Several financial institutions understand that riding is a passion and there are people who live to ride. Whether it is going cross-country or riding in the desert dunes, motorcycles have been associated with individual style statements.
Those having a fetish for motorcycles often get confused when there is a new model in town. It might not be possible to save money for your dream vehicle every time, which is why people opt for loans. Opting for a monthly payment takes away the burden of paying a large amount at one go.
Let us look at the various options where you can avail a loan and bring home your dream two-wheeler.
Banks offering Motorcycle Loans
- Wells Fargo–Vehicle finance loans are available at fixed rates. Once your documents are approved, funds will be credited to your account within one or two days. There are no hidden costs or application fees. Wells Fargo loan officer will work with you to decide the best loan rate suiting your budget.
- Motorcycle Lender – Loan rates with this lender starts with an APR of 5.99%. You have the option of choosing between a 3-year or a 5-year repayment period. The maximum loan amount offered is $40,000. If you choose a fixed interest rate, the bank assures that your monthly payments will remain the same throughout the loan tenure.
- Altra Federal Credit Union – You can avail motorcycle loans for 84 months or less at an APR of 3.99%. It offers further discounts if you have an Altra checking account or an Altra credit card. You can schedule automatic payments from your Altra checking account. The company also refinances your existing loans at reduced interest rates.
- USAA – This is one of the few banks that offers 100% financing with interest rates as low as 5.99% for up to 60 months. All you need to do is complete the application on their website and get a loan decision instantly. Funds are transferred to your account on the same day, provided you meet all the bank requirements.
- Nationwide–It takes hardly a few minutes to determine whether you qualify for a loan from Nationwide. They have an online process to check if you are eligible. You can even find out your monthly payment and interest rate yourself, without the need to visit the bank. Your credit history has a significant impact on your approval process.
- America First Credit Union–It offers motorcycle loans with an APR of 3.74% to 4.74% for 7, 10 and 12 years. Rates may be higher depending on your credit score. Apart from motorcycle loan, they also offer motorcycle insurance. You can apply online and if approved, funds are transferred to your account within 24 hours.
With a variety of motorcycle loans available, it is difficult to decide the best among them. You may also consider applying for a personal loan that allows you to use the funds whichever way you want. Some banks may ask you for a down-payment, whereas there are others who would offer a 100% financing.
If you qualify for a personal loan, make sure you do a thorough research keeping in mind interest rates, term and other conditions of the bank.