Motorcycle Personal Loans – Why An Unsecured Loan Is Best

Motorcycle Personal Loans

Get Unsecured Motorcycle Personal Loans

Why get financing through a bank or a dealer when you can get unsecured motorcycle personal loans? This simply means when you take out the personal loan you do not have to put your new motorcycle up for collateral.

There are a number of other reasons it just makes sense to go online to take out a personal loan for a motorcycle purchase. 

5 Reasons Why a Motorcycle Personal Loan is the Smart Way to Finance

These 5 key reasons all support just going online and applying for a personal loan. Get the money deposited in your bank. Then go down and negotiate the price on your new bike with cash in your pocket. 

1. Be a Cash Buyer When Negotiating

When you walk in to a dealership having to finance a motorcycle it can have disadvantages. 

When you get funded for a personal loan ahead of the negotiation, you now walk in as a cash buyer. 

You will also not have to worry about your motorcycle being used as collateral until the loan is paid off.

It puts you in a position to walk away from the deal and look elsewhere. When you are dependent on them for financing, it puts you at a disadvantage.

 

2. Use a Personal Loan for the Deposit

You also can get an online personal loan for the deposit on a new or used motorcycle. If you want to finance a larger more expensive bike, this gives you the option to have the deposit ready to go.

3. Finance 100% With the Personal Loan

If you have good credit you can get up to $40,000 towards the purchase of a new or used motorcycle. 

With a peer-to-peer unsecured personal loan you are funded by individual investors. 

The process uses your credit history as well as other factors for them to make a decision to fund your loan. 

Many times the loan can be funded the same day. 

Once you are approved you will have the cash deposited into your account to use as you want towards your purchase.

 

4. Online Personal Loans are Unsecured

You will not have to worry about your motorcycle being used as collateral for financing. The loan is called an unsecured personal loan. Check the rates on your personal loan to the rates you can get through financing.

It could be a bit higher using the unsecured personal loan vs financing. The reason why is if the motorcycle is being used as collateral when you go the financing route. It is really just a personal preference.

5. Personal Loans are Fast and Easy

If you have a good credit score you can get low rates on a fixed payment. 

When you take out an unsecured personal loan to buy the bike of your dreams, having good credit can significantly lower your interest rates paid out on your loan.

Online personal loans can be financed within a day if you have good credit. It is an easy process and much quicker than going to traditional lenders. These online platforms are setup to make the process simple.

 Unlike a home equity loan these are unsecured. This means your motorcycle, home or other assets will not be used as collateral.

It is an easy online application and these new lending platforms will walk you completely through the process and have your funds in your checking account quickly so you are ready to buy your new or used motorcycle.

Who Are The Best Lenders for a Motorcycle Loan?

We have included our list of recommended lenders for motorcycle loans below.  Two of these lenders are lending networks. The other is the largest peer-to-peer lending platform. Either of these are good choices to obtain your motorcycle personal loan.

  • APR:4.99% - 35.99%
  • Term: 24 to 72 Months
  • Min FICO: 600
Credible Personal Loans
  • APR: 4.99% - 35.99%
  • Term: 24 to 84 Months
  • Min FICO: 600
Lending Club
  • APR: 6.95% - 35.89%
  • Term: 36 to 60 Months
  • Min FICO: 600