Today’s motorcycles are equipped with many great features that make your ride exciting but also comfortable. There are more than 8 million motorcycles in just America alone!
Most of us use our motorcycles for fun, but some of you will also be using them for your primary mode of transportation. After all, they are cheaper than traditional cars and have lower overall fuel costs.
Those with poor credit are going to have a tough time getting financing. But we can make it easier thanks to these companies willing to work with people who have bad credit. Read on to see some of the best options for bad credit motorcycle financing.
Our List of the Best Bad Credit Motorcycle Loan Platforms:
- myAutoloan.com – Best for Bad-Credit Motorcycle Loans Overall
- LendingTree – Best Bad-Credit Motorcycle Financing
- MotorcycleLender – Best Poor-Credit Motorcycle Loan Rates
Use A Third-Party Lender to Get Your Motorcycle Loan
Although motorcycles are a form of the automobile, many online lenders specializing in auto loans do not offer loans specifically for motorcycles.
That being said, your first step is to locate a lender that deals in motorcycle loans.
After you do that, you must narrow the list down to lenders that will deal with poor credit borrowers. This could shorten your list, but you will still have a chance at financing your ideal bike. Once you narrow that list down, compare rates to choose the best for you.
#1. myAutoloan.com – Best for Bad-Credit Motorcycle Loans Overall
You will love the welcoming atmosphere at myAutoloan.com. This company has been around since 2003. The company operates online only, so there is no need to go to a branch and fumble around with a stack of paperwork, or worse, get rejected in person. It is convenient, and you can do it right from home.
Their application begins when you enter some basic information for lenders to review. After you do that, you will get matched up to various loan providers that could offer you financing.
Applicants with better credit might get offers from a bank or credit union. Subprime borrowers will also be shown any companies willing to work with bad credit applications.
They offer motorcycle loans for all sorts of situations. For instance, you can refinance, purchase used, or buy new. So, whether your bike is yours and yours alone or previously has been loved, you are in good hands.
The company offers very competitive motorcycle loan rates, and they allow the use of a co-signer. One thing we noticed while researching was that there were a few negative reviews. The reviews did not talk about myAutoloan.com itself; instead, the reviewers complained about a hard credit pull bringing down their credit score. This hard inquiry will only happen once you decide on a lender and they review your application for approval. On-time payments will quickly improve your score back to its previous level.
Rest assured the access to the lenders who can help you—the prequalifying step—is a soft credit check and will not affect your score right away.
myAutoloan.com accepts clientele with fair credit. This means they are looking for people with a score of 580 to 669. They prefer 575 and up, but they certainly have lenders who specialize in offering motorcycle loans to people who have dealt with credit problems before.
The pre-approvals are another thing we love about myAutoloan.com. Nothing is more frustrating than thinking you have found a solid place to secure a motorcycle loan, only to discover you are not approved for the darn thing. Preapprovals are great because they show what YOU can afford. That way, when you go to buy your motorcycle, you will have extra confidence as you walk in to make the deal.
Pros
- Convenient and easy application
- Works with lower credit scores
- Loans for new and used motorcycles
- Offers refinancing, lease buyout, and private party purchases
- Online payment calculator
- Loan certificate or check in as little as 24 hours
Cons
- No contact phone number listed online
- Marketing emails from lending network
⇒ Visit the Official Website of myAutoloan
#2. LendingTree – Best Bad-Credit Motorcycle Financing
LendingTree is a peer-to-peer online lending hub that was started in 1998 in Charlotte, NC. The idea behind LendingTree is to bring together lenders and borrowers so they can negotiate personal and business loans, student loans, refinanced and new mortgages, and motorcycle loans.
The website offers tons of tools and personal finance resources, like offering up information about credit scores and credit cards. It is a great way to borrow money, as the funds come from small companies and private investors. You can also get funds from traditional lending sources such as credit unions, banks. They have helped millions of customers since they began.
Borrowers make out well from this competitive lending marketplace. There are many different lenders, which means better chances of getting accepted even if you have been rejected by local banks, credit unions or other online loan sources.
Just remember, LendingTree is an online loan marketplace. They do not loan money directly. Instead, they connect you with lenders willing to assist you in getting your funding.
