Motorcycle Loans

How to get a great deal on your motorcycle

Looking to purchase a new motorcycle but don't have the financing? Well you've come to the right place. Motorcycle loans are not always easy to obtain. Financial companies see motorcycles as a luxury object - they're easily damaged, risky to ride and often get stolen. Motorcycle lenders may try to cover all risks by obligating you to get health, life and motorcycle insurance.

If you're buying a high-end bike that you only plan on taking for leisurely Sunday drives, then save up enough money to cover the total cost - if the bike is not a necessity, why bother with a loan? On the other hand, if you really need a sport bike or moped because you plan on using it as your daily commuter, then getting a loan may be your only option.

Tips and tricks for getting a good loan

This guide will help you obtain a great motorcycle loan, so you can pay for your new ride as easily and quickly as possible:

• Comparison shopping - The important thing to remember is to be patient - don't become so anxious that you grab the first offer that comes along. Shop around and collect many quotes so you can choose a lender that offers the best financing. Work with "out the door" prices to avoid any hidden costs.
• Down payments - Although many motorcycle financing companies don't require a down payment, making as big a down payment as possible will lower the cost of the loan. The loan will then cover the rest of the value of the motorcycle. The repayment schedule can last between 12 and 36 months, or even up to 72 months - it all depends on the size of the loan.
• Interest rates - Motorcycle loan interest rates are generally cheaper over the Internet. They offer lower APR (annual percentage rate) than dealerships tend to give. Try to pay off your loan as fast as possible to reduce the amount of overall interest.
• Applications - It's useful to apply for a loan that is larger than the amount you think you'll need. This allows for some flexibility in the event that you're hit with additional cost, such as for taxes, titles, license, warrants, registration and credit insurance. Make sure you have also factored motorcycle insurance into your monthly budget. Having more money than needed means you'll be able to pay back the loan comfortably. However, if you're a new driver, don't take out a loan that is too big or you'll have trouble paying it back. The most common mistake for first-time motorcycle buyers is borrowing too much.
• Choosing a lender - Try not to finance a loan directly from the dealer, because they frequently charge high interest rates. Your best bet is applying to an online provider such as Capital One. When choosing a loan provider you'll want to keep the following things in mind: Application fees, down payments, response time, hidden fees, low interest rates, invoiced versus automatic payment, account access, insurance obligations and customer service. All of these factors will influence which loan provider is right for you.

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