle dealers are a common source for dealership financing, but this isn’t always the best option. Dealerships often have high interest rates and limited terms, so it’s worth shopping around to find the best available rate. Many online lenders offer competitive motorcycle loan rates, and they’re typically easier to work with than larger banks and credit unions.

Motorcycle loan rates differ based on the type of financing you select and your credit score. Many banks and credit unions provide loans specifically for motorcycles, while others allow you to use a personal loan or other unsecured installment loan to buy a bike. A few different lenders may also have special offers or promotions on motorcycle financing, so be sure to shop around and check out all of your options before committing to anything.

Minimum credit score requirements can vary, and the lowest loan rates are usually reserved for borrowers with good to excellent credit scores. However, there are lenders that specialize in providing unsecured personal loans for motorcycles to borrowers with fair or bad credit, so be sure to check with some of these specialized providers as well.

The loan term will also impact your monthly payments and total cost of borrowing. A shorter loan term will result in lower payments but will also keep you in debt longer, while a longer term will increase your monthly payments but save you on interest charges.

It’s a good idea to try to pay down debt prior to applying for a new motorcycle loan, as this can help improve your credit score and may make it easier to qualify for a more affordable loan down the line. Additionally, a larger down payment can reduce your loan amount and lower your monthly payments as well.

Many lenders offer a quick and easy online application process, making it simple to get a fast decision on your motorcycle loan. Some of these lenders even offer a prequalification option, which allows you to check your rate without affecting your credit score.

Some lenders even allow you to submit a multiple-borrower application, which can reduce your costs by allowing you to qualify for more than one motorcycle loan at once. This can be helpful if you’re buying a bike for yourself and another person. Be sure to research the lender’s rates and terms and be careful of add-ons, such as prepayment penalties, that can significantly increase your total cost. Also be sure to read through all of the fine print to ensure you’re aware of all the costs and terms of your loan.