The application process for using this company is pretty straightforward. Suppose you are trying to get personal loans, for example. You will need to provide the purpose of the loan, the amount you are requesting to borrow, and your approximate credit score.
For an auto/motorcycle loan, it is going to be a bit different. After all, the motorcycle serves as the collateral for that loan. You will get your ACTUAL credit score once you have completed the application for the motorcycle loan. You will answer various questions to prove your identity. From there, you will review lenders willing to work with you. You will get an idea of the monthly payment amount, length of the repayment period, APR, total loan amount including calculated interest, as well as the contact information of the lender. You can use all of this information to research the company and see if the offer will fit into your budget.
LendingTree also has a phone number you can use for any application questions, so feel free to use it. Make sure you fully understand all lender terms and conditions before agreeing to them.
All in all, the application process should take no more than 30 minutes.
The terms of these motorcycle loans vary greatly between each lending company issuing the funds. These loans last upward of three years. APRs also vary and will be higher if you are a poor credit borrower. So, make sure you use the LoanExplorer tool to review what’s available to you and go over all terms carefully.
Pros
- Offers many types of loans
- Debt relief services
- Credit score monitoring service
- Online payment calculator
- Finance education resources
- May offer same-day approval
Cons
- May require more information for application
⇒ Visit the Official Website of LendingTree
#3. MotorcycleLender – Best Poor-Credit Motorcycle Loan Rates
When you first visit the plain, nondescript website that is MotorcycleLender, you may not be sure you are in the right place. Rest assured that you are. These guys can help you get the bike of your dreams and get you living the carefree life out on the road.
Their bad-credit motorcycle loans are made just for the specific bike you have got your eye on. They offer motorcycle loan price quotes. You can also choose a repayment period of three or five years.
MotorcycleLender works with only unsecured fixed-rate loans. These motorcycle loans do not require collateral, and their interest rate will never increase.
One of the more unique offerings from MotorcycleLender is that their loans have no additional prepayment fees, so feel free to put extra money on your loan so you can get that debt out of your life faster.
The service charges zero application fees. Also, all loan terms are presented clearly to each borrower before you sign. So, go over them with care and make sure it is a good fit for you.
They also offer a Motorcycle Loan Calculator, which we highly recommend playing around with before applying or shopping for any bike. Plug in the numbers based upon your interest rate (or what interest rate you think you will get) and the length of the loan to see what payments will look like. Once again, these calculators are a great tool to prevent sticker shock once you are ready to take your new bike home.
Another great thing is that they will finance new and used cycles from ANY maker. They have listed all big-name brands like Harley-Davidson, Honda, Triumph, and Ducati.
Their application process takes two minutes. You first begin by entering your estimated credit score. Then you will enter your state. You will then enter some basic info such as your name, contact information, personal info and then you will hit “submit.” From there, you will see what options are available to you.
Requesting a loan through MotorcycleLender does not hurt your credit score. At the time of your application, they will only perform a soft inquiry in order to give you some idea of your potential terms and interest rates.
Understand that you will be redirected to a website called “Reliable Personal Loans” when you click the application button. No, this is not a scam; it’s a lending network like others we have reviewed, and their goal is to connect borrowers with companies willing to lend even if their credit is bad.
So, give them a try. They have also got financing options for other toys, such as RVs and ATVs.
Pros
- Fast application
- Up to $40,000 loans available
- Three or five year repayment periods
- Additional financing options for RVs and ATVs
- Interest rates begin at 6.99% APR
Cons
- Not available in Iowa or Idaho
⇒ Visit the Official Website of MotorcycleLender
Financing Through Your Motorcycle Dealer
Not too thrilled about the idea of obtaining a loan through a third-party lender? Don’t worry; you are not alone. You can also finance your bike using the manufacturer or dealer you have purchased it from.
If you are trying to get a loan from a dealer with poor credit, you will probably have better luck if you can come armed with a big down payment. This will lower the amount of money you have to finance, and it will indicate to the lender you possess the means of repaying the borrowed amount.
#4. Harley-Davidson
If you finance your ride using Harley-Davidson, you will be going through a place called Eaglemark Savings Bank. This bank is a subsidiary of Harley-Davidson Financial Services, Inc., and they offer motorcycle financing for various credit types.
