10 Best Motorcycle Loans of 2022

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Want to get a sweet new ride to cruise down America’s highways? Or need to refinance your bike so you can make more affordable monthly payments and keep enjoying your motorcycle and lifestyle?

In either case, you may need a great motorcycle loan, in which case you’ve come to the right place! Let’s take a close look at the best motorcycle loans of 2021 from a variety of different lenders and loan marketplaces.

Best Motorcycle Loans

Best Motorcycle Loan Rates

Best Overall Motorcycle Loan + Fast Funding
Upgrade Motorcycle Loans
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Upgrade Loans
  • LOAN AMT.
    $1,000 - $50,000
  • EST. APR
    5.94% - 35.47%
  • Learn More
  • Auto Loan Details

Upgrade offers personal loans that can be used for motorcycle purchases or refinancing in amounts ranging from $1000-$50,000. Additionally, APRs can be quite low at 5.94% minimum, but they can also be somewhat high, reaching as high as 35.97%.

Upgrade Personal Loans requires a minimum credit score of 620, making it a good choice for those with fair to poor credit. They do a soft credit check to see what APR you qualify for, but this doesn’t negatively affect your credit score. Should you qualify, you could get your funding as soon as the next business day.

Note that Upgrade, unfortunately, charges origination fees for all loan borrowers ranging between 2.9% and 8%. They also charge $10 late fees. Your loan’s repayment terms can range between 36 and 60 months.

Ultimately, this lender could be a good personal loan choice if you don’t have the best credit and need a relatively low loan amount, such as for paying for a motorcycle repair or covering any refinancing fees.

>> More: Upgrade Personal Loans Review

Best for Quick Motorcycle Loan
LightStream Motorcycle Loans
LightStream
  • LOAN AMT.
    $5,000 - $100,000
  • EST. APR
    4.49% - 20.49%
  • Learn More
  • Auto Loan Details

This online lender from Truis is one of the best institutions to contact if you need a personal loan for a variety of things, ranging from hospital bills to motorcycle purchases.

It offers extremely fast funding times and only charges interest based on modifying APRs. In addition, it doesn’t charge unnecessary fees like origination, administrative, or prepayment fees. LightStream’s motorcycle personal loan interest rates start at 4.29% APR, but to get this low rate you’ll have to set up auto payments.

If you don’t set up automatic payments, your APR will automatically be 0.5% higher than advertised rates, and APRs can go up to 11.89%. Fortunately, loan terms are flexible, ranging from as short as 24 months to 84 months for loans over $25,000.

Most importantly, the application process is quick, and you could get your funds within 24 hours or the next business day.

The big downside is that you have to have fair to excellent credit if you want to get approved for a decent personal loan. Thus, folks with subpar credit may need to look elsewhere.

>> More: LightStream Auto Loans Review

Best Bad Credit Motorcycle Loans
Upstart Motorcycle Loans
Upstart
  • LOAN AMT.
    $1,000 - $50,000
  • EST. APR
    5.38% - 35.99%
  • Learn More
  • Auto Loan Details

Upstart is an ideal institution a contact for motorcycle loans if you don’t have much of the credit history (i.e. young adults, those w/o long employment histories, etc.).

Their loans require a minimum credit score of 580 but are known to accept borrowers with no credit as well, as long as they can provide proof of employment.

They’re also an excellent lending institution since they can provide loan funds within a single business day.

Term lengths range from between 36 to 60 months and APRs are determined by your credit history, income, and other personal information.

Loan amounts can also range from as little as $1000-$50,000, making this institution ideal if you need a small loan for motorcycle repairs.

Note, however, that most motorcycle loans from this institution have APRs around 24.4%: pretty high compared to other lending options available.

Additionally, Upstart charges an origination fee for most applicants. These fees can be as high as 8%, and you’ll face a late fee of 5% of whatever the past due amount is or $15, whichever is greater.

Still, Upstart can be a decent choice for those without any other options due to a lack of employment history or a nearly nonexistent credit score.

It’s also a solid choice for those who need fast funding for their motorcycle refinancing or purchase.

>> More: Upstart Personal Loans Review

Best for Bad Credit Motorcycle Loans
Avant Motorcycle Loans
Avant
  • LOAN AMT.
    $2,000 - $35,000
  • EST. APR
    9.95% - 35.99%
  • Learn More
  • Auto Loan Details

Avant is a dedicated online personal loan lending institution, offering bad credit motorcycle loans to those with credit scores between 600 and 700.

Personal loans are available for between $2000 and $35,000, and you can use the funds for either motorcycle purchases or refinancing. APRs are decent but not the best (as you’d expect from a bad credit motorcycle loan), ranging from 9.95% to 35.99%.

