BEST OF

6 Best Motorcycle Loans of 2023

Motorcycle loans include unsecured personal loans from online lenders and secured loans from some banks, credit unions and motorcycle manufacturers.

By Annie Millerbernd 

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If you can’t buy a motorcycle with cash, a loan may be your next best option. Some motorcycle manufacturers offer low-interest financing, which is worth considering if you qualify. An unsecured personal loan or secured loan from an online lender, bank or credit union is another option.

Understanding the differences between motorcycle loans — and comparing offers from multiple lenders — can help you find the lowest rate and the best loan for you.

Best Motorcycle Loans

Our pick for

Unsecured motorcycle loans

SoFi
Get rate

on SoFi's website

SoFi

5.0

NerdWallet rating 
SoFi

Est. APR

7.99-23.43%

Loan amount

$5,000-$100,000

Min. credit score

None
Get rate

on SoFi's website


Min. credit score

None

Key facts

Qualified borrowers will find few lenders better than SoFi, thanks to its zero fees and thoughtful perks like unemployment protection and free financial advising.

Pros

  • No fees.

  • Joint loan option.

  • Rate discount for autopay.

  • Hardship program for borrowers in need.

  • Mobile app to manage loan.

Cons

  • No option to choose initial payment date.

  • High minimum loan amount.

Qualifications

  • Must legally be an adult in your state.

  • Must be a U.S. citizen, permanent resident or visa holder.

  • Must be employed, have sufficient income or have an offer of employment to start within the next 90 days.

Available Term Lengths

2 to 7 years

Fees

  • Origination fee: None.

  • Late fee: None.

Disclaimer

Fixed rates from 7.99% APR to 23.43% APR reflect the 0.25% autopay discount and a 0.25% direct deposit discount. SoFi rate ranges are current as of 8/22/22 and are subject to change without notice. Not all rates and amounts available in all states. See Personal Loan eligibility details. Not all applicants qualify for the lowest rate. Lowest rates reserved for the most creditworthy borrowers. Your actual rate will be within the range of rates listed above and will depend on a variety of factors, including evaluation of your credit worthiness, income, and other factors. See APR examples and terms. The SoFi 0.25% AutoPay interest rate reduction requires you to agree to make monthly principal and interest payments by an automatic monthly deduction from a savings or checking account. The benefit will discontinue and be lost for periods in which you do not pay by automatic deduction from a savings or checking account.

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Our pick for

Motorcycle loans with low rates

Lightstream
Get rate

on LightStream's website

LightStream

5.0

NerdWallet rating 
Lightstream

Est. APR

6.99-23.99%

Loan amount

$5,000-$100,000

Min. credit score

660
Get rate

on LightStream's website


Min. credit score

660

Key facts

LightStream’s low rates and zero fees make it one of the top lenders for borrowers with good or excellent credit.

Pros

  • No fees.

  • Rate discount for autopay.

  • Long repayment terms on home improvement loans.

  • Rate Beat program and Experience Guarantee.

Cons

  • No option to pre-qualify on its website.

  • Requires several years of credit history.

  • No direct payment to creditors with debt consolidation loans.

Qualifications

  • Minimum credit score: 660.

  • Several years of credit history.

  • Multiple account types within your credit history, like credit cards, a car loan or other installment loan and a mortgage.

  • Strong payment history with few or no delinquencies.

  • Investments, retirement savings or other evidence of an ability to save money.

  • Enough income to pay existing debts and a new LightStream loan.

Available Term Lengths

2 to 7 years

Fees

  • Origination fee: None.

  • Late fee: None.

Disclaimer

Rates quoted are with AutoPay. Your loan terms are not guaranteed and may vary based on loan purpose, length of loan, loan amount, credit history and payment method (AutoPay or Invoice). AutoPay discount is only available when selected prior to loan funding. Rates without AutoPay are 0.50% points higher. To obtain a loan, you must complete an application on LightStream.com which may affect your credit score. You may be required to verify income, identity and other stated application information. Payment example: Monthly payments for a $25,000 loan at 4.98% APR with a term of 20 years would result in 240 monthly payments of $164.71. Some additional conditions and limitations apply. Advertised rates and terms are subject to change without notice. Truist Bank is an Equal Housing Lender. © 2022 Truist Financial Corporation. Truist, LightStream, and the LightStream logo are service marks of Truist Financial Corporation. All other trademarks are the property of their respective owners. Lending services provided by Truist Bank.

