Written By
Taylor Medine
Staff Writer
Jordan TarverLead Editor, Mortgages & Loans
Jordan Tarver has spent seven years covering mortgage, personal loan and business loan content for leading financial publications such as Forbes Advisor. He blends knowledge from his bachelor's degree in business finance, his experience as a top perf...
Jordan TarverLead Editor, Mortgages & Loans
Jordan Tarver has spent seven years covering mortgage, personal loan and business loan content for leading financial publications such as Forbes Advisor. He blends knowledge from his bachelor's degree in business finance, his experience as a top perf...
Jordan Tarver
Jordan TarverLead Editor, Mortgages & Loans
Jordan Tarver has spent seven years covering mortgage, personal loan and business loan content for leading financial publications such as Forbes Advisor. He blends knowledge from his bachelor's degree in business finance, his experience as a top perf...
Jordan TarverLead Editor, Mortgages & Loans
Jordan Tarver has spent seven years covering mortgage, personal loan and business loan content for leading financial publications such as Forbes Advisor. He blends knowledge from his bachelor's degree in business finance, his experience as a top perf...
Reviewed
& 1 other
Updated: Aug 30, 2024, 8:50am
Editorial Note: We earn a commission from partner links on Forbes Advisor. Commissions do not affect our editors' opinions or evaluations.
The average motorcycle with low mileage costs anywhere from $3,000 to $6,000, with luxury bikes costing even more, according to J.D. Power. If you have dreams of buying your first or next bike but don’t have the cash to pay outright, a motorcycle loan could help you make the purchase. Compare the best options below.
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Best Motorcycle Loans of 2024
BEST OVERALL MOTORCYCLE LOAN
SoFi®
Via Credible.com’s Website
8.99% to 29.99%
with autopay
$5,000 to $100,000
Editor’s Take
SoFi is an online lending platform that offers unsecured fixed-rate personal loans in every state. Founded in 2011, SoFi has extended over $50 billion in loans and stands out for allowing high loan amounts and its availability of extended loan terms.
Loans are available from $5,000 to $100,000, making SoFi a great option for those with excellent credit who need to borrow a large amount of money. Loan amounts available may vary by the state you live in. Repayment terms range from two to seven years, making SoFi an incredibly flexible option for those with sufficient credit (minimum 650) and annual income (at least $45,000). SoFi also lets prospective borrowers submit joint applications—although co-signers are not permitted.
Approved borrowers are rewarded with comparatively low APRs. What’s more, SoFi doesn’t charge origination fees, late fees or prepayment penalties—a stand-out feature because personal loan lenders often charge origination or late payment fees at a minimum.
However, if you’re considering a debt consolidating loan from SoFi, keep in mind that the lender does not offer direct payment to a borrower’s other creditors. This means the loan proceeds will be deposited to your bank account and you’ll have to pay off your other lenders individually. The platform does offer customers a number of other perks and discounts.
Pros & Cons
- Prequalification without a hard inquiry
- Same-day approval possible
- Can pay off third-party creditors directly
- High credit score requirement
- Co-signers not permitted
Details
Eligibility
- Minimum credit score required. 650
- Minimum annual income. $45,000
- Co-borrowers. Permitted
- Co-signers. Not permitted
Expert’s Take
What I find impressive about SoFi is its innovative approach to lending, with a focus on providing borrowers with personalized loan options tailored to their unique financial situations.
As a small business owner, I benefited from SoFi’s competitive rates and borrower-friendly terms, which include no origination fees or prepayment penalties. Also, SoFi’s member benefits, such as career coaching and financial planning resources, add value beyond just the loan itself, making it an attractive choice for entrepreneurs looking to grow their businesses while managing their finances responsibly.
— Michael Ashley, finance expert, Richiest.com
BEST FOR LOW INTEREST RATES
LightStream
Via Credible.com’s Website
660
6.99% to 25.49%
with autopay
$5,000 to $100,000
Editor’s Take
LightStreamoffers loans with both a low minimum and maximum interest rate, along with a rate-beat program. LightStream’s unsecured personal loans range from $5,000 to $100,000 with loan amounts varying based on the loan purpose. In addition to offering appealing and flexible terms, LightStream charges no origination, late payment or prepayment fees. The lender also offers a 0.50% rate discount for borrowers who enroll in autopay.