Applying for credit with Eaglemark Savings Bank is easy; you simply start by going to MyHDFS. From there, you can click “apply for credit,” and it takes you to the credit application area of the Harley-Davidson website.
You will get a decision in minutes, as reported by the website. The site is also secured, so don’t worry about giving out personal information.
We noticed when checking out this website that Harley-Davidson also offers a Rider-to-Rider program. Through this initiative, you may be able to purchase a used bike from a fellow Harley rider. So, if a friend no longer wants their motorcycle, and you have your eye on it, Harley-Davidson might be able to help you out with financing your purchase.
They offer competitive rates and terms, and all buyers are welcome. This loan program also gives you the chance to include Harley-Davidson service plans, accessories, and parts into your financed total. Lastly, you can have the bike checked over before purchasing it to make sure you’re not buying a lemon.
The Harley-Davidson financing process is fair and fast. You don’t even have to know which motorcycle you want before you buy. This is a great way to see if you can get credit through Harley-Davidson before committing to a motorcycle. However, they do recommend that you select a model of motorcycle that is within the price range you can afford. This way, you’ll get the most accurate credit decision.
If you are interested in a Harley-Davidson LiveWire motorcycle, you will need to visit LiveWire.com. These bikes are electric and becoming quite popular around the world, especially in the U.S. So, head over there if that’s your preferred cycle.
They encourage people of all credit types to apply. One of their frequently asked questions is, “My credit is bad, should I still apply?” The answer is yes—after all, you won’t know if you are approved until the application has been reviewed. They also advise you to contact the dealership if not approved online. You can also use a co-signer for your loan; joint applicants are welcome.
It’s worth checking out the Harley-Davidson website because they have several financing deals going on at any given time. For example, we noticed that you could get on some Touring models for under $300 a month. We also saw that loans offering 3.49% APR and $0 down were being offered.
And, like some other websites, they offer a monthly payment estimator. Use this tool to your advantage and plug in various numbers before you apply. You will be able to see if the motorcycle you want fits your budget. After all, a bike isn’t fun if you can’t afford to gas it up, maintain it, and drive it to meet your friends/other bike enthusiasts.
⇒ Visit the Official Website of Harley-Davidson
#5. RideNow Powersports
RideNow Powersports is a dealership devoted to selling fun toys such as motorcycles, ATVs, snowmobiles, boats, and much more. They have dealerships situated across the United States and offer direct financing on all their goods.
You can apply for financing by going to the RideNow website, shopping their inventory, and choosing whatever bike catches your eye. You are likely going to have to call them for the price, a common sales tactic, but they can also give you more information on it, and you can discuss what options are available to you.
They also have a great payment calculator—go here to use it and see what you can afford.
But what is financing like with RideNow Powersports? Convenient, to say the least. Over half of their borrowers choose to finance their new bike, ATV, or watercraft with the dealer.
They offer the lowest fixed-rate financing for every snowmobile, ATV, or motorcycle sold. The interest rates are fixed, so you don’t have to worry about them changing over the life of your loan.
They offer a minimum down payment also. When choosing to purchase your new motorcycle, you still want to have some funds left over so you can gas up the bike and use it! So, rest assured they will work with you to provide a down payment that makes sense for you.
It’s also good to know that their approval rates are quite high. The financing division will work closely with you to make sure you get your purchase financed. The approval rates are high for customers looking to finance their new bike.
Also, financing happens fast. You go into the showroom; you leave a few hours later with your bike. It happens fast, so you can get out there and start living the fun life on two wheels. Their financing department works quickly.
And suppose you’d like to buy a trailer for your motorcycle or a new snowmobile to enjoy while the bike is stored for winter. You can do that, and you will pay just a single monthly payment for all of your new toys. You don’t have to fumble around with multiple payment books.
They finance all the brands you love. Harley-Davidson, Yamaha, Suzuki, KTM, Triumph, Aprilia, and Honda are just some of the brands you’ll find for sale at RideNow. So, whether you want a foreign bike or domestic, you’ll get it at RideNow.
⇒ Visit the Official Website of RideNow Powersports
#6. Bright Power Sports
This is a Michigan dealership specializing in motorcycles, ATVs, and other fun vehicles. Their financing page is laid out in a clean format, and they make it known right away that all credit types are welcome.
