10 Best Bad Credit Motorcycle Loans

Bad Credit Motorcycle Loans

The modern motorcycle has come a long way from the two-cylinder steam-powered bicycle that was its earliest ancestor. Today, there are more than 8 million motorcycles registered in the US alone.

While many people keep motorcycles as secondary vehicles ridden mostly for fun, there is a contingent of riders who use them as less-expensive alternatives to traditional cars and trucks, thanks both to lower purchase prices and better fuel economy.

Unfortunately, those with poor credit who are most likely to seek out a lower-cost alternative are those who will have the hardest time finding motorcycle financing. But, there are options for bad credit motorcycle loans if you’re willing to pay the high rates that come with poor credit.

Third-Party Lenders | Dealers & Manufacturers | Personal Loans

Get a Motorcycle Loan From a Third-Party Lender

Although motorcycles certainly fall under the umbrella of automobiles — they carry their own engine, and people, too — many auto lenders don’t actually offer motorcycle loans. So, the first step to getting a third-party loan is to find a lender that actually handles motorcycle loans.

Next, you’ll need to narrow down that list to just those lenders willing to deal with poor credit borrowers (which may make the list quite short). No matter how short the list is, of course, you’ll want to compare your options to find the best rates.

MyAutoloan.com is an online lending network that primarily deals with auto loans, but a number of its lending partners also offer motorcycle loans. Since it’s a lending network, you can receive multiple loan offers from a single application, making it easy to compare rates without having to apply with multiple lenders on your own.

2. MotorcycleLender.com

MotorcycleLender.com Logo

Another online lending network, MotorcycleLender.com specializes in motorcycle loans of all types. Qualified borrowers may be eligible for an unsecured fixed-rate loan of up to $40,000, with both three- and five-year loan terms available. There are no application fees or pre-payment fees, and loans can be dispersed in as few as 48 hours.

You’ll be asked for your credit score when you begin the loan application. When you choose the bad credit option, you’ll be redirected to ReliablePersonalLoans.com, a personal loan lender network that will match you with an online lender. We review the best personal loan options that can be used for motorcycle financing below.

3. LendingTree.com

LendingTree Logo

A well-known online lending network, LendingTree.com offers a wide variety of loan products, including motorcycle loans. Borrowers can find loans for most two-wheeled vehicles, including cruisers, sportbikes, scooters, and mopeds.

Additionally, qualified borrowers can even refinance their current motorcycle loan through LendingTree.com.

One important thing to note about online lending networks is that the network is not a bank or lender itself. Instead, once you choose an offer, you’ll be redirected to the individual lender’s website to see your loan agreement and complete the loan process.

Finance the Purchase Through Your Motorcycle Dealer

If the idea of a third-party lender doesn’t appeal to you, you may have the option of financing your new motorcycle directly through the dealer or manufacturer from which you purchase it.

When trying to get a dealer loan with poor credit, you’ll typically have the best luck if you can make a decent down payment. This not only will reduce the amount you have to borrow, but it can also help show the lender that you have the means to repay your loan.

4. Harley Davidson

Harley Davidson Logo

One of the most recognizable motorcycle manufacturers in the US, Harley Davidson is the standard for comfortable cruisers, but the company also offers a range of sportbikes to satisfy nearly any rider.

When considering applicants for a loan, Harley Davidson takes many factors into account, including — but not limited to — your credit report and score.

5. RideNow Powersports

RideNow Powersports Logo

With locations in nearly a dozen states, RideNow Powersports is a popular dealer for motorcycles of all kinds, as well as ATVs and other recreational vehicles. RideNow offers financing on all of its products, and you can easily apply online.

You can also submit a joint application with a family member or friend who has better credit, which can help those with poor credit qualify.

6. Bright Power Sports

Bright Power Sports Logo

While the retail location for Bright Power Sports is located in Lincoln Park, MI, potential buyers can shop the company’s full stable of bikes easily online through the Bright Power Sports website. Borrowers can also apply for financing online, and financing is available for a wide range of credit types, including those with poor credit.

If you intend to use an out-of-state dealer to finance and purchase your motorcycle, be sure to account for any potential extra fees when crunching the numbers. For example, while many dealers will happily deliver, that service is rarely free, so know what you’ll be charged before you sign.

Use a Personal Loan For Inexpensive Bike Purchases

If you’re having trouble finding specific motorcycle financing from dealers or third-party lenders, then a personal loan may be an option, as they can be used to finance just about anything.

That said, personal loans will generally have much higher APRs than auto or motorcycle loans, so this should only be used as a last resort. Additionally, those with poor credit may not qualify for a large amount, making personal loans best for inexpensive or used motorcycles.

As with any other financial product, you should compare personal loans to find the best offer. This can be especially important when comparing bad credit loan offers, both because of the higher APRs and smaller loan amounts that come with a low credit score.

Online lending networks, like those above, can be the easiest way to get multiple quotes at once from a single loan application. With dozens of potential lenders seeing your application, you’ll likely have a better chance of scoring the loan amount you need to purchase the bike of your dreams.

Another option for low-rate bad credit motorcycle financing is your local credit union. Credit unions are member-owned, which means their profits are returned to their customers (members) in the form of low interest rates on financial products, including low motorcycle loan rates.

You Can Also Consider a Home Equity Loan

A home equity loan taps into the equity you have in your home. Your equity is the current value of your home minus any remaining mortgage balance.

For example, if you own a home that is worth $300,000, but you only owe $180,000, you have $120,000 in equity available to you. But most mortgage lenders will only lend up to 80% of your available equity. This is a secured loan because it is backed by your home, but unlike a mortgage, you can use the money for anything you want, including to buy a new or used motorcycle.

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eMortgage can help you compare quotes from lenders across the country to help you secure the best loan rates. A home equity loan may be one of the best motorcycle loans you can get with a bad credit history.

What Credit Score Is Needed to Buy a Motorcycle?

There’s no set minimum credit score requirement to obtain motorcycle financing. Each lender sets its own approval criteria. But the lower your credit score, the harder it will be to get approved for a loan amount large enough to finance a motorcycle.

Your interest rate and monthly payment will also be determined by your credit score. So if your score is really poor, you may want to consider improving it before applying for a bad credit motorcycle loan. Here are some tips for quickly improving your credit score.

Ride Off Into the Sunset With the Right Lender

Much like its ancestors, the modern motorcycle is a marvel of technology, capitalizing on the physics of motion to keep itself — and its rider — upright, while also offering a fun ride and a great fuel economy.

But while motorcycles can often be found for less than the cost of a car of equivalent age, they’re still not inexpensive purchases, with luxury cruisers easily sporting five-digit price tags. Even used bikes are rarely cheap, with even some 10-year-old bikes costing $1,000 or more.

For the typical motorcycle enthusiast, financing makes buying a new bike possible. Of course, a bad credit history can easily put a wrench in your wheels. But, with a little research — and a good down payment — there are options for bad-credit bikers to find the financing they need to ride off into the proverbial sunset.

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