Motorcycle Finance

Two of the most popular companies with which you can utilize them for motorcycle finance are Eloan.com and Capitol One. While you can certainly finance your motorcycle through the dealership, there may be hidden fees or charges you are unaware of and to this end, highlighting the aforementioned companies will give you alternative options you may not have had before.

Eloan.com is a well-known company which most cyclists prefer. Let’s take a quick look at their rates as well as requirements. Eloan offers financing rates of 9.85% for 36-47 months or 10.65% for 48 to 60 months. Simply log on to their site and fill out the information asked for regarding your motorcycle. If you are approved for the loan, you will receive a PowerCheck via overnight delivery.

What is a powercheck? It is similar to a personal check which you can use to take to your licensed motorcycle dealer and purchase one new or used. Simply follow the instructions on the back of the powercheck and you can purchase your motorcycle immediately. A $15.00 fee is incurred. Check their online terms and conditions as well.

Capitol One is also a very well-known company. In fact, you may even be a customer via their credit card services. They offer a three-tier rate schedule for motorcycle finance.

If you purchase a new motorcycle from a dealer, the APR is 9.15% based on 30-36 months, or 9.75% based on 37-60 months. For a used vehicle, it is 9.9% and 10.75%, respectively and for a person to person purchase, the APR is 10.75% and 11.49%, respectively.

There are several requirements with Capitol One. The motorcycle must be street legal. In addition, you cannot purchase a motorcycle person to person that has been originally leased. There is no fee to apply for the loan, and a blank check is issued to you to present to the dealer from whom you have decided to buy the motorcycle. Note that the loan is the amount you write on the blank check and not the amount you are approved for. Moreover, there is no down payment required.

Motorcycle finance requirements differ with each company, as you can see. The best course of action would be to research all of the dealerships and online sites to determine who is offering the best possible APR rate, as well as the terms and conditions applied to the loans.

Just as you would search for the lowest finance rate for your car, it is just as important to do so for your motorcycle. After all, it is quite an investment and the last thing you want to run into to a sudden rise in the APR rate after a few months. Just as with credit cards, ensure that the APR rate is fixed during the entire course of payment. If not, determine how much you can afford and choose the company which has the lowest APR rate available.