San Diego Auto Loans & Motorcycle Loans | Apply Online | SDCCU (2024)

FAQs

Are motorcycle loans cheaper than car loans? ›

In most respects motorcycle loans and auto loans are similar. Interest rates will be based on your credit score and choosing a longer term means you'll pay less each month but pay more interest in the long run. Since motorcycles are usually less expensive than cars, the loan limits are generally lower.

Some major institutions — such as Bank of America and Capital One — don't offer motorcycle financing.

Only one loan option

You can't refinance a motorcycle or commercial vehicle through Caribou, and you can't get a lease buyout loan either.

Motorcycle interest rates vary depending on the lender and your credit profile. However, some of the best motorcycle loan companies offer interest rates ranging from 6% to 9% to borrowers with excellent credit.

What credit score is needed to buy a motorcycle? There's no minimum credit score required to get a motorcycle loan — but the better your credit score, the lower the APR you will qualify for with less interest paid over the life of the loan. The best APRs are usually reserved for borrowers with excellent credit.

Credit unions

If you want a traditional motorcycle loan, a local credit union may be your best option. Credit unions tend to offer lower rates than large banks, but you'll need to be a member of the credit union to receive the loan.

PenFed Credit Union is the best overall auto loan lender thanks to its wide selection of loan types and competitive rates, according to our research. It offers rates for used cars as low as 6.49%, and another one of our picks, OpenRoad Lending, offers rates as low as 1.99%.

Loans for motorcycles can be secured loans or unsecured loans. Secured loans may require a down payment and tend to have lower interest rates than unsecured loans since the motorcycle backs the loan.

Does Upstart finance motorcycles? ›

Upstart. Why we chose it: Upstart offers motorcycle loans for consumers with credit scores as low as 300, which is the lowest possible credit score someone can have. Borrowers can access $1,000 to $50,000 in funding with repayment terms from 36 to 60 months.

But it is actually not any harder to qualify for a motorcycle loan than it is for an auto loan. In fact, motorcycle loans are typically for less money since motorcycles tend to be cheaper than cars, which means it may be easier for you to meet the financing requirements.

The monthly fee of $5 is waived with direct deposit ($100 minimum per pay period), $2,500 or more combined average daily savings balance or $1,000 or more average daily checking balance. The minimum opening deposit is $25.

SDCCU is a safe, solid and sound financial partner you can trust. Everyone living or working throughout Southern California (Imperial, Los Angeles, Orange, Riverside, San Bernadino, San Diego, San Luis Obispo, Santa Barbara or Ventura counties) is welcome.

Credit unions generally offer low interest rates for auto financing, home mortgages and other consumer loans. Credit unions may charge lower fees than banks. Most credit unions offer many types of savings and lending products and services.

Taking out a loan can be a good option when you need to secure transportation and don't have the luxury of waiting to save money. Financing will allow you to buy a bike now and repay what you borrowed over time. Build your credit. Like an auto loan, repaying a used-motorcycle loan can also help you build your credit.

Motorcycle loans generally work the same way as auto loans, but loan terms and interest rates may vary compared to new or late-model used car financing. For example, Affinity offers new car financing with terms up to 96 months and regular used car financing for up to 84 months.

Financing offered by a motorcycle dealership can come with an increased interest rate that's higher than what you might get if you borrow money directly from a personal loan.