Motorcycle Financing Tips

If you’re interested in buying a motorcycle, but can't afford to pay the whole cost upfront, we have some good news for you! There are several easy financing options that can help you get the bike you desire. At Beach House Harley-Davidson®, we strive to make the entire financing process as easy as possible, so that you can spend more time focusing on planning your road trips. We've gathered everything you need to know about motorcycle financing in this brief guide, so read on to learn more!

Understanding Motorcycle Financing

Before you start shopping for a bike, it's important to understand how financing works. Motorcycle financing is similar to financing a car or any other big-ticket item – you'll have to take a loan to pay for the bike and then pay back that loan over a set period of time with interest.

There are two main types of financing: secured and unsecured loans. Secured loans are backed by collateral, which in this case, would be the motorcycle itself. Unsecured loans, on the other hand, don't require collateral but often have higher interest rates.

Check Your Credit Score

You're more likely to receive a loan to buy a motorcycle if you have good credit. A poor credit score is not always the end of the road, but it will not be easy. Check your score first so you know if you need to improve it before you can get financing.

Figure Out Your Budget

Before you seek out financing, you should know what motorcycle you want to purchase. You can use this information to create a realistic budget. Compare the features of different models and figure out how much you’re willing to spend. Set a budget to help estimate your down payment and total loan amount.

Finalizing the Loan

Once you've found the perfect motorcycle that fits your budget, it's time to get the loan. This will involve providing the required documents to the lender, such as address and income proofs. The lender will then process the loan and transfer the funds to the seller.

After the loan is finalized, you'll be responsible for making monthly payments on the loan until it's paid off. It's important to make these payments on time to avoid late fees and a decline in your credit score.

We hope you found this information helpful! If you have any questions or want to learn about our motorcycle financing options, be sure to contact us at Beach House Harley-Davidson® in Shallotte, NC. We proudly serve all those in Brunswick County, so stop by today!