Motorcycle Loan Calculator

You borrow the purchase price, less any down payment, from a bank, credit union, online lender or dealer's finance partner. The lender usually takes a lien on the bike, and you repay it monthly over a fixed term. You get the title free and clear after the final payment. If you stop paying, the lender can repossess it. Some personal loans can be used too, with no lien.

It depends on the amount, rate and term. A $10,000 loan at 9% over 5 years costs $208 a month and $2,455 in interest. Add dealer fees, taxes and registration if you're rolling them into the loan. Compare offers by APR, since some come with origination fees, and use the table above to scale it to your amount.

Rates vary by lender, credit, age of the bike and term, and they change with the market, so we don't list live rates. New bikes from a manufacturer's finance arm may have promotional rates for strong credit. Check a credit union as well. Used bikes and lower credit scores usually mean higher rates. Get quotes on the same day and compare the APRs.

It's one at or below what lenders offer riders with your credit for the same kind of bike and term. Motorcycle rates are often a few points higher than new-car rates, so don't assume a car loan benchmark applies. If your first quote is high, shop around or consider a larger down payment. A co-signer with strong credit could also help.

Many lenders prefer scores in the mid-600s or higher for good rates, and the best rates usually go to borrowers in the 700s. Some specialist lenders accept lower scores at higher rates, sometimes with a larger down payment. Requirements vary. Prequalifying often uses a soft check, which doesn't affect your score, so you can compare without penalty.

Commonly, 2 to 7 years. Your options may depend on the amount and the bike's age, and on the lender. Shorter terms have higher monthly payments, but they cost less overall and keep you ahead of depreciation. On a $15,000 loan at 9%, a 3-year term costs $2,172 in interest, and a 6-year term costs $4,468.

They're generally not hard if you have decent credit and steady income, since the amounts are relatively small. It can be harder with low credit, little credit history, or for an older private-party bike. Some lenders also won't finance certain types of bike. If you're denied, ask why, and consider saving a bigger down payment or checking with a credit union.

Lenders see more risk. Motorcycles are usually second vehicles, so people may stop paying on them first if money gets tight. They can also depreciate quickly, be easier to steal, and may lose more value after a crash. All of that means a lender is less likely to recover its money after a default, so it charges a higher rate. A strong credit profile can offset some of this.

They're similar, with fixed payments and a lien on the vehicle, but motorcycle loans are usually smaller and shorter, and they often have higher rates. Not every car lender finances motorcycles, and the rules for the bike's age and type can differ. Compare the two with our auto loan calculator, and don't assume that an auto loan rate quote applies.

Yes, though fewer lenders offer it. Credit unions and online lenders are good places to ask. They might require a bill of sale, a clear title and a vehicle identification check. Confirm that the seller actually owns the bike outright, or arrange for any lien to be paid off at the sale. An unsecured personal loan is another option, usually at a higher rate.

If you can, yes. A down payment lowers your monthly payment and total interest, and reduces the chance of owing more than the bike is worth. If you owe $14,000 on a bike worth $10,000 and it's totaled, insurance may pay only its value. Gap coverage can help with that. Putting down 10% to 20% gives you a cushion against the early drop in value.

Add the loan interest, insurance, gear, fuel, tires, maintenance and the value the bike loses, then divide by the months you own it. In our example, that's about $337 a month against a $302 payment. With no down payment, you'd also owe more than the bike is worth until month 15, so a crash or a quick sale in the first year could leave you paying off a bike you no longer have.