Pros & Cons
- Long loan terms available
- Low interest rates
- Fast approval and funding
- No prequalification option
- High minimum loan amount
- Low average customer rating on Trustpilot
Details
Eligibility:
- Minimum credit score. 660
- Minimum income. Does not disclose
- Co-borrowers. Permitted
Expert’s Take
Lightstream, a division of Trust Bank, is known for its range of loan options and competitive rates. The downside can be its strict eligibility criteria, making it difficult for those with less-than-stellar credit history to gain approval.
— Jonathan Feniak, general counsel and head of finance, LLC Attorney
BEST FOR FAST FUNDING & BELOW-AVERAGE CREDIT
LendingPoint
Via MoneyLion’s Website
600
7.99% to 35.99%
with autopay
$1,000 to $36,500
Editor’s Take
LendingPoint is an online lender that offers personal loans to prospective borrowers in 48 states and Washington D.C.; it doesn’t offer loans in Nevada and West Virginia.
Why We Like It
LendingPoint offers longer loan terms than many other lenders—24 to 72 months—or two to six years—providing borrowers with more flexibility in their repayment plans.
What We Don’t Like
High maximum APRs and origination fees up to 10% may make LendingPoint more costly for less-qualified borrowers.
Who It’s Best For
LendingPoint is best for borrowers who want a longer repayment period.
Pros & Cons
- Quick funding
- Low credit score requirements
- No prepayment penalty
- Origination fee up to 10%
- Co-signers or joint loans not permitted
- Not available in Nevada and West Virginia
Details
Eligibility:
- Minimum credit score. 600
- Minimum annual income. $35,000
- Co-signers. Not permitted
Expert’s Take
LendingPoint can be a good option for those who may not have a high credit score. They focus more on the potential borrower’s job history and income when determining loan eligibility and rates.
— Jonathan Feniak, general counsel and head of finance, LLC Attorney
BEST FOR BAD CREDIT
Upgrade
3.5
Our ratings take into account loan cost, loan details, eligibility and accessibility, customer experience and application process. All ratings are determined solely by our editorial team.
Minimum Credit Score
580
APR range
9.99% to 35.99%
Loan amounts
$1,000 to $50,000
Via Credible.com’s Website
580
9.99% to 35.99%
$1,000 to $50,000
Editor’s Take
Upgrade offers accessible online credit and banking services, including personal loans of $1,000 to $50,000.
Why We Like It
Upgrade allows borrowers to apply with co-signers and sets a low minimum credit requirement of 580, increasing the chances of approval.
What We Don’t Like
Upgrade’s loans only go up to $50,000. The lender also charges origination fees between 1.85% and 9.99% of the loan amount, which can decrease the total borrowed amount.
Who It’s Best For
Upgrade’s personal loans are best for borrowers with poor credit histories who may not qualify for a personal loan without a co-signer.
Pros & Cons
- Flexible eligibility requirements
- Can pay off creditors directly
- High loan amounts available
- High APR range
- Fees for late payments and insufficient funds
- Charges origination fees from 1.85% and 9.99%
Details
Eligibility:
- Minimum credit score. 580
- Minimum income. None
- Co-applicants. Permitted
Expert’s Take
Upgrade’s personal loans come with a unique feature—mandatory automatic payments. While this is an effective default prevention measure, it might not suit everyone, especially those with irregular income streams.
— Jonathan Feniak, general counsel and head of finance, LLC Attorney
BEST FOR COMPARING MULTIPLE OFFERS
Universal Credit
3.5
Our ratings take into account loan cost, loan details, eligibility and accessibility, customer experience and application process. All ratings are determined solely by our editorial team.
Minimum Credit Score
580
APR range
11.69% to 35.99%
Loan amounts
$1,000 to $50,000
Compare Rates
Via Credible.com’s Website
580
11.69% to 35.99%
$1,000 to $50,000
Editor’s Take
Universal Credit is an online lending platform that offers personal loans between $1,000 to $50,000 through its partners. Repayment terms range from three to seven years.
