Your exact loan term, interest rate, and monthly payment are based on the following factors: Loan terms with Altra can be as long as 84 months.
Finally, you can get another discount if you refinance your motorcycle loan from another lender. You can get an additional discount if you have an existing Altra credit card. This takes into account several discounts, including the best rate discount if you have an Altra Checking account with direct deposit and eStatements. If you’re worried about qualifying as an Altra FCU member, don’t worry - there are several easy ways you can join.Īltra’s motorcycle loan rates are competitive, starting as low as 1.99% APR. You’ll need to supply your social security number, motorcycle make, year, and estimated purchase price.Īltra Federal Credit Union offers low interest rates and unique discounts for members looking for a motorcycle loan. LendingTree also offers a quick and easy prequalification process that gives you up to five loan offers. Your existing debt-to-income ratio may also impact how large of a loan you can finance through LendingTree. However, the lower your credit scores, the higher the APR you can expect to pay. In fact, LendingTree even advertises that it can work with borrowers who have less than perfect credit. Minimum credit scores vary depending on the lender, so there’s no hard-fast rule on what credit score you need to be eligible. Qualification entails a credit check and providing proof of income. Loan amounts start at $1,000, and there’s no upper limit on the maximum loan amount. How much can you borrow for a motorcycle loan? Motorcycle loans are available for cruisers, sports bikes, touring, dual sports, scooters, and mopeds. LendingTree lets you compare rates and loan terms from multiple lenders online by simply using a single application form. Financing options are available for all credit types, and a few even offer discounts on your annual percentage rate (APR) if you’re already a member of the financial institution. Some lenders allow you to apply for loans specifically for motorcycles. To find the best motorcycle loans, we researched some top lenders, including manufacturer and dealer financing options, banks, credit unions, and online lenders. Let’s take a quick look at each one to see the differences. Manufacturer financing – Similar to financing at a dealership, manufacturers also partner with financial institutions to offer motorcycle financing.Dealership financing – Sometimes dealerships will have their own lending partners or you can even get a motorcycle loan directly through the dealership itself.Some people used them to consolidate debt, others use them for home renovation, but they can also be used to purchase a new motorcycle. Personal loans – Personal loans are unsecured loans that can be used for any major purchase.Motorcycle loans – Motorcycle loans are loans offered by some banks, credit unions, and online lenders that are specifically intended for financing a motorcycle.Here are the four most common ways to pay for a motorcycle: You generally can’t use an auto loan when financing a motorcycle, but you do have several options. So whether you’re using your new bike as your main mode of transportation or taking some weekend joyrides, you can rest easy knowing you’ve found a deal that works for your wallet. If you’re not paying for your motorcycle with cash, you have plenty of other options available to get the funds you need. That means it’s wise to take your time when considering all of the motorcycle financing options so you can make a smart choice. Purchasing a motorcycle can be an exciting experience, but it’s also a big financial decision.
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