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Our pick for

Motorcycle loans for bad credit

Upgrade
Get rate

on Upgrade's website

Upgrade

5.0

NerdWallet rating 
Upgrade

Est. APR

7.96-35.97%

Loan amount

$1,000-$50,000

Min. credit score

560
Get rate

on Upgrade's website


Min. credit score

560

Key facts

Customizable loan features and discount opportunities make Upgrade a strong option for fair- and bad-credit borrowers.

Pros

  • Secured and joint loans.

  • Multiple rate discounts.

  • Mobile app to manage loan payments.

  • Direct payment to creditors with debt consolidation loans.

  • Long repayment terms on home improvement loans.

Cons

  • Origination fee.

  • No option to choose your payment date.

Qualifications

  • Minimum credit score: 560.

  • Minimum number of accounts on credit history: 1 account.

  • Maximum debt-to-income ratio: 75%, including the loan you're applying for.

  • Minimum length of credit history: 2 years.

  • Minimum income requirement: None. Lender accepts income from alimony, retirement, child support, Social Security and other sources.

Available Term Lengths

2 to 7 years

Fees

  • Origination fee: 1.85% to 8.99%.

  • Late Fee: $10.

  • Failed payment fee: $10.

Disclaimer

Personal loans made through Upgrade feature Annual Percentage Rates (APRs) of 7.96%-35.97%. All personal loans have a 1.85% to 8.99% origination fee, which is deducted from the loan proceeds. Lowest rates require Autopay and paying off a portion of existing debt directly. Loans feature repayment terms of 24 to 84 months. For example, if you receive a $10,000 loan with a 36-month term and a 17.59% APR (which includes a 13.94% yearly interest rate and a 5% one-time origination fee), you would receive $9,500 in your account and would have a required monthly payment of $341.48. Over the life of the loan, your payments would total $12,293.46. The APR on your loan may be higher or lower and your loan offers may not have multiple term lengths available. Actual rate depends on credit score, credit usage history, loan term, and other factors. Late payments or subsequent charges and fees may increase the cost of your fixed rate loan. There is no fee or penalty for repaying a loan early. Personal loans issued by Upgrade's bank partners. Information on Upgrade's bank partners can be found at https://www.upgrade.com/bank-partners/.

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Upstart
Get rate

on Upstart's website

Upstart

4.5

NerdWallet rating 
Upstart

Est. APR

6.50-35.99%

Loan amount

$1,000-$50,000

Min. credit score

None
Get rate

on Upstart's website


Min. credit score

None

Key facts

Though Upstart’s personal loans don’t come with dazzling features, they’re a fast-funding option for borrowers with low credit scores and strong earning potential.

Pros

  • Accepts borrowers new to credit.

  • Fast funding.

  • Option to change your payment date.

  • Option to pre-qualify with a soft credit check.

  • Offers free financial education

Cons

  • May charge origination fee.

  • No joint, co-signed or secured loans.

  • No mobile app to manage loan.

  • Only two repayment term options.

Qualifications

  • Minimum credit score: None.

  • Minimum annual income: $12,000; this lender accepts income from employment, alimony, retirement, child support, Social Security, rentals, trusts, pensions, disability and scholarships.

  • Must have a full-time job or be starting a full-time job in six months.

Available Term Lengths

3 to 5 years

Fees

  • Origination fee: 0% - 10%

  • Late fee: 5% of past due amount or $15, whichever is greater.

  • Returned check fee: $15.