While Universal Credit makes finding a personal loan accessible even to those with damaged credit, it comes with a few tradeoffs. First, it charges high APRs, well above the most competitive rates seen on our list. Second, Universal Credit charges a 5.25% to 9.99% origination fee on all personal loans. Because this is deducted from your loan proceeds, you’ll need to factor this in when determining your loan amount to ensure you receive the necessary amount after the fact.
Pros & Cons
- Flexible qualification requirements
- Next-day funding
- No prepayment penalty
- APRs are higher than those offered by top competitors
- Origination fees from 5.25% to 9.99%
Details
Eligibility:
- Minimum credit score. 580
- Minimum income. Does not disclose
- Co-signers. Not permitted
- Co-borrowers. Not permitted
BEST FOR NO INTEREST IF REPAID WITHIN 30 DAYS
Discover
Via MoneyLion’s Website
660
7.99% to 24.99%
$2,500 to $40,000
Editor’s Take
Discover is an online bank that also offers customers credit cards, retirement solutions and personal loans in all 50 states. As a lending platform, Discover stands out because of its online application and mobile banking tools, well-reviewed customer support team and quick funding.
In general, loans are available from $2,500 to $40,000 and may be issued for between three and seven years. So, while borrowers may get a larger loan from another lender, the repayment terms are fairly flexible. Discover charges a late payment fee and does not offer an autopay discount; however, it does not charge any origination fees or prepayment penalties, making it competitive with other top personal loan providers.
Pros & Cons
- No origination fees
- Low interest rates
- Direct creditor payoff with debt consolidation loans
- No interest rate discount for automatic payments
- No co-signers or co-borrowers accepted
- Good credit needed to qualify
Details
Eligibility:
- Minimum credit score required. 660
- Minimum annual income. $25,000
- Co-borrowers. Not permitted
- Co-signers. Not permitted
BEST FOR LOANS AS LOW AS $1,000
Upstart
Via Credible.com’s Website
300
7.80% to 35.99%
$1,000 to $50,000
Editor’s Take
Upstart uses artificial intelligence (AI) to evaluate applications, allowing the lender to consider factors such as employment and education when determining eligibility.
Why We Like It
Upstart’s minimal credit score requirements allow more borrowers to qualify for loans. The Consumer Financial Protection Bureau estimated Upstart has approved 27% more borrowers than possible under a traditional lending model.
What We Don’t Like
Upstart’s three- or five-years loan terms are more limited than other lenders. However, this is likely an acceptable tradeoff for applicants who might not be approved in a traditional lending environment.
Who It’s Best For
Upstart is best for individuals with limited credit history who want a more inclusive approach to the lending process.
Pros & Cons
- Accessible to borrowers with no credit history
- Prequalification with a soft credit check
- Ability to choose a custom payment date
- Charges an origination fee up to 12% of the loan amount
- No co-signer option
- Only offers three- or five-years terms
Details
Eligibility:
- Minimum credit score. 300
- Minimum income. No minimum but must have a source of income
- Co-signers. Not permitted
- Co-borrowers. Not permitted
Expert’s Take
Upstart has no minimum credit score to apply for a loan, which makes them a popular choice for borrowers of all categories. Those with lower credit scores or uneven credit history may receive offers with [high APRs]. Loan amounts range from $1,000 to $50,000 and loan term lengths available are three- or five-years.
Upstart offers flexibility with payment dates and funding can be as soon as one business day. However, some requirements are employment, steady income, a personal bank account, email address and a Social Security number. Some fees may apply, including an origination fee, late fees or statement fees.
— Stephen Kates, CFP®, Annuity.org
BEST FOR A RANGE OF REPAYMENT TERMS
Avant
3.5
Our ratings take into account loan cost, loan details, eligibility and accessibility, customer experience and application process. All ratings are determined solely by our editorial team.