Fortunately, loan term lengths are flexible, ranging between 24 and 60 months. Unfortunately, Avant charges a 4.75% administrative fee to all borrowers. The application process is quick and easy, but it does require proof of employment, as well as salary and monthly expense information for all applicants.

Should you be approved for the loan, you could get your funds as early as the next business day.

>> More: Avant Personal Loans Review

Best for Military Motorcycle Loans
USAA Motorcycle Loan Rates
USAA Motorcycle Loans
  • LOAN AMT.
    $2,500 - $20,000
  • EST. APR
    6.49% - 17.15%
  • Learn More
  • Auto Loan Details

USAA is one of the best lending institutions overall for active-duty military members, veterans, and families. It’s also a suitable choice for those looking for quality motorcycle loans. Of course, you have to be a member of this insurance company to qualify in the first place – and you can only be a member if you are a US military member, veteran, or spouse or child of a veteran.

USAA auto loans and motorcycle loans can be used to finance either used or new motorcycles, off-road dirt bikes, and scooters. APRs are competitive and can be as low as 5.99% (with an optional 0.25% discount if you opt-in to autopay), and you can get loan terms as long as 72 months.

However, this insurance company does apply several limitations or qualifications to different loan term lengths. For example, you have to finance at least $5000 if you want to qualify for term lengths between 12 and 48 months. Additionally, your loan-to-value ratio has to be 90% or lower.

On the plus side, USAA doesn’t have any minimum credit score requirements, so it could be a good choice if you’re a veteran or family member with subpar credit.

The downside is that they require you to physically sign any loan documents and they send their funding via checks. So, you can’t get the money deposited into your bank account very quickly.

>> More: USAA Personal Loans Review

Best for Motorcycle Loans from a Credit Union
First Tech Credit Union Motorcycle Loans
First Tech Credit Union
  • LOAN AMT.
    $500 - $50,000
  • EST. APR
    6.70% -18.00%
  • Learn More
  • Auto Loan Details

This credit union offers motorcycle and personal loans to its members only. If you’re a member, you’ll benefit from low starting rates and zero origination fees, although this institution does charge late fees of up to $15 and a “returned payment” fee of $28.

Still, there’s a lot to like about the motorcycle and personal loans available from First Tech. Term lengths are available for between 48 months and 7 years, and the credit union doesn’t have a credit score minimum for application acceptance. Unfortunately, there’s no option to prequalify and there aren’t any APR discounts for setting up auto payments.

That being said, First Tech does offer APRs as low as 6.7% (and as high as 18%). You can potentially get a loan for as little as $500 for as high as $50,000 from First Tech: perfect if you just need some temporary repairs on your motorcycle.

Their loans are also available in secure, joint, and co-sign options for those with subpar credit.

Best for Motorcycle Loan Consolidation
Payoff Motorcycle Loans
Payoff
  • LOAN AMT.
    $5,000 - $40,000
  • EST. APR
    5.99% - 24.99%
  • Learn More
  • Auto Loan Details

Payoff facilitates personal loans for motorcycle repairs, purchases, or refinancing in amounts up to $35,000: not the highest on this list, but still reasonable. They also don’t charge any prepayment fees or late fees and have a high Better Business Bureau rating, indicating excellent customer satisfaction so far.

Furthermore, you only need a credit score of 640 to qualify. APRs can be as low as 5.9%, although you’ll only qualify for this if you have a higher than minimum credit. APRs can also reach as high as 24.99%. Unfortunately, these loans cannot be applied for jointly, and every borrower faces an origination fee of up to 5%.

It’s important to note that Payoff doesn’t directly give loans to borrowers. Instead, they’re a loan marketplace and can connect you to loan contracts from five different lending institutions, including First Electronic Bank, First Tech Federal Credit Union, and more.

Therefore, Payoff should be seen more as a secondary loan source rather than a place to apply for loans initially. Check back with them if you do not get accepted elsewhere.

>> More: Payoff Personal Loans Review

Best for Comparing Bad Credit Motorcycle Loan Rates
Auto Credit Express Motorcycle Loans
Auto Credit Express Motorcycle Loans
  • LOAN AMT.
    Varies
  • EST. APR
    3.99% - 29.99%
  • Learn More
  • Auto Loan Details

Like Payoff, Auto Credit Express is not a direct lending institution but instead connects you with bad credit lenders or auto dealers that may provide you with a motorcycle or personal loan if you have bad credit.

This does mean you won’t know your loan terms or interest rates until you are paired with a lending institution.

Still, this does mean that Auto Credit Express has minimal qualification requirements. They offer loans for both new motorcycle purchases and refinancing.

You have to have a monthly income of $1500 and be a resident of the US and Canada to qualify for any of their loan contracts, however.