Disclaimer

Your loan amount will be determined based on your credit, income, and certain other information provided in your loan application. Not all applicants will qualify for the full amount. Minimum loan amounts vary by state: GA ($3,100), HI ($2,100), MA ($7,000), NM ($5,100), OH ($6,000). The full range of available rates varies by state. The average 5-year loan offered across all lenders using the Upstart platform will have an APR of 25.05% and 60 monthly payments of $25.80 per $1,000 borrowed. For example, the total cost of a $10,000 loan would be $15,478 including a $804 origination fee. APR is calculated based on 5-year rates offered in June 2022. There is no down payment and no prepayment penalty. Your APR will be determined based on your credit, income, and certain other information provided in your loan application. Not all applicants will be approved. This offer is conditioned on final approval based on our consideration and verification of financial and non-financial information. Rate and loan amount are subject to change based upon information received in your full application. This offer may be accepted only by the person identified in this offer, who is old enough to legally enter into contract for the extension of credit, a US citizen or permanent resident, and a current resident of the US. Duplicate offers are void. Closing your loan is contingent on your meeting our eligibility requirements, our verification of your information, and your agreement to the terms and conditions on the Upstart.com website.

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Our pick for

Motorcycle loans for military members

PenFed Credit Union Personal Loan
See my rates

on NerdWallet's secure website

PenFed Credit Union Personal Loan

5.0

NerdWallet rating 
PenFed Credit Union Personal Loan

Est. APR

7.74-17.99%

Loan amount

$600-$50,000

Min. credit score

700
See my rates

on NerdWallet's secure website


Min. credit score

700

Key facts

PenFed’s personal loans are ideal for good-credit borrowers looking for a personal loan at a low interest rate.

Pros

  • Option to pre-qualify with a soft credit check.

  • Co-sign and joint loan options.

  • Can fund loans within one week.

  • Wide range of loan amounts.

Cons

  • No rate discount.

  • Reports payments to only one of the three major credit bureaus.

  • No direct payment to creditors with debt consolidation loans.

Qualifications

  • Minimum credit score: 700.

  • Must provide name, address, date of birth, Social Security number and employer information.

  • Must show at least two years of credit history, two accounts and no bankruptcies.

  • Average borrower annual income: $55,000.

  • Average borrower debt-to-income ratio: 40%.

Available Term Lengths

2 to 5 years

Fees

  • Origination fee: None.

  • Late fee: $29.

  • Non-sufficient funds fee: $35.

Disclaimer

Personal Loan rates range from 7.74% to 17.99% APR.Rates and offers current as of October 2022 and are subject to change.* Your actual APR will be determined at the time of disbursement and will be based on your creditworthiness, which includes an evaluation of your credit history and the length of your PenFed membership. Not all applicants will qualify for the lowest rate. Rates quoted assume excellent borrower credit history. Other eligibility requirements may apply. All loans are subject to a minimum monthly payment of $50.Insured by NCUA. To receive any advertised product, you must become a member of PenFed. Equal Housing Lender.

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Our pick for

Motorcycle loans from a credit union

First Tech Credit Union Personal Loan
See my rates

on NerdWallet's secure website

First Tech Credit Union Personal Loan

5.0

NerdWallet rating 
First Tech Credit Union Personal Loan

Est. APR

6.70-18.00%

Loan amount

$500-$50,000

Min. credit score

660
See my rates

on NerdWallet's secure website


Min. credit score

660

Key facts

First Tech’s personal loans are a sound option for members who want a customizable debt consolidation loan with fast funding.

Pros

  • Co-sign, joint and secured loan options.

  • Direct payment to creditors with debt consolidation loans.

  • Options to choose and change your payment date.

  • Fast funding.

Cons

  • Exclusive to credit union members.

  • Reports payments to only one of the three major credit bureaus.

  • No rate discount.

Qualifications

  • Must be a member of First Tech Federal Credit Union.

  • Minimum credit score: 660.

  • Must provide Social Security number and driver's license or other state-issued ID.

  • Maximum debt-to-income ratio: 50%.

  • Minimum monthly income: $700 if living with others; $1,000 if renting; $1,500 if you own your home.

  • Minimum credit history: At least two established accounts.

Available Term Lengths

2 to 7 years

Fees

  • Origination fee: None.