The application process is fast and efficient. They have knowledgeable financing staff that will have most clientele riding off the lot that same day—even if your credit is not so great.
All you need to do is click on “Apply Now” on the Bright Power Sports website to get the ball rolling. You will complete a pre-approval form, and this takes just a few minutes of your time. Then, it is emailed directly to the dealership.
Once they get your application, they will research lending companies to find the one that makes the most financial sense for you. Once the lender has been identified, they will call you, and you’ll complete the loan application. They’ll work with you in case you need to add insurance, accessories, or parts to the loan application.
And with a wide selection of used and new motorcycles, it’s going to be a cinch to find the cycle of your dreams.
⇒ Visit the Official Website of Bright Power Sports
Get a Personal Loan for Lesser-Priced Motorcycle Purchases
If you are having a hard time finding funding designed just for motorcycle purchases using third-party lenders or dealers, consider using a personal loan. These loans are great for any use.
You should know that personal loans have a higher APR than cycle or auto loans. This should only be used if you cannot secure funding anywhere else. You should also know that you may not be eligible for a large amount of money if you have poor credit. Thus, make sure the bike you have your eye on is a used or cheap model.
#7. MoneyMutual
MoneyMutual works with more than 120 lenders to find financing for all of your needs. They deal in payday, installment, bad credit, and other types of loans.
After filling out their easy application, lenders will offer you various terms for loans. This makes it easy on you as it sure beats going to multiple websites or going to an in-person office.
MoneyMutual first began operations in 2010. Their goal was to make life easier for people who needed loans and needed them quickly. However, remember that MoneyMutual is not a lender itself. You might think of them as loan middlemen. They take all your information and relay it to loan companies who are willing to work with you.
Once you’ve figured out your lender and loan amount, go over the terms and conditions and make sure you understand them. After that, accept the terms if you know you can pay it back on time and at or before the end date. Bear in mind that interest rates, payment amounts, and terms are all set by that lender. Make sure to call them and ask for help if you do not understand something.
The different loan types offered by MoneyMutual are perhaps the best part of the service. They have loans that cater to all situations. Here are some examples:
Payday loans are offered. These are common loans taken out by people in need, and you simply pay back the whole amount at your next paycheck. They’re great if you’ve paid all your monthly bills, but then an unexpected expense occurs. Of course, you won’t use this for your motorcycle, but it’s good to know they’re there.
Bad credit loans are also something you’ll find at MoneyMutual. These loans are great because they look at one’s monthly income and other factors to determine if the poor credit borrower is eligible for a loan. So, if you do not have a good credit score, this is a great loan to ask about.
Installment loans are what prospective motorcycle owners are going to be looking for. You pay these back over a set schedule of installments. They are ideal for those of you with a steady income stream and the ability to pay them back each month when an installment comes due. Read the terms with care, as you could end up having to pay some interest payments based on the loan’s repayment dates.
⇒ Visit the Official Website of MoneyMutual
#8. BadCreditLoans
Here we have another awesome place where the lenders come to you instead of the other way around. BadCreditLoans will direct you to lenders who are willing to help you even if your credit needs improvement.
Their website is very well built and easy to navigate. The site is packed full of info about various loans. There’s also some good information about loan scams and how to spot/avoid them.
BadCreditLoans is different because they have an extensive network of traditional lenders, plus Tribal lenders, and peer-to-peer loans. Make sure you understand the conditions of Tribal loans if offered one: these loans are sourced from Native American lands, and they follow their land’s laws instead of federal ones. Therefore, these loans may sometimes be subject to higher interest rates. They do not have to meet APR requirements pertinent to your state.
BadCreditLoans works with all types of lenders, so even if you have a repossession, bankruptcy, judgments, or other “bad marks” on your credit, you could still apply and find someone willing to work with you.
They have a handy personal loan calculator located right on their website. This way, you can plug in the numbers given to you by the lender and make sure it’s something you can afford. It’s highly encouraged that you play around with it before agreeing to a loan, plugging in many numbers and interest rates. This way, you won’t be caught unaware about the actual costs of repaying your loan.
The limit here is $10,000, so if you need a larger loan, you may wish to look elsewhere. If you have bad credit history, it’s highly unlikely that you will be able to obtain their maximum loan amount.
Also, understand that you will not be charged a huge amount of fees for using this service. It’s completely free to see what’s out there for you. Any loan fees you incur will depend on the lender.