You’ll generally need a credit score of 580 or better to qualify for one of the lenders in the network.

Fortunately, they don’t do a hard credit inquiry when you submit your prequalification application, and they allow cosigners.

>> More: Auto Credit Express Review

Best Joint Application Motorcycle Loans
Prosper Motorcycle Loans
Prosper
  • LOAN AMT.
    $2,000 - $40,000
  • EST. APR
    7.95% - 35.99%
  • Learn More
  • Auto Loan Details

Prosper is a peer-to-peer lending institution ideal for those with fair to good credit scores. You’ll generally need a minimum credit score of 640 to qualify. In exchange, you can take out loans ranging in amounts between $2000 and $40,000 with APRs ranging as low as 7.95% to as high as 35.99%.

Prosper is an excellent choice for some because of certain flexible aspects. They offer joint loan application options for those with subpar credit and give you the option to change your payment date, so it better suits your financial schedules.

However, they don’t offer an APR rate discount for signing up for autopay and they do charge origination and late fees. Furthermore, all borrowers are limited to two repayment term options – 3 or 5 years. This lender does do a soft credit check for prequalification and reports payments to all three major credit bureaus.

Seen in this light, Prosper could be a good choice for those looking to rebuild their credit over time.

>> More: Prosper Personal Loans Review

Best for Motorcycle Loan Customer Service
Best Egg Motorcycle Loans
Best Egg
  • LOAN AMT.
    $2,000 - $50,000
  • EST. APR
    5.99% - 29.99%
  • Learn More
  • Auto Loan Details

Best Egg doesn’t offer motorcycle-specific loans, but it does offer personal loans for those with credit scores of at least 600. APRs can be pretty low at 5.99%, although low credit will likely net you an APR closer to 29.99%.

Should you qualify, you can get a loan for between $2000 and $50,000 in as little as one business day. If you’re a homeowner, you can also apply for a secured loan option, potentially getting you a better rate or helping you secure the loan even if you have a credit score lower than 600.

Unfortunately, Best Egg charges an origination fee and only offers two repayment term lengths: either three years or five years. They do a soft credit check during the prequalification process and aren’t available in Iowa, West Virginia, Washington DC, or Vermont.

The application process is quick and simple, is fully online, and the company has a variety of financial education tools, plus extended customer service hours.

>> More: Best Egg Personal Loans Review

What Kind of Loan Do You Get for a Motorcycle?

Motorcycle owners can get a few different types of loans for their vehicles. Overall, personal loans are the best solution despite dedicated motorcycle loans seeming like better deals on the surface.

  • Personal Loans: Personal loans are the best choice in most cases for a variety of reasons. For starters, they usually have lower interest rates (though these personal loans sometimes require higher credit scores). They also have more flexible loan terms – for instance, many motorcycle loans have repayment terms as long as 84 months. Personal loans are often limited to 60 months, so you’ll be free of the loan faster.
  • Motorcycle Loans: Motorcycle loans are loans specifically designed for purchasing or refinancing motorcycles. They usually have different terms compared to auto loans or personal loans, including potentially higher APRs and long-term limits.
  • Manufacturer Financing: Some motorcycle manufacturers offer manufacturer financing plans directly to the buyers of their bikes. Harley-Davidson is one example. In many cases, these can be advantageous loans for their low-interest rates – many of them also don’t require a down payment. However, their interest rates can also be very high depending on your credit score and the cost of your bike, and they may prevent you from refinancing for a set amount of time in the future. In other words, these can be tough agreements to change if needed in the future

Should I Use a Personal Loan to Finance a Motorcycle?

In our opinion, yes. Personal loans are more flexible, and you have a higher likelihood of finding a loan with a great APR than you would with a motorcycle loan or even most manufacturer financing contracts. Personal loans can also usually be paid off more quickly, freeing up some of your monthly income by a number of years compared to good motorcycle loans or manufacturer financing contracts.

Where Can I Get a Motorcycle Loan?

Motorcycle loans can be found through a variety of motorcycle manufacturers, auto dealerships, or the lending institutions mentioned above. Some of the above institutions are also loan marketplaces, so they don’t provide you with direct loans but instead connect you to lenders with good rates and low credit requirements.

How Do I Get a Motorcycle Loan?

To get a motorcycle loan, you first have to visit the lender’s website and apply for the loan, sometimes through making an account. You’ll provide your personal information, and they will perform a soft credit check to determine your creditworthiness.

After this prequalification process, you’ll be able to apply for the loan. This will usually require your Social Security number and a hard credit check, which may lower your credit score by a small amount. Then you can sign the loan, either alone or with a cosigner if the lender allows it.

