Baseball games, the smell of barbecue, and farmers markets all have their place. But nothing says summer quite like the roar of a motorcycle engine. Motorcycles are great for commuting and recreation alike. And as safety training and regulations grow, two-wheeled vehicles continue to gain popularity. According to the Bureau of Transportation, the number of registered motorcycle drivers has surged in the last decade. Each year over 6.6 million riders take to their scooters, cruisers, and choppers to feel the thrill of the open road.
Whether you’re a weekend warrior or a daily commuter, there’s something special about those last summer rides. As the weather turns from balmy sunshine to crisp autumn days, DEXSTA is here to help you hold onto summer—and snag the motorcycle of your dreams. We offer loans on new and used motorcycles, and can even help refinance your existing loan.
Do you need a motorcycle loan?
Though you’re probably not financing an antique Hildebrand & Wolfmuller—one of the world’s most expensive bikes at $3.5 million—a motorcycle is still an investment. Prices vary based on the make and model but, on average, new cycles run between $5,000 and $10,000. Fancier bikes cost upwards of $20,000. That’s a lot of cash to have on hand! Plus, a motorcycle loan can help you cover the cost of other up-front expenses. This includes taxes, tags, safety gear, and service contracts.
What to know about motorcycle loans
Motorcycle loans are a lot like car loans, but the two are not interchangeable. In other words, you can’t take out any auto loan and use it to buy a motorcycle unless you have your lender’s permission.
Motorcycle loans are typically available from three sources: financial institutions like banks and credit unions, the motorcycle dealer, or the motorcycle manufacturer. Keep in mind that not all banks and credit unions offer motorcycle loans. Others may only finance certain types of motorcycles. It can be harder to finance riskier recreational vehicles like dirt bikes.
The repayment periods for motorcycle loans also tend to be shorter. While many car loans can stretch 2-5 years, most motorcycle loans are just 1-3 years.
Why finance through DEXSTA?
Because DEXSTA is a non-profit institution, we work for our members. That means we’re able to offer lower interest rates and better repayment terms. Plus, we’re able to help you find the perfect loan for your lifestyle and budget. Working with one of DEXSTA’s loan officers, you get personalized service and our full support during every step of the buying process. Why waste time jumping through hoops, when you could be cruising? With pre-approved motorcycle loans, you’ll be able to shop with confidence! Start your application today, or contact us for more information.