How To Finance A Motorcycle
First time buyers that aren't paying cash need to know how to finance a motorcycle. Getting financing arranged before starting to look for a motorcycle helps determine which model will be purchased and cuts down on the selection time. The best option is to set aside some cash in advance until you build up enough to pay for it in full. But if you can't wait, many financing options are available to finance a motorcycle. Banks and other financial institutions may have a limit on the age of the motorcycle they will give a loan for that is different than what you may expect from car loans.
- Visit a credit union. Local credit unions usually have the better deals when you need to finance a motorcycle. Sit with one of their loan officers and go through the process of getting approved. They are able to give you information on expected purchase price for different models.
- Trade in a vehicle you already own. You may already have a second vehicle or boat, and some places take trade-ins as part of the transaction. Make sure you know the value of what you are trading in before you accept the transaction. You don't want to be taken advantage of you when you finance a motorcycle.
Manufacturer financing. Some motorcycle manufacturers have their own program to finance a motorcycle. If you are purchasing from a dealer they will have many options available to you. However, be aware the dealer most likely isn't looking out for you in the transaction, so it's up to you to go over all of the details to make sure you are getting the deal you expect when you finance a motorcycle.