Home » Loans » Recreation » Motorcycle Loan
What it is
A motorcycle loan is a loan provided by a commercial financing company for the purchase of a motorcycle. These loans can be provided by banking institutions or other financial lending companies. These loans usually are over fixed one to five year terms, depending on the amount borrowed. The amount borrowed will vary based upon the down payment or any vehicles traded in on the new vehicle. Interest rates for motorcycle loans vary depending on promotional offers presented by dealerships and the associated lending companies.
Who it's for
Vehicles are becoming more expensive and motorcycles are no different. Some people cannot afford to pay outright for a motorcycle that can cost anywhere from $5,000 to $25,000. That's why motorcycle loans are very popular. People can decide how much they can afford month to month and pay a pre-arranged amount monthly to a commercial lender. At the end of the term, they will own their motorcycle.
What you need to do to apply
In order to be approved for a motorcycle loan, a person must demonstrate that they are able to pay the arranged amounts each month and provide credit information so that a lender can determine the risk of lending to him or her. In order to apply, a person must go to a dealership and then arrange financing through the dealership or his or her own financial institution.
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Popular Credit Cards
Recommended Credit Card
The The Platinum Card® from American Express is one of the most popular cards available. Your Credit Advisor recommends it as our favorite in this category.
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- 25,000 Membership Rewards® points when you spend $2,000 during your first three months of Card membership.
- Global Travel Benefits: Access over 600 lounges worldwide with Priority Pass™ Select, no foreign transaction fees, skip U.S. customs lines with Global Entry.
- Enroll and select an airline to receive up to $200 annually in statement credits for incidental fees such as checked bags, in-flight refreshments, and change fees.*
- Receive a companion ticket for discounted travel when you purchase a qualifying First- or Business-Class international ticket. Additional charges/taxes apply.
- 24/7 Platinum Card® Concierge service for assistance with reservations, travel, gifts, and more
- FINE HOTELS & RESORTS Program: exclusive upgrades and amenities at over 700 boutique, resort, and luxury hotels worldwide
- Use Membership Rewards Pay with Points for part or all of your travel and get 20% of those points back every time.
- Apply online now at American Express's Web site.
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| Intro APR |
Regular APR |
Credit Needed |
Annual Fee |
| No Introductory Rate Available |
No APR |
Very Good |
$450 |
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- Starpoints® Bonus: 10K with your first purchase and another 15K when you spend $5k within 6 months - enough for up to 6 free nights at a Category 1 or 2 hotel
- Free nights, free flights: Redeem Starpoints with over 350 airlines through SPG Flights and more than 1,000 hotels and resorts worldwide. No blackout dates
- 2011 SmarterTravel® Award for "Best Travel Rewards Card"
- $0 introductory annual fee for the first year, then $65
- Read our review or apply online now at American Express's Web site.
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| Intro APR |
Regular APR |
Credit Needed |
Annual Fee |
| No Introductory Rate Available |
15.24% - 19.24% variable |
None |
$65* |
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- No Annual Membership Fee
- Low variable rate of 7.25%, 10.25%, or 13.25% (Prime + 4.00%, Prime + 7.00%, or Prime + 10.00%) as of 4/1/10 based on the creditworthiness. This APR will vary with the market based on the Prime Rate. (If there is an interest charge, the charge will be no less than $0.50).
- Low Introductory APR on balance transfers of 1.99% for your first 6 billing cycles, this rate will not change during the introductory period. Applies to balance transfers processed within three months of your account open date. After that, your APR will be the same as your assigned purchase rate, based on your creditworthiness.
- Online Access to Credit Card Account Information
- Apply online now at the card issuer's Web site.
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| Intro APR |
Regular APR |
Credit Needed |
Annual Fee |
| 1.99% APR for 6 Billing Cycles |
7.25%, 10.25%, or 13.25%* |
None |
$0 |
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- Exclusive access to Gold Card Events - select concerts, shows, major sporting events, and more.
- Purchase Protection* can protect eligible items for up to 90 days from the date of purchase if stolen or accidentally damaged. *Underwritten by AMEX Assurance Company
- Redeem Membership Rewards® points for an exclusive array of travel, shopping, dining and entertainment rewards.
- Introductory annual fee of $0 for the first year, then $125.
- Get a decision in as little as 60 seconds.
- Read our review or apply online now at American Express's Web site.
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| Intro APR |
Regular APR |
Credit Needed |
Annual Fee |
| No Introductory Rate Available |
No APR |
Good |
$125* |
| Intro APR |
Regular APR |
Credit Needed |
Annual Fee |
| No Introductory Rate Available |
No APR |
None |
$0 |
