Best Motorcycle Loans

LightStream is a division of Truist and has the edge over other lenders because of its low-interest rates, multiple repayment options, and quick loan funding.

LightStream’s motorcycle loans are unsecured without collateral, and the lender is not a lienholder. LightStream doesn’t require a down payment. You can apply for the total amount of the motorcycle’s cost. 

The lender’s interest rates are the lowest of all the unsecured lenders we evaluated, with rates ranging from 7.49% to 24.49% and an option for an autopay discount. The minimum loan amount available is $5,000, and a good to excellent credit rating is required. According to Equifax, your score should be between 670 and 850.

LightStream does not have a loan prequalification tool, so you’ll have to submit a loan application and undergo a hard credit inquiry to find out what interest rates you qualify for and to be approved for a loan. 

Harley-Davidson is a well-known motorcycle manufacturer. With its long-standing reputation, a Harley-Davidson motorcycle may be more expensive than some competitors, but the manufacturer has financing options to help make the price more manageable. We chose Harley-Davidson as the best manufacturer financing for new and used motorcycles.

Harley-Davidson Financial Services offers $0 down payment options with low-interest rates starting at 6.49% and repayment terms for up to seven years. You can also add gear and services, such as an extended Harley-Davidson service plan, to the amount you finance.

All Harley-Davidson loans are secured. If you fall behind on payments, the lender can repossess the motorcycle. You can only use the loan to buy Harley-Davidson motorcycles, and the lowest advertised rates and terms are only available on select models. You can estimate your payment on their website, but financing details must be discussed with your dealer.

Harley-Davidson will help facilitate financing when you purchase from a private party and meet the seller at a local Harley dealership. Harley-Davidson will help you complete the sale and transfer ownership of the bike. 

DCU offers secured motorcycle loans to purchase new or used bikes. While other companies charge higher rates for used motorcycles, DCU’s interest rates are the same for new and used models. 

Rates start at 7.25% and may include a 0.50% discount for automatic payments from a DCU checking account. Off-road motorcycles have higher interest rates, ranging from 10.85% to 11.35%. Both bikes are eligible for loan terms of three to five years. 

You can borrow up to 125% of the purchase price to cover registration costs, purchase an extended warranty, or get a service protection plan for your new bike. To qualify for a loan, you need good to excellent credit and join the Digital Federal Credit Union.

DCU is a non-profit financial cooperative owned by its 900,000 members nationwide.You are eligible for membership if you meet one of the following criteria: 

• You have a family member, such as a spouse, parent, grandparent, or sibling, who is a DCU member
• You work for or retired from an eligible employer
• You belong to a partner non-profit organization 
• You live, work, attend church, or go to school in one of DCU's service communities

Wells Fargo allows you to borrow up to $100,000 without collateral. Wells Fargo loans have no origination fees and no prepayment penalty. 

You qualify for its lowest rates if you are a Wells Fargo customer and have a checking or savings account with the bank. Rates start at 7.49% with the relationship discount, and loan terms range from one to seven years. 

Wells Fargo requires good to excellent credit and proof of income to qualify, and you can apply online or over the phone if you have an existing Wells Fargo bank account. If you aren’t a Wells Fargo customer, apply in person at a Wells Fargo branch. Funds may be disbursed in as little as one business day. 

Finding a lender can be challenging if you have a credit score between 580 and 669.Avant specializes in unsecured loans for those with fair or poor credit. Most borrowers approved for a loan through Avant have credit scores between 600 and 700. 

Avant does have a prequalification tool, so you can check your loan eligibility without damaging your credit score. You can apply online and qualify for a loan between $2,000 and $35,000. If approved, funds may be disbursed in as little as one day. 

Because Avant caters to applicants with less-than-perfect credit, it has higher interest rates than other personal loan lenders, ranging from 9.95% to 35.99%. It has fewer loan term options and a maximum loan length of five years. Avant also charges an administration fee of up to 4.75%, deducted from your loan amount before it is disbursed.