Best peer-to-peer lenders
Interested in peer-to-peer lending? We found the best P2P marketplaces for you to compare. Top picks include Peerform, Prosper, Upstart and Kiva.
Jennifer Schurman
Find a personal loan to fund your new ride
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.
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:
What to consider:
Your loan terms, including APR, may differ based on loan purpose, amount, term length, and your credit profile. Excellent credit is required to qualify for lowest rates. Rate is quoted with AutoPay discount. AutoPay discount is only available prior to loan funding. Rates without AutoPay are 0.50% points higher. Subject to credit approval. Conditions and limitations apply. Advertised rates and terms are subject to change without notice. Payment example: Monthly payments for a $10,000 loan at 3.99% APR with a term of 4 years would result in 48 monthly payments of $227.75. Truist Bank is an Equal Housing Lender. © 2023 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.
All loans available through Achieve Personal Loans (NMLS ID #227977) are originated by Cross River Bank (a New Jersey state chartered commercial bank) or Pathward, N.A. (Equal Housing Lenders) and may not be available in all states. All loan and rate terms are subject to eligibility restrictions, application review, credit score, loan amount, loan term, lender approval, and credit usage and history. Minimum loan amounts vary due to state-specific legal restrictions – please call an Achieve Personal Loans consultant for further details. Loan amounts generally range from $5,000 to $50,000 including origination fees, and are offered based on loan purpose and underwriting conditions. Repayment periods range from 24 to 60 months. APRs range from 7.99% to 35.99% APR and include applicable origination fees. Example loan: four-year $20,000 loan with a rate of 15.49% and corresponding APR of 18.34%, would have an estimated monthly payment of $561.60 and a total cost of $26,956.80. To qualify for a 7.99% APR loan, a borrower will need excellent credit, a loan amount for $12,000.00 or less, and a term of 24 months. Loan origination fees vary from 1.99% to 6.99%. Adding a co-borrower with sufficient income; using at least 85% of the loan proceeds to directly pay off qualifying existing debt; or showing proof of sufficient retirement savings, could also help you qualify for lower rates. Average interest savings for personal loans range from 0% - 6% based on closed loans that qualified for one or more of our rate discounts in July 2022. †Times noted are estimates and can vary for a loan request from Achieve Personal Loans (NMLS #227977). Same day approvals assume that a fully completed application with all required supporting documentation is provided early enough on a day that our offices are open. Achieve Personal Loans consultants are available Monday–Friday 6AM to 8PM MST and Saturday–Sunday 7AM to 4PM MST.
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:
What to consider:
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.
Your loan terms, including APR, may differ based on loan purpose, amount, term length, and your credit profile. Excellent credit is required to qualify for lowest rates. Rate is quoted with AutoPay discount. AutoPay discount is only available prior to loan funding. Rates without AutoPay are 0.50% points higher. Subject to credit approval. Conditions and limitations apply. Advertised rates and terms are subject to change without notice. Payment example: Monthly payments for a $10,000 loan at 3.99% APR with a term of 4 years would result in 48 monthly payments of $227.75. Truist Bank is an Equal Housing Lender. © 2023 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.
All loans available through Achieve Personal Loans (NMLS ID #227977) are originated by Cross River Bank (a New Jersey state chartered commercial bank) or Pathward, N.A. (Equal Housing Lenders) and may not be available in all states. All loan and rate terms are subject to eligibility restrictions, application review, credit score, loan amount, loan term, lender approval, and credit usage and history. Minimum loan amounts vary due to state-specific legal restrictions – please call an Achieve Personal Loans consultant for further details. Loan amounts generally range from $5,000 to $50,000 including origination fees, and are offered based on loan purpose and underwriting conditions. Repayment periods range from 24 to 60 months. APRs range from 7.99% to 35.99% APR and include applicable origination fees. Example loan: four-year $20,000 loan with a rate of 15.49% and corresponding APR of 18.34%, would have an estimated monthly payment of $561.60 and a total cost of $26,956.80. To qualify for a 7.99% APR loan, a borrower will need excellent credit, a loan amount for $12,000.00 or less, and a term of 24 months. Loan origination fees vary from 1.99% to 6.99%. Adding a co-borrower with sufficient income; using at least 85% of the loan proceeds to directly pay off qualifying existing debt; or showing proof of sufficient retirement savings, could also help you qualify for lower rates. Average interest savings for personal loans range from 0% - 6% based on closed loans that qualified for one or more of our rate discounts in July 2022. †Times noted are estimates and can vary for a loan request from Achieve Personal Loans (NMLS #227977). Same day approvals assume that a fully completed application with all required supporting documentation is provided early enough on a day that our offices are open. Achieve Personal Loans consultants are available Monday–Friday 6AM to 8PM MST and Saturday–Sunday 7AM to 4PM MST.
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.
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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.
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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!”
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% |
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.
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.
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.
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