Motorcycle Loans

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Whether a motorcycle is your daily driver or your weekend passion, getting the right bike – or bikes – is almost as important as finding the right method to finance your purchase. What should you expect in terms of motorcycle loan interest rates? What if you have bad credit – are loans available? Is motorcycle financing similar to a car loan? We’re here to answer these questions and find the motorcycle loan that works best for you.

For years, FFCCU has been the go-to place for motorcycle loans in Northeast Ohio. With competitive rates and an easy-to-use motorcycle loan calculator, we can help you hit the wide-open road with motorcycle financing that makes sense for your budget.

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Get the Facts About Motorcycle Loans

When you choose to borrow to finance your motorcycle purchase, it’s considered a recreational vehicle loan. That means lenders will typically treat the purchase like other recreational vehicles – a camper, ATV, boat, or jet ski. When you work with FFCCU, you’ll get “credit union rates” on a recreational vehicle loan which can often be lower than conventional banks or lending institutions. Often interest rates will depend on the age of the motorcycle. The interest rate on a new bike will be lower than the interest rate on a used or pre-owned one. Harley, Yamaha, or Suzuki, we can help fund your dream bike so you can get out there and explore all the scenic areas Northeast Ohio has to offer.

Are you Eligible for a Motorcycle loan?​

FFCCU will consider many factors to determine your eligibility for a loan, including:

  • Your down payment amount. How much do you need to finance compared to the value of the motorcycle?
  • Your credit score. Even if your credit score is low, you may still be eligible depending on your circumstances, down payment amount and other factors.
  • Your credit history. A history of on-time payments on other loans can help lenders feel more comfortable approving your application.

FFCCU offers a convenient and quick online “pre-application.” Once you’re pre-approved, we will provide a pre-approval letter that you can take with you when shopping for a motorcycle.

Our Rates

As of May 15, 2024
Motorcycle, ATV, Boat, Jet Ski, Camper, Trailer/MotorhomeInterest RateAPR**
New
 
as low as 8.27%*as low as 8.367%**
Pre-Owned/Used
newer than seven model years
as low as 8.77%*as low as 8.868%**
Pre-Owned/Used
seven model years or older
as low as 9.77%*as low as 9.869%**
*Approval and rates based on credit worthiness, number of years the loan is financed, amount financed, age of collateral and other qualifying criteria. Members must be 18 years of age or older. New rec vehicle definition: Current and previous model year, never titled and has less than 500 miles on it. FFCCU may consider a rec vehicle loan refinance as a “new” auto loan if the vehicle being refinanced is within one year of original purchase date and member is the original owner. Rates quoted reflect .25% discount for EasyPAY (to qualify for EasyPAY, enroll in Online Banking with e-Statements, Direct Deposit at least $200 per month, sign up for Auto Pay for loan payments). Higher rate may be offered upon approval. The Ohio laws against discrimination require that all creditors make credit equally available to all creditworthy customers and that credit reporting agencies maintain separate credit histories on each individual upon request. The Ohio Civil Rights Commission administers compliance with this law. Contact FFCCU at 800.621.4644 for details and current rates as they are subject to change at any time and without notice.
**APR based on $40,000 financed for 48 months, with qualifying credit, including loan processing fee of $75. Other terms & conditions may apply.

Applying for a Motorcycle Loan with FFCCU

Applying for a motorcycle loan with FFCCU is easy. Simply fill out an online application, and we’ll take it from there. The entire process typically takes no more than a few days, and in some cases is even completed the same day you apply. After you’re approved, we will cover the loan amount and set you up with a monthly payment. We also offer automatic payments through EasyPay, which will lower your interest rate by 0.25%. Interest rates are subject to change.

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Motorcycle Loan Refinancing

Sometimes, you already own the perfect bike, but it comes with a not-so-perfect loan payment. We can help you explore your refinancing options. Depending on your credit history, we may be able to get you a lower rate than what you already have. Complete our quick online application to see what terms we can offer. 

REFINANCE CALCULATOR

FAQs

Motorcycle loans are considered “recreational vehicle loans” and fall into the same class as loans for boats, jet skis, campers, and ATVs.

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The best interest rate is the lowest rate with the fewest processing fees. Typically, rates are lower when you borrow to purchase a new motorcycle.

It often depends on each individual’s personal situation and history. Typically, the lower your credit score the more difficult it is to get approved for a loan. If you want to make a major purchase that requires a loan, consider taking steps to repair your credit and raise your credit score.

Any time you apply for or open new credit there can be a short term impact to your credit score.

It is usually better to pay cash when you can, but financing can also make sense. If you have your money tied up in investments that are earning interest or dividends, then borrowing at a low interest rate can keep your money working for you.

FFCCU will consider your entire financial picture, including your credit score, when looking at your eligibility. However, the higher your credit score, the better your chance of being approved for a motorcycle loan. If you are worried about being approved, consider taking steps to raise your credit score.

Not a Member? No Problem.

Remember, we’re not just for Firefighters! Joining FFCCU is easy and offers you all kinds of perks including the opportunity to earn interest on a checking account! We also offer online banking and have our own mobile app!

*Approval and rates based on credit worthiness, number of years the loan is financed and the amount financed. Members must be 18 years of age or older. Rates quoted reflect .25% discount for EasyPAY (to qualify for EasyPAY, enroll in Online Banking with e-Statements, Direct Deposit at least $200 per month, sign up for Auto Pay for loan payments). Higher rate may be offered upon approval. The Ohio laws against discrimination require that all creditors make credit equally available to all creditworthy customers and that credit reporting agencies maintain separate credit histories on each individual upon request. The Ohio Civil Rights Commission administers compliance with this law. Contact FFCCU at 800.621.4644 for details and current rates as they are subject to change at any time and without notice. Click here to view full rate disclosures and policies. This institution is not federally insured by member choice. MEMBERS’ ACCOUNTS ARE NOT INSURED OR GUARANTEED BY ANY GOVERNMENT OR GOVERNMENT-SPONSORED AGENCY.