Categories:   Auto Loans & Financing
6 2023 Financing Options for Electric Motorcycle
Buyers have a number of financing options for electric motorcycles. As with any large purchase it’s a good idea to do your research and shop around.
Riding a motorcycle offers a sense of freedom and adventure. Modern technology makes it possible to enjoy that freedom without causing greenhouse gas emissions and that’s something to feel good about too. This is not the time to allow financing to bring you down.
Buyers have a number of financing options for electric motorcycles. There are the traditional choices which include banks and credit unions along with point of sale alternatives such as dealerships and manufacturers. Borrowers now have additional online options which can be very useful for research and purchase.
Securing financing for a motorcycle isn’t very different from financing a car. The interest rates and repayment terms may differ but the process is the same. Borrowers must provide information about themselves which lenders will use to determine what rates they qualify for.
While each lender has their own exact criteria for determining eligibility and rates, there are a few basic requirements that you can expect with any loan you apply for. Applicants must be the age of majority and provide proof of a valid U.S. address. Additionally lenders will assess the present economic condition and credit score of all applicants.
Financing something as expensive as a motorcycle can cost you hundreds if not thousands of dollars. As with any large purchase it’s a good idea to do your research and shop around. Here are six options you can explore.
1. Electric Motorcycle Manufacturers
If you’re looking for financing options for an electric motorcycle the manufacturer might be able to help. It’s in their best interest to help people buy their products and assisting motorists with securing financing is a good step towards that goal. If you’re buying a new or used motorcycle it’s a good idea to ask what kind of financing you can get directly from the source.
Many manufacturers partner with lenders to offer financing options to their buyers. Some even have in house financing to offer buyers their best rates. While not all electric motorcycle manufacturers offer financing, enough do to make it worth looking into.
Wherever you’re thinking of securing financing for your electric motorcycle, you really should step into a bank and see what they have to offer. By going directly to a bank you cut out the middleman and you can be sure that you’re getting a fair market offer. While a bank may not present you with many incentives to borrow from them, the rate that banks offer you can be used as an excellent benchmark.
Some banks offer motorcycle loans as part of their specialty loan options. These are tailor made for people looking to borrow money for a new or used bike. If your bank does not offer these types of loans then a personal loan is a good financing option for an electric motorcycle.
3. Credit Unions
Credit unions and banks offer the same types of services. Unlike banks, credit unions are not-for-profit financial institutions. They require a membership although each credit union has their own rules as to how membership can be obtained.
While credit unions tend to have higher interest rates than banks, they have lower fees and more personal customer service. Credit unions may be less accessible in some areas as they often do not have the resources for multiple branches and online banking. Depending on your financial situation and location, a credit union may be a better option for you than a bank.
Most dealerships offer third party financing on both new and used motorcycles. Since this is where most people will end up purchasing their motorcycle, financing at the dealership is usually the most convenient choice. You will likely be discussing and negotiating with a salesperson anyway so you lose nothing by asking what kind of rate they can offer you on financing.
The dealership should not be your only plan when it comes to financing options for an electric motorcycle. Some dealers bump up their income with sales commissions from financing and you may end up paying a markup. On the other hand, dealerships may offer perks and incentives on financing to secure the sale. It depends on the dealer and on your situation so come to the dealership knowing what you can get somewhere else.
5. Online Lenders
Since the dawn of the internet aspects of our lives have been gradually transitioning to an online environment. Financing is no exception and we have seen a greater number of online lenders offering their services. It’s good news for those looking to find financing options for an electric motorcycle.
Online lenders are convenient and the application process tends to be simple. It’s usually easier to find a lender online if you have bad credit or other strikes against you. On the other hand, rates tend to be higher, customer service may not be up to par, and you don’t really know who you’re dealing with. It’s good to do your research if you’re planning to borrow online.
myAutoloan combines the fast convenience of online borrowing with the solid reputation of traditional lenders. With a quick and easy online application you can research your financing options, compare offers, and get support for the decision making process. myAutoloan offers convenient, private, and secure access to information on financing.
myAutoloan partners with banks, credit unions, dealerships, and more to present you with all of your options from the comfort of home. There is never any obligation to buy which makes it one of the best tools for researching financing options for an electric motorcycle. If you find your best rate at myAutoloan you can accept the offer right from the website and purchase your loan without leaving home.
The excitement of purchasing an electric motorcycle doesn’t have to be diminished by financing. Do your research, explore all options, and get your best rate on a loan. Hitting the open road will feel even sweeter.