Pursuing a motorcycle loan is similar to pursuing a vehicle loan; you can find competitive rates and submit an application online for most lenders. Motorcycle manufacturers may offer low-rate financing for a motorcycle purchase, so shop around to find which lenders offer the best financing before you apply.
Motorcycle Manufacturer Banks
If you're purchasing a new motorcycle, pursue financing with the motorcycle's manufacturer if it allows. Often, manufacturers offer aggressive rates that can't be beat by other lenders. If you’re interested in a new motorcycle, visit the manufacturer's website and find out if special rates exist. Many manufacturer websites offer an online application process, but be sure to read over the application requirements and details. Some manufacturers may direct your application a motorcycle dealer, while others offer instant approvals.
Check the websites of banks in your area, especially credit unions. Credit unions offer low rates and motorcycle specific financing. Rates are often advertised online, although restrictions might apply to older motorcycles or motorcycles with high mileage. Call a bank for clarification if you need to. Compare rates of available lenders and fill out an application once you’ve found a decent rate. You can fill out the application online, in person or on the phone. Have your motorcycle information ready, such as its year, make, model, mileage and identification number.
Motorcycle Dealer Applications
Rather than search online for a direct motorcycle lender, you can apply at the dealership you want to purchase from. Many dealers also offer an online finance application process. To submit your application, go to the dealer website and locate its financing options and application form. Your application will not be submitted directly to a lender, it goes to the motorcycle dealer's finance department for consideration. Motorcycle dealers use a variety of national and local lenders, including the manufacturer's bank, if applicable. The dealer will send your application to various banks.
An Internet search for "motorcycle loans" offers thousands of lending options. Fully investigate any lender or website before you offer your credit information. Check with the Better Business Bureau website to determine whether the bank or business you found is reputable. Expect to submit your social security number, date of birth, address, phone number and employment information with your application. Make sure your information doesn't get into the wrong hands. Also ensure that rates are competitive with other lenders. Some banks or loan companies may forward your application to numerous banks, which can cause multiple credit report checks and unwanted phone calls.