Top 5 Motorcycle Financing Lenders
Just like any other banking facility that you may be looking for, it is important for motorcycle owners to keenly look at available motorcycle financing lenders and try and get the best deal. There are several key factors that one has to consider such as the interest rate that’s being charged, find out whether it is fixed or not. A borrower should also check out the minimum and maximum payment periods that the lender is providing, it is also important to inquire whether there are any penalties on making early payments. A good motorcycle loan should also allow you as the borrower to buy the bike as if you are buying it in cash, this will allow you to negotiate with the seller as a cash buyer and most likely get a good deal.
Here is a brief list of some of the leading motorcycle lenders and the type of motorcycle loans they are offering their clients. This includes but is not limited to the following:
1) Prosper Marketplace Inc
Mailing Address: 101 Second Street, 15th Floor
San Francisco, CA 94105
Phone Numbers: 1-866-615-6319
Web Address: https://www.prosper.com
Types of Loans Offered: Prosper does offer unsecured, fully amortizing, and fixed-rate loans from $ 2,000 to $ 35,000. Their loan terms range from three to five years depending upon the prosper rating and the motorcycle loan amount you are looking for. It is worth noting that the company does not penalize clients for making early payments for making partial prepayments, making it quite flexible for you to pay off your motorcycle loan comfortably.
2) Southeast Financial
Mailing Address: 912 Harpeth Valley Place
Nashville, TN 37721
Phone Numbers: 866-900-8949 or 866-900-9298
Web Address: http://www.southefinancial.com/motorcycle_financing.php
Types of Loans Offered: they offer great terms and rates, have been in the field of financing motorcycles for the past fourteen years. The company does provide loans to buy new or used motorcycles. The minimum loan amount is $10,000 with the maximum amount for a motorbike being $50,000. The maximum loan period is 5 years and the company can only provide financing for motorcycles that are less than ten years old. It is also worth noting that southeast financial does not provide refinancing for motorcycles. They are quite fast and can offer same-day credit approvals.
3) USAA Federal Savings Bank
Mailing Address: 10750 McDermott Freeway
San Antonio TX 78288-9876
Phone Numbers: 1-210- 531- USAA (8722) or 1-800- 531-USAA (8722)
Web Address: https://www.usaa.com
Types of Loans Offered: The financial institution does pride itself in providing rates as low as 5.99% APR for motorcycles and new off-road bikes. It does also offer up to 100% financing on motorcycle loans provided one meets the laid down conditions. For those clients who want to buy new dirt bikes, the institution can only support new dealer purchases only. You can also refinance your motorcycle with USAA, in most instances; the institution does provide instantaneous loan decisions to their clients.
4) Nationwide Bank
Mailing Address: P.O.Box 182049
Columbus, Ohio 43218-2049
Phone Numbers: 1-877-422-6569
Web Address: http://www.nationwide.com/
Types of Loans Offered: the bank allows clients to either finance or refinances their motorcycle loans at very low loan rates and flexible terms. The bank offers loans from as low as $1,000 to a maximum of $50,000. For loans up to $ 11,999, the maximum repayment period is 48 months while anything above $ 12,000 the borrower has up to 60 months or 5 years to repay the loan. To prove their flexibility, the above mentioned financing terms are available in 6-month increments. They can provide a motorcycle loan within two business days and the bank does allow you to not only buy the bike from an authorized dealer, a dealership, or even a private party. It is also worth noting that there are no penalties if you pay your motorcycle loan early.
5) LightStream (A division of SunTrust Bank)
Mailing Address: 655 W. Broadway, Suite 1300,
San Diego, CA 92101
Phone Numbers: (813) – 615- 2899
Web Address: https://www.lightstream.com/motorcycle-loan
Types of Loans Offered: LightStream does offer low and fixed-rate loans for motorcycles ranging from $5,000 to $100,000 with an APR as low as 3.89%. Their loans are also unsecured for those who have good to excellent credit rating, allowing clients to immediately own their motorcycle without any liens. The institution also does offer cash in hand loans which allow a borrower to shop, negotiate and purchase the motorcycle as if they are buying the motorcycle as a cash buyer. Loans ranging between $5,000 and $9999 have a maximum repayment period of 60 months whereas those ranging between $10,000 and $24,999 have a maximum repayment period of 72 months. Those loans that are above $25,000 have a maximum repayment period of 84 months. There are no penalties on those motorcycle loan borrowers who decide to repay their loans early.