How to Finance an Older Motorcycle

Even if a motorcycle is old, you may still obtain financing. Of course, financing depends on your credit situation and how much you apply for. Banks use a loan-to-value ratio to determine approvals and some banks have minimum financing thresholds that need to be met for loan approval, no matter how good your credit is. There are other loan options beyond a traditional motorcycle loan.

Check your credit. Apply for a loan with confidence-know your credit history and score beforehand. Check with AnnualCreditReport, a website that provides a free copy of your credit history from each of the three major bureaus annually. Make sure your credit information is correct and free from negative errors before applying for a loan.

Gather information before you apply for your motorcycle loan. Note the VIN (vehicle identification number), year, make, mileage and model of the motorcycle. Note the mileage, as well. Figure out your gross annual income, time at residence and time on the job; the bank requires all of this information.

Apply for a loan at the bank that you have your checking or savings account with. Apply with another preferred bank if you’d like; credit unions generally offer competitive rates. Check with your insurance company—many offer loan services. Apply online or in person by providing your information.

Apply for a personal loan if you were turned down for traditional financing. Determine why you were turned down; often, motorcycles do not fall under the lending threshold that banks require. For example, many lenders require a minimum $3,000 loan minimum or higher, with no less than $100 per month for repayment. Apply for a personal loan if this is the case, it has nothing to do with your credit.

Review your personal loan information, if approved; many personal loans run at a higher rate, although offer the convenience of a smaller loan amount. Use an auto loan type calculator, like the one found at Edmunds, to make sure your rate does not cost you too much money in the long run.

Sign all paperwork necessary to complete your loan. Provide the bank with any additional paperwork it needs, such as proof of your income or residency. Provide a list of references if needed.


  • Consider getting a cosigner if you're turned down for a personal loan.


  • If you're taking out a small personal loan, make sure you ask if there are any prepayment penalty fees.