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Top 5 Places to Find the Best Motorcycle Loans
Searching the Internet for the best motorcycle loans can be frustrating. We put together this guide on where to find low interest loans to help our fellow riders get financing quickly.
There are an overwhelming amount of loan options available on the market. There are a handful of loans that will work as an affordable motorcycle financing solution for almost anyone. But only a few offer the best motorcycle loans.
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Here we cover some of the most common places to find motorcycle loans at low interest rates and attractive terms. While interest rates will vary greatly between each of these lenders it is important for borrowers to consider their other benefits as well. These may include the required down payment, additional fees, penalties, loan term and even customer service.
The Best Motorcycle Loans are available from:
- Local Banks
- Credit Unions
- Peer to Peer Lending Sites
- Dealer Financing
- Online Lenders
Motorcycle Loans From Local Banks
Photo Credit: SG2012
In the past the best motorcycle loans were readily available from local banks at attractive interest rates. With a large customer base to work with many community banks were able to guarantee personal loans for motorcycle purchases at low interest rates.
Today local banks have become extremely conservative when working with borrowers looking for motorcycle loans.
There are still many banks willing to finance motorcycle purchases but at higher than normal interest rates. Most local bank branches will also require substantial collateral or a cash down payment to secure the loan.
For some motorcycle enthusiasts coming up with a large down payment may be practically impossible. Fortunately there are alternative motorcycle financing options like Peer to Peer Lending that require no down payment.
Consider Peer to Peer Lending for Motorcycle Financing
What is peer to peer lending? It’s a social lending network that connects borrowers and investors. Unlike a bank, peer to peer lending site have extremely low overhead and offer attractive interest rates to borrowers. Best of all they require no collateral to secure the loan. This makes it a perfect place to find the financing online.
For anyone that is unfamiliar with social lending we have put together a in-depth guide on Peer to Peer Lending. The concept of personal lending has exploded over the last few years. Many experts in the finance industry are expecting the market for personal loans to continue growing rapidly.
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Benefits of Motorcycle Loans from Peer to Peer Lending Sites:
- Low Interest Rates
- Easy Application Process
- No Down Payment
- Excellent Customer Service
- Short Term Repayment Period
Credit Unions Offer Motorcycle Loans
Borrowers have recently started flocking towards Credit Unions when looking for personal financing. The reasons are simple. They offer low interest rates and are genuinely concerned about their customers needs.
We believe that borrowers looking for a motorcycle loan should turn to credit unions for financing after considering online options first.
Dealer Financing is an Option for Motorcycle Loans
Many riders have enjoyed the benefits of dealer financing. Often dealers are able to negotiate incredible deals when arranging financing through them. This is another opportunity to find the best motorcycle loans with straightforward terms and low interest rates.
It needs to be mentioned that going through a dealer for motorcycle financing is usually the most expensive route. This happens when a borrower fails to get pre-approved for a motorcycle loan before shopping. Only after spotting their perfect bike will a consumer begin to discuss financing options with a dealer.
More often than not the dealer comes out ahead and the buyer is left to face the financial consequences for the next 5 or 10 years.
Motorcycle Loans are Offered by Online Lenders, Too!
One of our final picks in our countdown of the best places to find motorcycle loans is online lenders. While it may be last on our list, online lenders typically offer the best interest rates and loan terms.
Unlike banks, credit unions or dealerships most online lenders have extremely low overhead. This translates into low interest rates for borrowers.
For consumers that hate paperwork and the complex application process that is normally associated with motorcycle loans, they should consider online lenders first. Many online lender offer similar benefits to peer to peer lending sites. However they may still require a down payment or collateral to secure the loan.
Who Qualifies for the Best Motorcycle Loan Rates?
The most attractive motorcycle financing options are usually reserved for borrowers with good to excellent credit.
For the borrowers that have poor credit history there are also many bad credit motorcycle loans on the market. These have higher interest rates and stricter approval terms but may be the perfect option for borrower that can’t live without a motorcycle.
Borrowers looking for financing will need to consider many factors before applying for a loan. They should take into account their financial situation and compare multiple motorcycle loans before shopping for their next bike.