You do not need perfect credit to buy a motorcycle. A credit score of 670 or higher can improve your chances of approval and help you qualify for a lower interest rate, but many lenders also approve applicants with scores in the 600s.
There is no universal minimum credit score for a motorcycle loan. Each lender considers your income, existing debts, down payment, credit history, loan amount, and the motorcycle you plan to buy.
This guide explains what you can expect at each credit level, how your score affects the cost of the loan, and what you can do before you apply.
What Credit Score Do You Need to Finance a Motorcycle?
A FICO Score of 670 or higher is a useful target for motorcycle financing. FICO classifies scores from 670 to 739 as good, while scores from 740 to 799 are very good. Scores of 800 or higher are exceptional.
Experian reports that borrowers generally need good credit or better to qualify for the lowest motorcycle loan rates. That does not mean every lender requires a score of 670. Some lenders accept lower scores when the applicant has steady income, manageable debt, or a larger down payment.
Here is a general idea of what you may encounter at each credit level:
| FICO Score | Credit Tier | Possible Motorcycle Loan Outcome |
|---|---|---|
| 800 to 850 | Exceptional | Strong approval odds and access to the lowest rates |
| 740 to 799 | Very good | Competitive rates and several lender options |
| 670 to 739 | Good | Solid approval odds with reasonable terms |
| 580 to 669 | Fair | Approval may come with a higher rate or down payment |
| 300 to 579 | Poor | Limited options and much higher borrowing costs |
These score ranges are not lender requirements. A lender can approve or deny an application based on the full credit profile.
Can You Buy a Motorcycle With a 600 Credit Score?
You may qualify for a motorcycle loan with a 600 credit score. A score of 600 falls within FICO’s fair credit range, so you may face higher rates and fewer choices than someone with good or excellent credit.
A lender may also require more money down or approve a smaller loan amount. Your chances can improve when you have steady income, low monthly debt payments, and no recent missed payments.
A less expensive motorcycle may also make approval easier. A smaller loan reduces the lender’s risk and keeps the monthly payment more manageable.
Can You Finance a Motorcycle With Bad Credit?
Some lenders finance motorcycles for borrowers with scores below 580. The terms can be expensive, so approval should not be your only goal.
A bad-credit motorcycle loan may include:
- Higher interest rates: A lower score often leads to a more expensive annual percentage rate.
- Larger down payments: The lender may require more cash before it approves the loan.
- Shorter repayment terms: A shorter term reduces the lender’s risk but raises the monthly payment.
- Lower loan limits: You may need to choose a less expensive motorcycle.
- Stricter vehicle rules: The lender may reject older motorcycles or bikes with high mileage.
Be careful with lenders that promise guaranteed approval. Approval may come with rates and fees that make the motorcycle far more expensive than its purchase price.
How Your Credit Score Affects a Motorcycle Loan
Your credit score helps the lender estimate how likely you are to repay the loan on time. A higher score usually leads to better terms, but the exact offer depends on the lender and the rest of your application.
Your score can affect the interest rate, required down payment, approved loan amount, and repayment term.
Interest Rate and Total Loan Cost
The annual percentage rate affects both the monthly payment and the total amount you repay. Even a small rate difference can add a significant amount to the cost of a motorcycle loan.
The table below compares two rates on a $15,000 loan with a 60-month term:
| Loan Amount | APR | Monthly Payment | Total Interest | Total Repaid |
|---|---|---|---|---|
| $15,000 | 7.45% | $300.21 | $3,012.78 | $18,012.78 |
| $15,000 | 18.00% | $380.90 | $7,854.08 | $22,854.08 |
The 18% loan costs about $81 more per month. It also adds about $4,841 in interest over five years.
That difference shows why it may make sense to improve your credit or compare more lenders before you sign.
Down Payment
A lender may require a larger down payment when your credit score is low. More cash down reduces the balance and lowers the amount of risk the lender accepts.
A down payment can also reduce your monthly payment and total interest. It may help you avoid owing more than the motorcycle is worth soon after the purchase.
Do not empty your emergency savings to meet a down payment requirement. A motorcycle comes with insurance, registration, maintenance, gear, and repair costs that you also need to cover.
Loan Term
A longer loan term lowers the monthly payment but raises the total interest cost. It can also leave you with a loan balance that exceeds the motorcycle’s value.
For example, an 84-month loan may make an expensive motorcycle appear affordable on a monthly basis. The total cost can still be much higher than a shorter loan.
Choose the shortest term that fits your budget without putting pressure on your other bills.
What Else Do Motorcycle Lenders Consider?
Your credit score is only one part of the application. A lender also needs to confirm that you have enough income to repay the loan and that the motorcycle is acceptable collateral.
These factors can have a major effect on approval:
- Income: The lender may ask for pay stubs, tax returns, bank statements, or employment information.
