Best motorcycle loans

If you’re in the market for a motorcycle, you may be exploring loan options to pay for the purchase. There are secured options, which require collateral (usually the motorcycle itself), and unsecured loans, which don’t require you to attach an asset to the loan. You can buy a motorcycle with most personal loans, but some lenders offer motorcycle-specific loans.

We looked at some of the best options for motorcycle lenders to help you find the best lender for your needs.

Our picks for motorcycle loans

To find the right loan for any big purchase, you’ll want to look at specialized loans (like LightStream’s motorcycle loans) and standard personal loans. A good lender offers competitive rates, flexible loan amounts and transparent terms. Our top picks for motorcycle loans are Upstart, LightStream, FreedomPlus and Avant.

Methodology: The ConsumerAffairs Research Team chose our top picks for motorcycle loans by comparing popular lenders on motorcycle-specific offerings, rates and availability. We compared reviews on our site and across the internet and checked in with the Better Business Bureau to see current alerts and government actions related to marketplace activities. We gave preference to lenders with transparent terms, lower APR ranges, reasonable origination fees and no prepayment penalties.

Upstart is an online platform that specializes in fast lending. It uses artificial intelligence to provide access to affordable credit, and most of its loan options are fully automated. The company partners with lenders to offer fixed-rate loans of $1,000 to $50,000 (minimum amounts vary by state).

Upstart’s loans include unsecured personal loans and secured auto refinancing loans. The company doesn’t offer motorcycle loans specifically, but you can apply for a personal loan to pay for one. Upstart’s personal loans have term lengths of three or five years and don’t require a down payment; the loan amount you qualify for depends on your credit, income and other personal information.

What we like:

• Fast funding: Borrowers get next-day funding in most cases.
• Options for those with poor credit or no credit history: If you have poor or no credit history, you may still be able to qualify for a loan.
• No prepayment penalty: There’s no fee or penalty for paying off your loan early.

What to consider:

• Origination fee: You could pay an origination fee of as much as 8% of the loan amount; this is a one-time fee that’s deducted from the loan amount before you get funds.
• Income requirement: You will need to have an acceptable form of income in order to qualify for the loan (can be salary, hourly wages or self-employment income).
• Doesn’t allow co-borrowers: If you were hoping to include a co-signer on the application to help your chances of approval, try another lender on our list. Only your individual application is taken into consideration with Upstart.

LightStream, a division of Truist, is an online lender that offers unsecured, fixed-rate personal loans, including for motorcycle financing. It has competitive rates on loans up to $100,000 and a satisfaction guarantee. You can apply online and potentially get same-day funding — or choose your funding date.

LightStream typically makes a funding decision shortly after receiving a loan application. Same-day funding is available for approved applicants who review and electronically sign a loan agreement, provide LightStream with banking information and complete final verification by 2:30 p.m. EST on a business day.

What we like:

• Rate Beat program: If you’re approved for a lower rate on another unsecured loan, LightStream promises to beat it by 0.1 percentage point.
• Satisfaction guarantee: If you aren’t happy with your experience, you can fill out a questionnaire within 30 days of receiving your loan and get $100 from LightStream.
• No fees: LightStream does not charge an origination fee or prepayment penalty.

What to consider:

• Unclear credit requirements: LightStream notes that you must have “good” credit to qualify, but the specifics are fuzzy. The company states that borrowers with good credit generally have several years of credit history, a variety of credit accounts and a good payment history with few delinquencies.
• No pre-qualification: LightStream doesn’t offer pre-qualification or preapproval. You must apply online, and you must have a valid Visa or Mastercard for verification purposes (no charges applied).
• $5,000 minimum loan: LightStream has a minimum loan amount of $5,000 — keep this in mind if you're planning to buy a bike that costs less than that.

What people say:

Julie of Cape Coral, Florida, is one of LightStream’s happy customers who left a review on our site. “Lightstream could not be any more user-friendly and custome- driven!" she said. "They plant a tree for every loan! They offer lots of repayment options and allow you to change payment time and amount whenever you need to make it more convenient,” she wrote about her experience.

FreedomPlus provides personal loans from $7,500 to $50,000. You can speak to a loan consultant over the phone six days a week before you apply online for a custom loan offer.

To apply for a FreedomPlus loan, you need a valid ID, proof of income and a bank account. The company makes same-day approval decisions and can send funds to your bank account within 48 hours. You then pay back the loan over two to five years in fixed monthly payments. There is no penalty for paying off your loan early.

What we like:

• Low credit score requirement: You can get a FreedomPlus loan with a "fair" credit score — as long as it’s above 600.
• Co-applicants allowed: Adding a co-signer with a good credit history can help you qualify for the lowest available rate.
• Phone support: You can talk to a loan consultant at FreedomPlus over the phone if you have questions or need assistance.