Signing up is very easy to do. You have to be a U.S. citizen, have a phone number, a checking account in your name, and an email address. You must also be 18 years or older. Once you’ve prequalified, you can look over the lenders and choose which one you want to go with. From there, it’s a matter of reading over the terms carefully and paying it back on time.
⇒ Visit the Official Website of BadCreditLoans
#9. CashUSA.com
CashUSA.com is a great platform for all kinds of loans for applicants with poor credit. So long as your bike is under $10,000, you can get a satisfactory personal loan through their platform.
Their website receives a million visitors a month and is a cinch to use. The application process is quick and easy. You will begin by filling out a pre-qualifying form. It’s nothing complicated, and it asks for all the info you’d expect on a loan form, such as name, date of birth, zip code, military status, email, and other pertinent information.
After that, you will answer some additional preliminary questions, such as your employer’s name and how long you have worked there. You will also need to provide your state ID or driver’s license number.
The third step will be giving bank account info. This is because you will need to have a place where your funds can be deposited and a place where automatic repayment withdrawals can be made.
And don’t fear if you’re not into automatic withdrawals. They have an online portal you can use to repay the loan. We think autopay is the way to go because it will keep you from forgetting and missing a payment, but we know this won’t always work for everyone.
Next, you will get your loan offers. Take your time and read them over with care. All the lenders willing to work with you show up, and there is no need to wonder if you meet minimum requirements for borrowing or not. Once you’ve found the lender you want to deal with, re-read the terms and make sure you understand what’s expected of you.
Take your time with this- these people want your business, and the offer won’t be withdrawn if you take a few extra minutes to prepare.
Be sure to use a loan calculator if you need to. Once you’ve looked it over and you agree to the terms, all it takes is a simple e-signature, and your funds will arrive in your account upon the following business day.
So, whether you’re looking to get a used bike or a cheaper new one, you have a good chance of getting on the road with the help of CashUSA.com. Their goal is to provide a friendly space where everyone can apply without the hassle of visiting a physical location. And with the site being as secure and safe as it is, you should feel confident when you apply.
⇒ Visit the Official Website of CashUSA.com
#10. Personal Loans
Personal Loans first opened their doors in 2015, and since then, they’ve done a great job of bringing together lenders willing to work with bad-credit consumers.
The company itself is different because it maintains relationships with lenders, banks, and credit unions who are willing to offer bad credit motorcycle loans to poor credit borrowers who have no credit or bad credit. So even if you think you’re not eligible for a loan, you should still check them out; they may be able to help.
The Personal Loans mobile app will make life easier by giving you the chance to apply right from your pocket. It’s very easy to begin; just go to the website and start by filling out the pre-qualifying form. It takes just 2 minutes to complete, and you’ll get a chance to see what lenders can do for you.
The eligibility for the loans isn’t rigid. You just have to be 18 years old, a U.S. citizen or permanent resident, and earn at least $2000 each month. Your interest rate will be set based on your ability to repay the loan and your credit score.
The loans can be used for many reasons, such as purchasing a new or used motorcycle. Do remember that this is a loan marketplace—you will be getting your actual loan through one of the Personal Loans partners and not the website itself. If you have any questions or concerns about your loan, contact that loan servicer.
Personal Loans has been reviewed favorably by bad-credit borrowers, too. When researching for this article, we found mostly positive experiences with the site. Just make sure you read everything carefully and understand the terms before taking the motorcycle loan.
⇒ Visit the Official Website of Personal Loans
Conclusion: Best Bad Credit Motorcycle Lenders
The motorcycle is a symbol of modern freedom. It indicates that the rider is a free spirit that has a great time enjoying their life as it was meant to be lived.
While motorcycles make sense economically, they can still be expensive. A luxury touring bike from Harley-Davidson, such as the Electra Glide Revival, can cost nearly $30,000! Even used bikes can still be upwards of a thousand dollars, and that’s not counting any repair work you will have to do to get it roadworthy.
For the person who wants to ride, dealership financing makes sense. Bad credit history, however, is like the pothole in the road, ready to trip you up. So, steer clear of that thing and choose one of our companies listed above, save up for your down payment, and get the motorcycle loan you need to ride off in style.
