Advice On Getting a Bike Loan

Advice On Getting a Bike Loan

We live in a fast paced world, where a need for transportation is always present. Many people live in buildings and generally have parking problems because of it. There are many advantages of a two-wheeler. It doesn’t take away much space, the gas bills are far more decreased than the car gas bills, it is much easier to maintain and more suited to avoiding traffic jams. Plus, we cannot forget the thrill that the motorbike brings: the wind in the hair, that feeling of gliding through the streets, as if you were flying. Generally bikes are a far better investment than a car, but they are more risky too. If you are planning to buy a motorbike with cash, I salute you! But if you are looking for the better way to finance it, then read this to the bottom of the page. There are various ways you can finance your motorbike so let us sum them up.

Motorbike loan

OEM financing

Credit card

Personal loan


Motorbike loan

Motorbike loans can be applied for in many financial institutions. This is a high risk loan, but with a good credit report and a credit score over seven hundred (this is a number which represents your credit capabilities, and it varies from 1 to 1000), you shouldn’t be worried. It is a specialized loan, therefore the interest rates as well as the repayment period are reasonable. If the bank estimates that you have great credit capabilities, this should be your first option.

OEM Financing  (original equipment managers)

OEMs like Yamaha, Suzuki, Harley, etc., offer financing for the motorbikes you are willing to purchase from them. Check them online and at the dealerships. They constantly have promotions with new and upcoming models and may arrange a loan for you with low interest rates, as well as the reasonable term of repayment. This is actually a great way of financing, but it needs to be researched further. It is recommended to wait for a good promotion, if you have decided to finance your motorbike this way.

Credit card purchase

Not all people may possess a credit card with a high limit. But, if you are one of those people, that means that you have a fine financial background that can cover it. This way of financing is recommended for people who don’t like paperwork and do not have to worry about interest rates. This is a high-costly way of financing. Credit card interest rates can skyrocket in months after the purchase. Yet again, if you are not certain of this method and do not want to end up overpaying your motorbike, you should probably exclude this method from your consideration. Be cautious and reevaluate your budget limits.

Personal loans

Many people with bad credit report turn to this way of financing. It is simple, fast and unsecured. However, you can get a personal loan at any time, although their interest rates are quite high and the period of repayment varies from one to five years. You can always secure this loan by making a contract with your lender to set mortgage on one of your valuable assets. This way you will have lower rates and the term will be more flexible.

However, if you miss a few payments you will end up without the said asset, because the bank becomes its owner and will sell it to repay the debt. This can be quite stressful if the mortgage is set in your house. Anyway this kind of financing should be the last thing on your mind if you are planning on saving money.


The green stuff. If you have it and can pay the motorbike with it, I salute you! This is the easiest form of financing, which doesn’t need any paperwork, any loan or further monthly payments. It is quite difficult to gather those amounts in these times, being that motorbikes now cost from three thousand dollars up to fifty thousand dollars.  This is the greatest form of financing. Saving up that kind of money can be hard but not impossible. It takes patience discipline and time.

These are the forms of financing for your new motorbike. Read them well, review them and go research deeper. You may find more useful information which will bring you closer to your dream bike.

Image credit: gunnar3000 / 123RF Stock Photo

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