What to consider:

• High loan minimum: $7,500 is a pretty steep minimum requirement, so FreedomPlus may not be the best option if you’re purchasing a less expensive motorcycle.
• Origination fee: FreedomPlus charges an origination fee that ranges from 1.99% to 4.99% of the loan amount, based on the term and interest rate of the loan.
• Timeline can vary: It may take longer than 48 hours to receive your funds. Ask a loan consultant for an estimate based on your specific application.

What people say:

Many borrowers on our site who have chosen FreedomPlus have been happy. According to a customer in Texas, “Customer service went above and beyond. Would definitely tell others. ... Very friendly and [the customer representative] made it a very easy and pleasant experience. He answered every question that was asked and made sure I understood everything that was being done.”

Avant specializes in lending to middle-income borrowers. The company offers unsecured and secured personal loans that range from $2,000 to $35,000 with APRs from 9.95% to 35.99% and term lengths from 24 to 60 months. Customers receive funds as soon as the next business day after approval and make fixed monthly payments.

You can see what rates and terms are available through Avant without affecting your credit score. Avant says that most of its customers have a credit score between 600 and 700. Customer service and application support are available seven days a week by phone.

What we like:

• Pre-qualification: You can easily see if you qualify for a loan without a hard credit inquiry.
• Fast funding: Once your loan is approved, the funds are deposited into your account the next business day.
• Low minimum borrowing amount: You can get a personal loan for as little as $2,000 from Avant.

What to consider:

• Low loan maximums: Avant has a lower loan maximum ($35,000) than many competitors.
• Origination fee: Avant has a minimum APR of 9.95%, which is higher than the starting APRs with our other top picks.
• Administration fee: Your loan might include an administration fee of up to 4.75%, which is automatically deducted from the loan amount when it is funded.

What people say:

Many Avant customers who left reviews on ConsumerAffairs had a great experience with the lender, including a customer from Georgia who appreciated the company's representatives. 

“I applied for a personal loan from Avant when I was really struggling after I lost my husband. My world crashed, but Avant came to my rescue," she said. "The application process was easy and quick. They rushed to assist my needs and the payments were just right. They are the best in professional quality service and do their best to answer each/any questions you may ask easily. I enjoyed working with their company!”

Compare the best motorcycle loans

Upstart and LightStream have the lowest starting rates on our list, although these rates are reserved for borrowers with excellent credit. If your credit score is on the low end, or you don’t have a credit history, Upstart and Avant might your best options. LightStream is the only lender that provides loans above $50,000, but that amount is probably sufficient for most motorcycle buyers.

	APR range	Min. credit score	Max. loan amount	Origination fee
	5.22% to 35.99%	300	$50,000	0% to 8%
	7.99% to 14.44%	660	$100,000	None
	7.99% to 35.99%	620	$50,000	1.99% to 6.99%
	9.95% to 35.99%	580	$35,000	Up to 4.75%

*All information accurate as of time of publication.

	5.22% to 35.99%	300	$50,000	0% to 8%
	7.99% to 14.44%	660	$100,000	None
	7.99% to 35.99%	620	$50,000	1.99% to 6.99%
	9.95% to 35.99%	580	$35,000	Up to 4.75%

How to get a motorcycle loan

You may be able to get a loan for a motorcycle with a motorcycle loan, unsecured personal loan or secured personal loan that uses the bike as collateral. Secured loans tend to have lower interest rates, which saves you money.

Before you apply for a loan, you should know which motorcycle model you want to purchase so you know how much you need to borrow. Ask the seller to provide a full quote, including taxes and fees.

Next, explore lenders that let you use funds for a motorcycle purchase. Some let you check rates and terms without a hard credit inquiry, which makes it easier to compare your options. When you find the right loan for you, the lender will run a hard credit check to complete the application process. Read over the terms of your loan agreement carefully before signing.

Motorcycle loan vs. motorcycle financing

Depending on where you are purchasing your motorcycle, you might be able to get financing from the dealer. This may be convenient, but it could cost more than getting a loan elsewhere.

It’s a good idea to explore motorcycle loan options from different sources — banks, credit unions, online lenders, peer-to-peer lenders — to find the best possible offer.

Bottom line

Applying for a motorcycle loan online is fast and easy. All our top picks — Upstart, LightStream, FreedomPlus and Avant — offer convenient online applications and can get you a loan decision and funds quickly.

Before you commit to a particular loan, whether it’s a standard personal loan or a motorcycle-specific loan, be sure you’ve researched offers from at least several lenders. Read reviews from customers to find out if they were satisfied with the application, funding, making payments and customer service. Read over your loan agreement thoroughly so you know all the details of your contract, including the total cost, your monthly payment and fees.