Understanding Motorcycle Loan Rates

GETTING THE BEST RATES FOR YOUR MOTORCYCLE LOAN

The most influential criteria that determine that rate you receive for your motorcycle loan is your credit rating and score, the term of your loan and your borrowing amount. Use the motorcycle loan calculator to determine what you can afford.

Credit
Your credit is going to be the most important factor. The stronger your credit rating, the lower your interest rate is going to be. Therefore, maintaining a good credit score is very important. It would be wise to obtain a copy of your credit report prior to submitting your financing request to make sure that all of your information is reported correctly and up-to-date. Otherwise you will likely be facing higher rates that you really don't deserve.

Loan Term
The amount of time you look to finance your bike for is going to determine how much you pay. The longer your term, the more you are going to pay in interest. A 60 month motorcycle is going to have a lower rate than say 36 month loan. However, you will end up paying more in total interest costs for the 60 month loan. Owing more for your motorcycle than it is worth, otherwise known as being upside-down on your loan, is a common occurrence with longer loan terms.

Price of Bike
The amount of money you are looking to finance is also going to play a part in the motorcycle loan rates you receive. A rule of thumb, the more you finance, the higher your rates are going to be. In order to get the best purchase price, do your research before you go into a dealership. Find out what the dealers invoice is for new bikes by checking out NADA Guides. For used purchased, you can find out pricing by visiting KBB.

You can get more helpful information on buying new and used motorcycles.

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