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Motorcycle Personal Loan Basics

What Is A Motorcycle Personal Loan?

Motorcycle personal loans are essentially personal loans used to cover the cost of buying a motorcycle. Personal loans are one-time, fixed-rate loans that are repaid in monthly installments over a specified time period.


When you apply for a personal loan to pay for your motorcycle, you are asking a lender, such as a bank or credit union, to lend you money to cover the total or partial cost of buying a motorcycle. If you are approved, you will repay the personal loan plus interest in installments over time. This can be an appealing option because, depending on your credit history, income, and a number of other factors, you may be able to receive a lower interest rate than you would with a credit card. 

Unsecured personal loans do not require collateral, making them an appealing option for people purchasing a motorcycle who do not want to risk their vehicle as collateral.


Because personal loans are typically unsecured, lenders put a high priority on an applicant’s financial profile, such as credit score and debt-to-income ratio, when deciding eligibility. Borrowers with good credit will have lower APRs than those with average or bad credit. APR, or annual percentage rate, is the cost of borrowing a loan over the period of a year. A lower APR indicates a lower total loan cost.


Motorcycle Loans Are Available

What Can A Motorcycle Personal Loan Can Be Used For?

Some people may not be able to afford buying a motorcycle outright, so they must borrow money to purchase their motorcycle. One of the main reasons for choosing a personal loan to pay for a motorcycle is that you don’t need a down payment unlike most motorcycle loans. Some motorcycle loans also have higher minimum loan amount restrictions than personal loans, so personal loans may be a better option if you only need a small loan amount. For example, if you want to buy a used motorcycle for $10,000 and have $8,000 in cash, you may utilize a personal loan to cover the remaining $2,000, something you might not be able to finance with a motorcycle loan.


Another common reason people decide to use a personal loan to buy motorcycles is that motorcycle loan lenders have age limits on how old a vehicle can be before it can be financed. The motorcycle also needs to be in good working order. If you wish to restore an older motorcycle, a motorcycle loan may not be suitable.


Motorcycle Loans Are Available​

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