Tips to Get an Approved Motorcycle Loan

Getting an approved and secure loan to buy anything can be an intimidating and annoying experience. Which is why you have been so reluctant to go out and buy that motorcycle you have had your eyes on for so long. Well, don’t be! In this article, we will be telling you all the tips you need to know to get your motorcycle loan approved, so you can go out there and ride off into the sunset with nothing but gravelly tarmac ahead of you.

Make sure you have a good credit score

The first thing a loaner will look at before committing to giving you a loan is your credit score. A credit score basically ranks how healthy your credit and financial situation is. If your credit score is below 620 (which is an arbitrarily chosen but still useful baseline), you’ll have a hard time qualifying for a loan with decent rates. If your score is below 620, look towards improving it before trying to get a bank loan. For example, you can improve it by paying off high amounts of credit card debt.

Find banks or credit unions that offer motorcycle loans

If you have got good credit, you will find that some banks or credit unions offer loans specifically for motorcycles. These motorcycle loans have lower interest rates than personal loans, making it easier to pay them off. Some of them are even provided online and you can have your loan approved within a matter of hours after applying for it from the comfort of your home.

Do not apply to more than 3 lenders

Applying for a loan translates into a hard inquiry into your credit score, which can usually knock it down a bunch of points. This means that, unless you have a very high credit score, it’s probably not worth the damage by applying for a loan to more than 3 lenders at a maximum.


Even if you can, the hassle of applying for a motorcycle loan alone might deter anyone from doing it more than 3 times. You need a paycheck stub, loads of paperwork, a valid I.D or driver’s license, etc. Some organizations, even require you to come down there yourself and physically present the paperwork, while others allow you to just do it online.

Choose the offer with the best terms

This part is the no-brainer, but it is still important to mention that you have to choose the offer with the best terms for you – not just in terms of interest rate, but the period of time to pay back, method of payment among other things. This is why it’s always crucial that you read all paperwork thoroughly before you commit or sign off on anything.

Sometimes you don’t even require a loan when purchasing a motorcycle, as some manufacturers and sellers can offer you payment terms or financing programs, although these are usually more common with older models that aren’t selling very well. However, if you want your bank or credit union loan applications to be more successful, you’ll do well to take these steps as a starting point. Motorcycle loan or not, the most important step is to make sure you have good credit, and fix it if it’s not. 



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