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Motorcycle loan calculator

Motorcycle loan calculator online in 2022: assessment of the best motorcycle loan in Canada 

Your city
Scotiabank Scotiabank
Scotiabank Scotiabank
Royal Bank of Canada Royal Bank of Canada
Canadian Imperial Bank Of Commerce (CIBC) Canadian Imperial Bank Of Commerce (CIBC)
TD Bank TD Bank
Calculation according to the vehicle value
Calculation according to the loan amount
Calculate the motorcycle loan
Loan amount

Specify the desired loan amount

1000 $
100000 $
Motorcycle loan calculator
Loan amount

Loan amount

1000 $
100000 $
Down payment

Specify the percentage of the down payment

Your motorcycle loan amount
Loan term

Specify the loan term for the calculation

Interest rate

Choose the interest rate on the loan

1 %
50 %
Type of payments

Specify the type of payment for calculating

Fill out an application for a motorcycle loan online!
Fill out an application for a motorcycle loan online!

Take advantage of our motorcycle loan selection system with a free credit rating check!

What is a motorcycle loan?

Motorcycle loans are a type of personal vehicle loans that are usually secured. This means that the motorcycle (new or used) purchased with the loan funds is used as collateral and becomes your property after the loan is repaid in full. The lender uses the collateral to reduce the credit risk and motivate the borrower to service the loan properly; otherwise, the property used as collateral may be sold back to pay the loan and foreclosure costs.

The terms of such loans depend not only on the lender but also on the borrower's creditworthiness. The higher the credit score, the better the terms, as a rule.

Reference! Banks, credit unions, and other lenders offer motorcycle loans. Some lenders prefer customers with high, excellent, or at least good credit scores. Other lenders are willing to work with all customers, including those with no credit history or poor credit.

Before applying for a loan, make sure you know what you expect from your future vehicle. This includes determining the type of motorcycle. There are quite a few of them, and each has its characteristics.

Harley motorcycles belong to the chopper group but are always mentioned separately because their longevity has made them iconic. Moreover, spare parts are available, which is essential for maintenance, rather than buying new ones in case of damage.

The purchase of a motorcycle should be weighed based on market research and considering the following factors:

When it comes to purchasing your motorcycle, one of the milestones is financing. If you have been planning the purchase for some time and have money saved up, you can either pay the entire amount in cash or make a good down payment.

If you pay cash, you will have a wide range of dealers to choose from because even though vehicle loans are a prevalent tool to make your dream come true, some dealers prefer cash or are willing to offer better terms if they receive a cash payment. Also, you would need to go through a credit check, and no approval process is required. The choice of dealer and preferred model is 100% up to you.

If your financial savings are insufficient to pay for the motorcycle model you want fully, you can apply for financing. Still, you must have a stable income to service the loan (this does not depend on the type of lender or loan product, as the money borrowed must be repaid anyway, and if it is not, you will always face consequences that are more expensive than the usual interest rates).

If you are thinking about a motorcycle loan, then there are such advantages as:

And as always, there are some drawbacks to being a borrower:

Reference! The disadvantages are primarily due to procedural reasons and are not too troublesome.

As always, when you apply for a loan, especially when you sign a loan agreement, remember that it is your responsibility to repay the loan and service it well. The market is full of different offers, but you need to find the one that suits your financial situation (bearable monthly loan payment, convenient down payment, competitive interest rate) so that the loan is easy to use and you can enjoy your purchase.

If you have such a possibility, take advantage of good investment advice. It will help you estimate all related expenses, non-taxable fees, and direct financing options, get detailed calculation results, choose a fixed or floating rate and loan terms, and understand your illustrative purposes. Only person-to-person work with the consultant gives personalized advice and fully calculated values with no additional fees.

Types of motorcycle loans

If we were to categorize motorcycle loans, they could vary by lender:

By type of motorcycle loan rates:

By type of loan product used to finance your purchase:

By loan term:

By type of collateralization of the loan:

There are also loans whose approval depends on a credit check, and those that do not require a credit check, the free credit score (or where any credit score is considered, including a zero).

