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A Beginner's Guide To Financing A Motorcycle

Jun. 2 2021 Buying Guide By Gina's Motorsports of Monee

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It's common for buyers to finance their motorcycle. After all, it can be tough saving up the entire amount needed to purchase a model in full. Motorcycle financing allows you to get your dream model much sooner, rather than wait years to pull together the funds.

Keep reading to learn more about the financing process. If you have questions or want to shop motorcycles for sale, contact Gina's Motorsports of Monee. Our dealership is located in Monee, Illinois, and we also serve those in Chicago and Kankakee County.

Understand The Financing Options

There are many different motorcycle financing options, such as going through third-party lending businesses. These companies specialize in loans for larger purchases and some are even tailored to motorcycle financing.

Another common option is going through a bank or credit union. Sometimes, members get a discount and can save more money with this approach. 

But it's important to look through all the different options to determine the right match for your situation. Take the time to weigh the choices, the rates, and the amounts. Then, pick the lender that best meets your budget and priorities (such as convenience or total money amount).

Make A Budget For Motorcycle Financing

Before you start researching motorcycles and motorcycle financing options, take a good hard look at your financial situation. How much money can you realistically spend on a motorcycle, including the cost of interest on the financing loan? Use that number to determine the types of motorcycles you consider buying and the financing options you weigh.

Remember to factor in the costs of any motorcycle gear that you still need to purchase, such as a helmet or eye protection. If you are a beginner rider, you may also need to budget for riding classes.

Gather Up Information For The Lender

Lenders will often need certain pieces of information from you to get the financing process started. 

The exact information needed will depend on the given lender, but can include:

  • Your credit score.
  • Your credit history.
  • Your debt-to-income ratio.
  • Your down payment.
  • The age of the motorcycle you want to purchase.
  • The price and value of the vehicle.
  • If you are doing a motorcycle trade-in, information related to the motorcycle you are trading in.

It's wise to gather up all this information before you visit the lender. The more information you can provide upfront, the less time you will need to spend searching for it so you can move onto the next stage in the financing process.

Got questions about motorcycle financing? Want to shop motorcycles for sale? Whatever you need, Gina's Motorsports of Monee is here to help. Reach out today or stop by our dealership in Monee, Illinois. We are also proud to serve those in Chicago and Kankakee County, Illinois.