Minimum Credit Score
580
APR range
If approved, the actual loan terms that a customer qualifies for may vary based on credit determination, state law, and other factors. Minimum loan amounts vary by state.
9.95% to 35.99%
Loan amounts
Example: A $5,900 loan with an administration fee of 4.75% and an amount financed of $5,619.75, repayable in 36 monthly installments, with an APR of 29.95% would have monthly payments of $250.30. If approved, the actual loan terms that a customer qualifies for may vary based on credit determination, state law, and other factors. Minimum loan amounts vary by state.
$2,000 to $35,000
Via Credible.com’s Website
580
If approved, the actual loan terms that a customer qualifies for may vary based on credit determination, state law, and other factors. Minimum loan amounts vary by state.
9.95% to 35.99%
Example: A $5,900 loan with an administration fee of 4.75% and an amount financed of $5,619.75, repayable in 36 monthly installments, with an APR of 29.95% would have monthly payments of $250.30. If approved, the actual loan terms that a customer qualifies for may vary based on credit determination, state law, and other factors. Minimum loan amounts vary by state.
$2,000 to $35,000
Editor’s Take
Avant is a lender that offers secured and unsecured personal loans through a third-party bank. The lender offers loans in Washington, D.C. and every state but Hawaii, Iowa, Maine, New York, Vermont and West Virginia.
Why We Like It
Avant may deposit loan funds as soon as the next business day after approval, making it a great option for borrowers who need money fast.
What We Don’t Like
Avant’s APRs range from 9.95% to 35.99%. It also charges an administrative fee of up to 4.75% of the loan amount, which further increases the cost of borrowing.
Who It’s Best For
Avant is best for individuals with damaged or limited credit who need quick funding.
Pros & Cons
- Secured and unsecured loan options available
- Low credit score requirement of 580
- Loan terms available up to 60 months
- Charges an upfront administrative fee
- High minimum APR
- Co-signers and co-applicants not allowed
Details
Eligibility:
- Minimum credit score. 580
- Minimum income. Does not disclose
- Co-borrowers. Not permitted
- Co-signers. Not permitted
Tips for Comparing Motorcycle Loans
Follow the tips below to weigh options before borrowing:
- Pay attention to annual percentage rates (APRs).Aloan’s APRis a percentage that expresses how much you will pay annually on interest and fees. You can use a loan’s APR tocalculatethe cost of borrowing over time. This is an important factor to compare between loans.
- Explore loan options before going to a dealer.Financing offered by a motorcycle dealership can come with an increased interest rate that’s higher than what you might get if you borrow money directly from apersonal loan. Before visiting a dealership, check other loan rates because this will help you determine if dealer financing is the best option.
- Watch out for add-ons and fine print.Dealers and lenders may offer extended warranties or charge miscellaneous fees likeprepayment penaltiesif you pay off your motorcycle loan early. Reading carefully through the terms and fees of each loan can help you find hidden fees and pinpoint the most affordable deal.
- Prequalify if you can.Many lenders now let youprequalify for loanswithout a hard credit inquiry, so you can check rates and compare costs without taking a credit hit.
What Is a Motorcycle Loan?
A motorcycle loan is a type of installment loan that credit unions, banks or online lenders may offer. In some cases, financial institutions provide loans specifically for motorcycles, or you can use a personal loan to buy your bike.
Aside from banks and credit unions, dealerships and manufacturers offer their own motorcycle financing options. For example, Harley Davidson provides financing for both new and used bikes, while Ducati provides flexible financing solely for new bikes.
Terms of financing contracts can vary, and certain deals may offer optional add-ons, such as an extended warranty to cover mechanical breakdowns when the standard warranty expires. Weighing all of your options can help you choose the most affordable deal with the right perks.
How Do Motorcycle Loans Work?
Loans for motorcycles can besecured loansorunsecured loans. Secured loans may require a down payment and tend to have lower interest rates than unsecured loans since the motorcycle backs the loan. If you don’t make payments, the lender can take the bike to recoup the loss, which minimizes risk for the lender and can result in better interest rates.
