Motorcycle financing is available through personal banks or credit unions, dealer financing and through motorcycle manufacturers. Do a little research about the costs of different motorcycles before deciding on financing and be sure to gather up all the necessary documentation, such as pay stubs and banking statements, before applying.
To finance a motorcycle, first decide between personal financing or dealer financing. Personal financing is done by getting a loan from a bank or credit union. This can be a good way to get low interest rates with a good credit rating, though there might be more stipulations. Many motorcycle dealers also offer financing, which is convenient. Keep in mind that the interest rates might be higher at the dealership.
Another option is to get motorcycle manufacturer, or OEM, financing. Many manufacturers have their own financing structures for purchasing a new or used bike. The interest rates tend to fluctuate based on the applicant’s financial status and credit rating.
Start shopping around before signing up for financing to get an approximate value of the motorcycle. Not only is there the price of the motorcycle, but other fees added, such as a dealer preparation fee, delivery fee or setup fee. Combine these to get a total amount needed for financing. This makes it easier when applying for a motorcycle loan to get a sufficient amount of financing.