How To: Get a Motorcycle Loan

Published: September 18, 2014

If you are in the market for buying a new motorcycle, but need to obtain a loan in order to do so, then there are a number of things you should consider before you begin the application process.  You may already know the model you want to purchase, but having your finances in order is the first step to ensuring that you can achieve the bike of your dreams.

Getting a motorcycle loan isn’t all that different from getting a car loan; the main difference being that most institutions consider financing the purchase of a motorcycle to be a ‘speciality’ loan, due to the fact that motorcycles can be considered more likely to be stolen or crashed than cars.  However, motorcycles have become increasingly popular in recent years so all is not lost.  It simply means that there are fewer places you can go to obtain a loan for your purchase and as such, you need to be even more careful about the application process to make sure you get it right first time.

Credit Score

Before you even start to look at application forms, you need to check your credit report.  Lenders will check your report, and because of the increased risk with motorcycles, they tend to be stricter with their lending requirements.  This means that if you have a large amount of debt, or several missed payments, then you are more likely to be declined for credit.

Look over your credit score carefully and see if there are ways you can improve before you make an application.  You want to ensure there is nothing which will cause a red flag when you make your application, and this might mean waiting a few months to ensure there are no missed payments, or working to pay off a particularly large amount of debt.  The aim really is to have the best credit score possible when making your loan application.


It is vitally important that you create a budget before you apply for a loan.  You need to realistically work out how much you can afford to pay, and make sure that you don’t overstretch yourself financially.  Make sure you also take into consideration the other costs associated with owning a motorcycle such as insurance and maintenance.



Make sure that when it comes to shopping for a motorcycle that you stick to your budgeted amount and don’t fall for any gimmicks.


Once you have your budget in mind, and you know your credit score is as good as it can be, you are ready to start looking into the various loans options.  These include personal loans, credit cards and good old fashioned savings.  Research each option carefully and don’t be afraid to ask questions of the bank or institution you are looking into, such as any hidden charges or fluctuating interest rates.  The more information you have, the more confident you can be that you have made the right decision.



It is best to ensure that you apply for credit all at once, so if you want to put in several different applications, do it within the space of a few days so that you don’t damage your credit score.  A rejection for credit will lower your score, which will then make it more difficult to obtain a successful application from another company, and so on.


Once you have your loan secured, then go out and enjoy the purchasing process of your bike! It can be so much fun buying a new bike, especially if you’re a big motorbike fan!

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