What Is a Good Credit Score for a Motorcycle Loan?

In general, a good credit scorefor a motorcycle loan is the same as a good credit score for other big loans. Aim for a credit score of 700 or higher to get favorable APRs, term limits, and loan amounts.

Motorcycle Loans vs. Car Loans: How Are They Different?

Car loans are loans specifically for automobiles, not for single or two-person motorcycles. They have different interest rates, different term lengths, and extra auto refinancing optionssince they expect to be carried for a while before being paid off.

>> More: Compare the Best Auto Loan Rates

Can I Get a Loan for a Used Motorcycle?

Absolutely. Check out the above lenders and see what their credit score requirements are before applying.

How Much Do Motorcycle Loans Cost?

Motorcycle loans are often free to apply to – most don’t have any application fees. Some loans do have application fees; however, these can be anything from $10-$50 or higher.

Other than these fees, some loans charge prepayment fees, origination fees, and late payment fees which may add up their total cost.

How Do I Find the Best Motorcycle Loan Rates?

In general, it’s a good idea to use this page and other resources on our site to compare loan APRs or annual percentage rates. The lower the rate, the less money you’ll pay overall by the time the loan is fully paid off.

How to Compare Motorcycle Loans

When comparing the best motorcycle loans, these are four things you absolutely need to review and consider.

#1. Annual Percentage Rates

The APR describes how much extra money you’ll pay every year for a loan by combining the interest rate, fees, and other additive costs. The higher the APR, the more money you pay over the loan’s lifespan. It can be thought of as the cost of borrowing from a lending institution or bank in the first place.

#2. Lender Requirements

Check the lender requirements before signing up for a loan as well. Some lenders only allow you to take out motorcycle loans on particular vehicles, or they may have income requirements to ensure you can pay your loan payments on time.

#3. Repayment Terms

The repayment terms describe how many months or billing cycles it will be until the loan is paid off. Shorter repayment terms are usually preferable if you can afford them, as you’ll pay less interest with a shorter motorcycle loan (such as 48 months) compared to a longer motorcycle loan (such as 60 months).

#4. Special Features

Lastly, think about any special features that a lender may offer, such as refinancing offers, fee waivers, autopay discounts, and more. These features can help distinguish lenders from one another and cement one as the best choice for your needs.

>> More:Guaranteed Auto Loans

Unsecured vs. Secured Motorcycle Loans

An unsecured motorcycle loan uses your creditworthiness to determine whether the lender will offer you a loan contract.

In the event you default, the lender can’t take your motorcycle if you don’t make your payments on time.

Secured loans are the opposite. They have lower interest rates and lower credit requirements since the lender has a contractual right to take your motorcycle if you default on your payments. In these loans, the motorcycle is collateral.

Most secured motorcycle loans can be found at banks and credit unions rather than auto dealerships or lending institutions.

SimpleMoneyLyfe’s Best Motorcycle Loans:

  • Upgrade: Best for Quick Motorcycle Financing
  • LightStream: Best Overall Motorcycle Loans
  • Upstart: Best Bad Credit Motorcycle Loans
  • Avant: Best for Bad Credit Motorcycle Loans
  • USAABest Motorcycle Loan for Military
  • First TechBest for Motorcycle Loans from a Credit Union
  • PayoffBest for Consolidating Motorcycle Loans + Debt
  • Auto Credit ExpressBest for Comparing Bad Credit Motorcycle Loan Rates
  • ProsperBest for Joint Applications
  • Best Egg: Best for Customer Service

Bottom Line: Best Motorcycle Loans

Overall, each of the above motorcycle loans is a great choice for one reason or another. Be sure to compare them carefully to determine which one is the best choice for your financial situation. Or contact us today for more information!

Methodology

To select the best motorcycle loans, we reviewed the annual percentage rate (APR), availability, affordability, funding times, flexibility, customer support, online experience, industry reputation, and security. These factors are absolutely critical for consumers to consider. Our team of product analysts value transparent rates, fees, and terms. Moreover, we also place an emphasis on the security and protection of your personal information data. To review the industry reputation, we utilized trusted third-party sites and platforms, such as Google Review, Better Business Bureau, Consumer Financial Protection Bureau, and the Federal Trade Commission. Read our editorial guidelines and rating methodologies for personal loans to understand the integrity of our thorough review process.

Kim Pinnelli
Kim Pinnelli

Kim Pinnelli is a Senior Writer, Editor, & Product Analyst with a Bachelor’s Degree in Finance from the University of Illinois at Chicago. She has been a professional financial writer for over 15 years, and has appeared in a myriad of industry leading financial media outlets. Leveraging her personal experience, Kim is committed to helping people take charge of their personal finances and make simple financial decisions.