An unsecured personal loan doesn’t require collateral and can take less paperwork to apply for, but the trade-off is the interest rate may be higher. Whether you get a secured or unsecured loan, payments for motorcycle loans are fixed and due each month.
The loan amount and interest rate you qualify for on a motorcycle loan can depend on your credit history, income and how much other debt you have. Loan terms for motorcycles vary but could range from 12 to 84 months.
How to Get a Motorcycle Loan
If you’re in the market for a motorcycle loan, here are the steps to get financing:
- Check your credit.It’s always a good idea tocheck your credit historybefore applying for a new loan. This way you can catch errors and clean up credit report issues before a lender does a credit check. Don’t worry—checking your own creditwon’t affect your score.
- Check rates where you currently bank.Contact the banks or credit unions you have an existing relationship with because you might qualify for loyalty perks, such as interest rate discounts.
- Expand your loan search.Compare loan rates with other banks, credit unions and online lenders to see where you can get the best deal. If you have your heart set on a certain motorcycle make and model, go directly to the manufacturer’s website to see if there are any special financing deals.
- Get preapproved.Some financial institutions, dealers and manufacturers can preapprove or prequalify you for a motorcycle loan. While this isn’t a guarantee of final approval, getting a preliminary offer shows you the payments you might qualify for so you can see if a motorcycle will fit into your budget.
- Choose a loan and fully apply.After settling on a loan, follow the instructions to submit the full loan application. Once approved, you’ll sign loan documents, and loan funds may be disbursed within a few days.
How to Get a Motorcycle Loan With Bad Credit
When you havebad creditor no credit, it tends to be harder—and more expensive—to qualify for financing. Lenders thatcater to borrowers with subprime creditusually charge high interest rates that may border on being predatory—but there are ways to improve your loan options.
Applying with a co-signerwho has good credit could help you get a better loan because there’s another person guaranteeing repayment. But since a co-signer is also financially liable for your debt if you fail to repay, they should fully understandco-signer risksbefore they sign on the dotted line. One major risk is that any late payments you make will show up on the co-signer’s credit report.
If you have bad credit and no co-signer, improving your credit before borrowing could help your approval odds. Here are some strategies that couldhelp your credit score:
- Pay down some debt.Reducing balances on credit cards and other revolving credit lines could reduce yourcredit utilizationand help boost your score.
- Dispute credit report errors.If incorrect information on your credit report is hurting your score, filing a dispute to have it removed could positively impact your credit.
- Add recurring bills to your credit report.Experian and TransUnion offerExperian Boostand eCredable services that can add on-time subscription and bill payments to your credit report. If you’re new to credit or rebuilding credit, on-time Netflix or utility bill payment history could give your score a boost.
Methodology
We reviewed 29 popular lenders based on 16 data points in the categories of loan details, loan costs, eligibility and accessibility, customer experience and the application process. We chose the best lenders based on the weighting assigned to each category:
- Loan cost:35%
- Loan details:20%
- Eligibility and accessibility:20%
- Customer experience:15%
- Application process:10%
Within each major category, we also considered several characteristics, including available loan amounts, repayment terms, APR ranges and applicable fees. We also looked at minimum credit score requirements, whether each lender accepts co-signers or joint applications and the geographic availability of the lender. Finally, we evaluated each provider’s customer support tools, borrower perks and features that simplify the borrowing process—like prequalification options and mobile apps.
Where appropriate, we awarded partial points depending on how well a lender met each criterion.
To learn more about how Forbes Advisor rates lenders, and our editorial process, check out our.
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Find the Best Personal Loan
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Information provided on Forbes Advisor is for educational purposes only. Your financial situation is unique and the products and services we review may not be right for your circ*mstances. We do not offer financial advice, advisory or brokerage services, nor do we recommend or advise individuals or to buy or sell particular stocks or securities. Performance information may have changed since the time of publication. Past performance is not indicative of future results.
Forbes Advisor adheres to strict editorial integrity standards. To the best of our knowledge, all content is accurate as of the date posted, though offers contained herein may no longer be available. The opinions expressed are the author’s alone and have not been provided, approved, or otherwise endorsed by our partners.