- Debt-to-income ratio: This ratio compares your monthly debt payments with your gross monthly income.
- Payment history: Recent missed payments, collections, repossessions, or charge-offs can hurt your application.
- Credit card balances: High balances may lower your score and increase your monthly debt obligations.
- Down payment: More cash down reduces the amount you need to borrow.
- Motorcycle value: The lender compares the loan amount with the value of the motorcycle.
- Model year and mileage: Some lenders will not finance older motorcycles or bikes with high mileage.
- Loan amount: A lender may set minimum or maximum amounts for certain repayment terms.
A strong income and a reasonable debt level can help when your score falls below the lender’s preferred range. A high score may not be enough when your income cannot support the new payment.
Where Can You Get a Motorcycle Loan?
You can get motorcycle financing through credit unions, banks, dealerships, motorcycle manufacturers, and online lenders. Compare our picks for the best motorcycle loans before you apply.
Try to get preapproved before you visit the dealership. Preapproval gives you a rate, loan limit, and monthly payment that you can compare with dealer financing.
Credit Unions
Credit unions often offer competitive motorcycle loan rates. Some may also take a closer look at the full application instead of relying mainly on the credit score.
You normally need to qualify for membership before you can borrow. Check the lender’s rules for private-party purchases, older motorcycles, and minimum loan amounts.
Banks and Online Lenders
Some banks offer motorcycle loans, while others classify them as recreational vehicle loans. Online lenders may also offer secured motorcycle loans or unsecured personal loans.
Check whether the lender places a lien on the motorcycle. You should also confirm whether the loan applies to dealer purchases, private sales, used motorcycles, and the model you want.
Dealership and Manufacturer Financing
Dealership financing is convenient because the dealer handles the application. The dealer may submit your information to several lenders and present the offer with the most favorable terms.
Manufacturer financing may include promotional rates on certain new motorcycles. The lowest advertised rates normally require strong credit and may apply only to selected models or shorter terms.
Compare the dealer’s offer with your preapproval. Do not assume the dealership has found the lowest rate simply because it found a lender willing to approve you.
How to Improve Your Motorcycle Loan Approval Odds
You can take several steps before you apply. These steps may improve your approval odds and help you qualify for a less expensive loan.
Start with the items that can affect both your credit score and the strength of your application:
- Check your credit reports: Review your reports from Equifax, Experian, and TransUnion at AnnualCreditReport.com. Look for unfamiliar accounts, incorrect balances, duplicate debts, and payments that were reported late by mistake.
- Dispute inaccurate information: File a dispute with the credit bureau and the company that supplied the information.
- Pay down credit card balances: Lower balances can help your credit score and reduce your monthly debt obligations.
- Make every payment on time: A new missed payment can hurt your score shortly before you apply.
- Save more money down: A larger down payment can reduce the loan amount and improve the lender’s position.
- Choose a cheaper motorcycle: A smaller loan can result in an easier approval and a lower payment.
- Avoid new credit accounts: A new loan or credit card can add a hard inquiry and increase your monthly debts.
- Compare several lenders: One lender may decline your application while another approves it with reasonable terms.
A cosigner may also help when the person has strong credit and steady income. The cosigner becomes fully responsible for the debt, so missed payments can damage both credit reports.
How to Compare Motorcycle Loan Offers
A lender may approve you for more than you should spend. Set your own budget before you apply, and include insurance, fuel, maintenance, registration, tires, and protective equipment.
Compare the full cost of each loan instead of focusing only on the monthly payment:
- Annual percentage rate: The APR shows the yearly cost of borrowing and includes certain fees.
- Monthly payment: Make sure the payment fits your budget after your other expenses.
- Loan term: A longer term usually increases the total interest cost.
- Amount financed: Check whether the lender or dealer added warranties, accessories, or other products.
- Total of payments: This amount shows what you will repay over the full term.
- Down payment: Confirm how much cash you must provide at closing.
- Dealer fees: Review documentation fees, preparation fees, delivery charges, and other costs.
- Prepayment penalty: Check whether the lender charges a fee when you pay off the loan early.
- Insurance requirements: A secured lender will usually require comprehensive and collision coverage.
Complete your rate shopping within a short period. FICO scoring models often group multiple loan inquiries as one inquiry when they occur within a set shopping window, though the exact period depends on the scoring model.
Bottom Line
A credit score of 670 or higher can put you in a solid position for motorcycle financing. You may still qualify with a lower score, but your rate, down payment, and lender options may be less favorable.
Check your credit reports before you apply and compare at least two or three lenders. A preapproval can also help you separate the motorcycle price from the financing discussion at the dealership.
The best motorcycle loan is not the one with the easiest approval or the lowest monthly payment. It is the loan that gives you a fair total cost and leaves enough room in your budget for the other costs of owning the motorcycle.
