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Where is a good place to get a motorcycle loan at? Besides credit unions cause the ones where I live want you to borrow at least 7500.00 and all I need is 5000-6000.

I think Cap One also will not let you borrow less than 10,000.00.

-Buck

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My beau just bought his first motorcyle this week for about $4000. He's been a Cap1 customer forever, but they turned him down b/c they won't lend less than $7500. So, he opted for American General Financial Services (they have a local office here) and received financing w/in one day. I couldn't tell you about their terms though. You would have to call them to find out more or someone here can chime in on other recommendations.

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Guest BadAccountant

Also try at the dealership. Household typically has revolving cards that may have competitive rates. And the manufacturers have financing specials as well. Also you can try GreenTree financing. They used to do these loans as well.

Did you try your own bank? Mine will finance motorcycles, atv and pwcs.

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His are in the high 500s to very low 600s (I think) and he got a 22% interest rate. Do know that if you're looking to borrow just a few thousand dollars (probably less than $6000), you'll be stuck w/ an automatic high interest rate just b/c of the short term of the loan. Finance companies are the most known to do this. So, w/ low scores AND requesting a few thousand dollars may get you a higher rate than you would normally get for trying to borrow $10,000 from Cap1 or your credit union. If he would've opted to borrow the $7500 from Cap1, he would've been approved for an 8.9% interest rate.

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  • 5 weeks later...
If you have ever filed BK and it is still on your CR ... forget about traditional MC loans ... no one will touch you ...

That's kind of a broad statement to make. I filed ch 7 in 1998 and was approved last year for a bike loan. I financed the tax and all, no money down, at 5.9% apr/60 months. Pulled Exp. @ 683.

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So tell us how you did it ... who financed you ... and is your BK still on your report?
Yep, BK still on report. Just went to the dealer and applied for the loan. It was a local bank that financed me and the dealer throws a ton of business at that particular bank. This bank doesn't tier their bike loans either, it's either denied or approved at 5.9%. (an awesome rate for a toy even with AAA credit) A lot of banks don't really care about BK's that are 5+ years old, anyway, at least on secured loans.
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Here is an update. I tried to get a loan with Honda for a motorcycle and they turned me and my wife down. She has Fako scores from 692-702 and mine are around 650's. The only bad marks on our reports is a BK7 from 04-2001. Guess I will have to wait another year and try again. But yet we bought a 2003 Dodge Durango with no problems what-so-ever. Got it for 60 months at 9.0%, simple interest loan with no money down. Go figure.

-Buck

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Here is an update. I tried to get a loan with Honda for a motorcycle and they turned me and my wife down. She has Fako scores from 692-702 and mine are around 650's. The only bad marks on our reports is a BK7 from 04-2001. Guess I will have to wait another year and try again. But yet we bought a 2003 Dodge Durango with no problems what-so-ever. Got it for 60 months at 9.0%, simple interest loan with no money down. Go figure.

-Buck

Harley will finance you I bet, maybe a high rate ,around 13-14%.
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