Motorcycles are a great way to ride along back roads, with the wind in your face.
If you are in the market for a new or used bike, a personal loan may be a great option for you. Personal loans allow you to request the loan that’s right for your individual needs. It is also important to shop around and compare rates and terms.
Traditional motorcycle financing may require a down payment. A personal loan may be used for a down payment on this type of financing or you can finance 100% of the motorcycle with a personal loan.
There are many great benefits of using a personal loan when looking to purchase a motorcycle.
- A personal loan is entirely based on your history of credit usage and ability to repay the loan. If you have a great credit history and a verifiable source of income the best rates will be available to you.
- Once approved, your loan is funded and deposited into your bank account. You can then take these funds and act as a cash buyer when negotiating with the motorcycle dealer or private party.
- Unlike a home equity loan or line of credit, a personal loan is unsecured. This means your motorcycle or other asset will not be used as collateral.
A personal loan is a great option when looking to finance your motorcycle. A personal loan comes with a fixed rate, a set payment schedule and no prepayment penalties. You can make extra payments as you pay back the loan, which would go toward the principal and reduce the overall interest paid.