  • Late fee: Varies.

  • Returned check fee: $28.

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How do motorcycle loans work?

Motorcycle loans help you finance your bike if you can’t afford the sticker price outright. Interest rates and terms on motorcycle loans vary based on the lender, the loan amount, your credit score and income, and whether the loan is secured by the vehicle or unsecured.

Once you apply and receive the loan, you’ll pay it back in fixed monthly installments with interest.

Secured motorcycle loans vs. unsecured motorcycle loans

Secured loans tend to have lower interest rates because the lender takes on less risk by having your motorcycle as collateral. You’ll find secured loans more often at banks and credit unions.

Secured loans may require — or have an optional — down payment. A down payment reduces the loan amount and the interest you’ll pay on the loan. Unsecured loans don’t require down payments.

Unsecured loans take into account your credit rather than requiring you to pledge the bike as collateral. This means the lender can’t take your motorcycle if you fail to make payments.

These loans are more commonly offered by online lenders, which usually let you pre-qualify for a loan to see the amount, rate and term you may qualify for without impacting your credit score.

Motorcycle manufacturer financing

Some motorcycle manufacturers offer financing at lower rates than the rates on unsecured or secured motorcycle loans. Harley Davidson, for example, offers financing options for its bikes at local dealers. According to the company, rates start at 3.75% over seven years for new motorcycles.

How to compare motorcycle loans

Here are the key features to compare between motorcycle loans:

  • Lender requirements: Most lenders look at your credit score and debt-to-income ratio to determine whether to lend to you and at what rate. Some lenders require good or excellent credit, while others will lend to borrowers with bad credit. It may be easier to qualify for a secured loan than an unsecured loan, since the collateral helps guarantee the loan.

  • Annual percentage rates: A loan’s APR is its interest rate plus any fees, like an origination fee. APRs on most unsecured personal loans fall between 6% and 36%; starting rates on secured motorcycle loans may be lower. The loan with the lowest rate is often the best choice.

  • Repayment terms: Most unsecured loans have repayment terms between two and seven years, but some lenders have more limited options. A longer repayment term means you’ll have lower monthly payments; a shorter one means you’ll pay less in overall interest. Use a personal loan calculator to estimate your rate and monthly payment based on your credit score.

  • Other loan features: If you have multiple loan offers at affordable rates, a loan's unique features could influence your decision. Some lenders offer next-day funding, access to your credit score, or a mobile app to manage your loan. These features shouldn’t trump the offer with the lowest rate, but they can help make the process of getting and repaying your loan more convenient.

Motorcycle loan frequently asked questions

Where can I get a motorcycle loan?

Motorcycle loans are offered through some motorcycle manufacturers, banks, credit unions and online lenders. Compare offers from multiple lenders to find the lowest rate.

How do I get a motorcycle loan?

Getting a motorcycle loan starts with comparing multiple loan offers. You'll then submit an application, typically with documentation like W-2s and pay stubs. The application will trigger a hard credit pull. Once approved, you'll typically receive the loan within a week, though some lenders can send you the funds that same day or the next business day.

Can I get a motorcycle loan with bad credit?

Minimum credit score requirements can vary, but some lenders specifically offer unsecured loans for borrowers with bad credit (FICO score of 629 or lower). However, the higher your credit score, the more likely you'll be approved for a low interest rate. Borrowers with good to excellent credit (FICO score of 690 or higher) receive the lowest rates.

How long are motorcycle loans?

Motorcycle loans typically have repayment terms from two to seven years. A longer term means lower monthly payments, but more interest.

What are motorcycle loan rates?

Rates on unsecured personal loans from online lenders range from 6% to 36%. Rates for secured loans may be lower, and federal credit unions cap interest rates at 18%.

You can see what rate you qualify for on an unsecured personal loan by pre-qualifying. Doing so with NerdWallet lets you see potential rates and terms from multiple online lenders and doesn’t affect your credit score.

Last updated on July 6, 2022

To recap our selections...

NerdWallet's Best Motorcycle Loans of 2023