Motorcycle Financing Options

If you are planning to purchase a new motorcycle but you do not have the cash outright, there are many motorcycle financing options available that can help you obtain the money you need to purchase the motorcycle of your dreams. Whether you finance through a bank, a dealership or a manufacturer, you can usually find a plan that is right for your needs, even if you have a lower than optimal credit rating. Motorcycle financing, unlike most car financing, is available directly through some manufacturers. For instance, Honda offers a financing plan that involves something called "The Honda Card." It is a credit card issued through Honda specifically to use on the purchase of any of their motor sports vehicles. The credit rate you receive is based on your credit score, but there are fix rate categories ranging from nine to sixteen percent. Harley Davidson also offers a financing program when you purchase your motorcycle from one of their dealerships. Most banks also offer motorcycle financing programs under their auto financing departments. For a new motorcycle, you can receive an interest rate as low as seven percent with a three-year loan term if you qualify. Interest rates vary depending on whether you are buying a new or used motorcycle, and whether you buy from a dealer or from an individual. Private dealerships and organizations like AAA also offer motorcycle financing and refinancing programs. If you are a AAA member, you may qualify for special low interest rate financing. Many of these programs are arranged through federal credit unions rather than through private banking institutions. Even if you have bad credit, you still may be able to finance a motorcycle. You may not be able to purchase a custom chopper or even a brand new bike, but you will still be able to finance an affordable used motorcycle that can save you money and gas and have you riding around town in style.

Discuss It!

Most Popular Articles

More