Motorcycle Loan Calculator – How Much Is Your Payment With Financing?
Use our free motorcycle loan calculator below to calculate your monthly payment based on your total loan amount, along with how much interest you will pay over the term of your loan.
The second tab is designed to help you calculate how much you can afford based on the monthly payment you enter as your maximum budgeted amount. This feature makes it much easier to shop for a new or used motorcycle.
If you haven’t secured financing yet and are unsure of what your interest rate will be, look below the calculator for the current, average interest rates for motorcycle loans. They are based on the standard rates for individuals with average to good credit.
How to use our motorcycle loan calculator
- Enter the total amount you want to be financed in section 1. This is your total loan amount including the purchase price, dealer fees, sales tax, etc.
- If you are trading in a used motorcycle, enter the trade-in value in section 2.
- If you are unsure of the value, click the blue link in that section to check the KBB website for your motorcycle’s value.
- If you do not have a trade-in, just leave this section blank.
- If you are putting any cash down on your motorcycle purchase, enter that amount in section 3. If not, leave this section blank.
- Enter your loan interest rate in section 4. If you have not already secured financing and an assigned interest rate, see the section below the calculator and above this text for current motorcycle loan interest rates.
- You can also apply for a loan to any or all of those lenders by clicking their names in the table.
- Enter the number of months you desire your loan term to be. We have preset terms of 36, 48, or 60 months, which are the most common loan terms.
- Click the Calculate button at the bottom and your estimated monthly payment will display in the field to the right.
- The second tab of the calculator titled “How Much Can I Afford?”, will calculate the total loan amount you can afford based on your maximum monthly payment budget.
- For section 1, enter the maximum monthly payment you can afford.
- For the remaining sections, follow the same instructions as outlined above, which are identical.
- Once completed and the Calculate button has been clicked, you will see the total amount you can afford in the field to the right.
Frequently Asked Questions About Motorcycle Loans
How to get a motorcycle loan?
Here are the 5 steps and/or requirements to get a motorcycle loan.
- Most motorcycle loan lenders will require the applicant to be at least 18 years of age.
- You will need to apply for your motorcycle loan and get prequalified before visiting dealers to ensure you are receiving the best terms and interest rates. Dealers are almost always compensated by the lender and usually do not provide you with the best options. This will also ensure you don’t get multiple credit inquiry hits on your credit report from multiple dealers if you are shopping around, which can lower your credit score
- Most lenders require a minimum credit score of 670 to qualify for a typical loan. If your credit score is lower than 670, you can still obtain a loan but your interest rate and payments will be higher since the lender will see you as a higher risk. You can find a lender for low or bad credit scores or work with a credit repair service like this one to improve your score
- After getting your loan approved, the lender will most likely furnish you with a draft or some type of document to present to the dealer showing you are prequalified. They will submit your details to the lender. In some cases, the lender might disburse the funds directly to your account, especially with low or bad credit loans which are often processed as personal loans you can use for any purpose.
- Now you are ready to find your motorcycle and make it yours.
How long is a motorcycle loan?
Most motorcycle loan terms are 36, 48 or 60 months.
What is the average interest rate on a motorcycle loan?
Interest rates vary week to week depending on many factors but primarily the interest rate set by the Federal Reserve.
We keep an updated table below the motorcycle loan calculator above with the current interest rates from the top 3 providers.
How to get a motorcycle loan with bad credit?
Your options will be limited with bad credit but there are still several options for motorcycle loans with low or bad credit.
If you have a credit score of under 670, you will most likely have to apply for a personal loan with a high-risk lender.
Your interest rate will be higher than average and subsequently, your monthly payment, but there are options.
You can apply here if this is your situation.
Or you can choose to work with a credit repair company to increase your credit score before applying to ensure you get the lowest payments and best loan terms.
What additional costs will there be to owning a motorcycle other than my monthly loan payment?
You will also need to budget for routine and unexpected maintenance, tire replacement, fuel, gear, insurance and more.
You can use our motorcycle insurance calculator to get an estimate on what your monthly insurance premium will cost.
The YouTube video below is a great resource for getting an idea of the cost of ownership for your motorcycle.
What type of motorcycle should I buy?
This will depend on several factors so here are some points to consider.
- Sport bikes are the costliest to purchase and insure. They are also the most dangerous, especially for inexperienced riders.
- If you are not an experienced rider, your best choice is probably a cruiser, standard or dual sport motorcycle.
- Determine what type of riding you will be doing. If you are traveling long distances, consider a touring bike or cruiser. If it will only be used for short commutes, you probably want a smaller lighter model.
You can learn more about the 15 different types of motorcycles here.
What brand of motorcycle should I buy?
You should visit multiple dealerships and test drive different makes and models before making a decision.
Higher priced models like Harley Davidson are popular because of their reputation and branding, but you can save 25-50% by choosing a less popular manufacturer like Honda or Kawasaki.
Should I buy a new or used motorcycle?
A new motorcycle will obviously cost more than a used one so if price is a major factor, then you might want to gravitate towards a used bike.
Here are a few other factors that you should evaluate when making your decision.
- Loan terms will usually be shorter for used motorcycles which can often make monthly payments similar when compared to new.
- Manufacturer warranties can range from 1-3 years and definitely something to look into. Motorcycles older than 3 years probably aren’t covered and will have to be purchased as is.
- Mileage is another point to consider since this could also put the bike out of warranty if the mileage is over a certain number. Extremely high mileage bikes also carry more risk in terms of possible major repairs that might be upcoming.
- Older bikes do not have modern conveniences and safety features that newer ones have.
- Insurance will be higher for new motorcycles versus new ones.