And there is at least one more category to mention:

As you can see, there are many categories and offers on the market. Therefore, there are many factors to analyze before you commit to the terms of a loan agreement. If you have a financial advisor, you should discuss financing options with them to professionally explore the big picture. For instance, calculating sales tax may be tricky, as well as the actual interest rate, including fees and total after-tax price. On the other hand, suppose you are relying on your own experience. In that case, you should take the time to determine your priorities, review your loan repayment and servicing options and market options and consider how they affect the total purchase price you can afford the amount of principal payments. Then you can choose the loan product that works best for you as a binding financing agreement. Do not forget to calculate the amount of cash you need, tax amounts, and other fees associated with the deal. Make a preliminary complete amortization schedule showing how payment affects your budget. Correct estimation would save you from making the mistake of too high a loan amount with unbearable monthly payments.

Why do you need a motorcycle loan calculator?

The motorcycle loan calculator is needed for information purposes. It allows you to visualize the numbers and the impact of taking out a loan on your personal or family budget. It helps you save time because if you make manual calculations and make a mistake, it would take longer to correct it. With the online calculator, all the formulas are already there. You just need to enter the correct data and compare the results.

Such calculators work around the clock, unlike some lenders' offices, and you can make estimates whenever it suits you.

You can check if you have enough cash for your expenses and test different repayment plans and the loan term. Most importantly, all these things can and should be done before you commit to the lender. You will get a clear picture of the amount available for your living expenses and your constant and variable expenses. It may be a red light or a green light, but you will understand if your expectations are realistic.

Another benefit of the loan calculator is that by choosing the right loan, you can protect yourself from future credit problems, at least to the extent that you can predict your financial future based on the information available to you now.

If you do not have a financial advisor, you can use a calculator to gain some new insights and implement new approaches to your financial planning.

Summarizing benefits of using a motorcycle loan calculator:

Note: A loan calculator is not intended to replace the professional services of accountants, investment advisors, and loan officers. There is a simple reason: the calculator relies on the data you provide and cannot verify your credit risk or the borrower's profile. In addition, if you have a variable rate contract, accurate modeling with the loan calculator is not entirely possible.

How to calculate motorcycle loan payments

A motorcycle loan calculator works quickly and efficiently. It depends on the functionalities that the lender developed for its online calculator. On average, you would be requested to provide the following information before you see your loan payments:

In a few seconds after clicking the "calculate" button, you will get the results:

You can print the results and see the formed table, graph, and preliminary payment schedule.

Some financial calculators offered by lenders allow for calculation for payment or based on expected motorcycle price.

More advanced financial calculators allow to:

You can get as many calculations as you need to see multiple scenarios and make an appointment with the loan officer of the preferred lender.

How to compare motorcycle loans using a calculator

You need to know how much cash is available, the extra expenses you can afford, the cost of your motorcycle, or the model of motorcycle you want from the seller.

When you enter the data into the loan calculator, you can change the loan amount, interest rate, payment frequency, and trade-in value and see the results.

Remember that you can play around with entering different interest rates, but the lender will only confirm a realistic interest rate for your credit score. For this reason, loan calculators never imply a commitment by the lender to pay out the loan on the terms you entered for your preliminary calculations.

If you want to compare different loan products, you can do so on the lender's website. If you want to compare the terms and loan costs of different lenders, it would be a good idea to do the calculations on their official websites or through a trusted loan aggregator that can compare different financing options. Make sure that the terms and conditions of the lenders are up to date because the terms and conditions can change from time to time, and the latest information should be available on the lender's website.

How does a motorbike loan work?

Under certain conditions and considering your credit profile, the lender will offer a loan amount you cannot raise from your savings for purchasing a motorcycle. A loan can be either secured if the bike serves as collateral or unsecured if no collateral is required.

There is a cost to the loan, which means there is an interest rate, and other fees may contribute to the cost of the loan (trade-in appraisal of the motorcycle, title registration, re-registration, payoff fee, etc.).

You must ask your lender for the total cost of your loan and have it included in the loan agreement.

If your motorcycle is used as collateral, you become the owner only upon the full repayment of the purchase.

What is the average interest rate on a motorcycle loan?

The average interest rate is 15,5%, but one must consider that interest rates for such loans vary from 3,0% to 30% and higher depending on the borrower's credit score. Therefore, seeking personalized advice and checking out the best lending terms in your financial circumstances is suggested.

Can I get a motorcycle loan with a 700 credit score?

Having a credit score of around 700 allows you to expect lenders to offer you an interest rate below 5%. Another instrument to get a better competitive interest rate is increasing your downpayment within your budget.