Motorcycle Loan Calculator: Estimate Your Payments (2024)

LendingTree is compensated by companies on this site and this compensation may impact how and where offers appear on this site (such as the order). LendingTree does not include all lenders, savings products, or loan options available in the marketplace.

Are you looking to score your dream motorcycle? The first step is to find out if you can really afford it. Our motorcycle loan calculator helps you understand the terms of your loan and how much it’ll cost you each month, regardless of whether you have top-tier credit or your score is in need of a tune-up.

Here’s a breakdown of the three main components of our bike loan calculator:

1. Loan amount. This is the total amount that you’re going to borrow. So if you plan to roll taxes and fees into your loan, for example, you’ll have to add them to the principal value of the motorcycle. Play around with different inputs to see how they change your potential payment. For example, try a few different down payments to see how much your monthly bill goes up or down.
2. Interest rate. Your loan’s annual percentage rate (APR) tells you how much interest and fees you’ll be charged on your loan. Motorcycle loan rates are typically a bit higher than you can get with an automobile loan, so that makes it even more important to shop around for the best loan.
3. Loan term. Your loan term is the amount of time you have to repay your debt. Typically, motorcycle loans are in the 3- to 5-year range — however, the shorter the term, the less you’ll pay in interest over the life of the loan.

Once you’ve found your dream bike, don’t forget to factor in the additional expenses you’ll have to pay. Just like when you buy a car or a house, there are plenty of extra costs beyond the principal value of your loan.

The motorcycle

The purchase price of your motorcycle itself will be the largest part of your expenses, but the type of bike you choose can make all the difference.

If you buy the latest, top-of-the-line Harley Davidson, you could spend as much as $52,000 (or more) just on the MSRP, not to mention all the bells and whistles you might want to add. On the other end of the spectrum, an entry-level 2023 Honda Navi can be less than $2,000. In other words, you have complete control over the most expensive aspect of your motorcycle purchase.

Safety gear

Average cost: $800 – $1,500

For most buyers, motorcycle safety gear tends to run in the $800 to $1,500 range. But you can easily pick up gear for less — or much more.

For example, a decent helmet can cost $150 to $200 on average, though you can find high-end, carbon fiber helmets for as much as $4,000. Jackets can run from about $50 to $500 or more, while boots might cost between $75 and $250.

Insurance

Average cost: $721 per year

Riding a motorcycle can be dangerous, which is one of the many reasons why you’ll need to factor in the cost of insurance to your purchase. Fortunately, motorcycle insurance is typically much cheaper than auto insurance.

The annual cost of a liability-only motorcycle policy may be as low as $127. However, if you’re financing your bike, your lender is likely to require comprehensive and collision coverage, which will add substantially to the cost. According to ValuePenguin, the average cost of full-coverage motorcycle insurance is $721 a year, though the rate you receive will depend on many factors, including your age, location, bike and credit rating.

Regular maintenance

Average cost: Anticipate $800 – $1,500 per year

Like insurance, maintenance is an ongoing expense that increases the total cost of owning a motorcycle. According to J.D. Power, a good rule of thumb is to anticipate $800 to $1,500 in annual maintenance for a motorcycle — more if you own a premium brand like Ducati.

→ Reminder: Properly servicing your vehicle on a regular basis can save you from bigger costs down the road.

If you’re looking to finance a motorcycle, you can find loans from banks, credit unions and other financial institutions.

1. Create a budget

Before you shop for a loan, you’ll have to determine how much you can really afford. Use our motorcycle loan calculator to understand how your APR and loan term can impact your motorcycle loan payment.

2. Check your credit score

Your credit score is of vital importance when shopping for a motorcycle loan — the higher your credit score, the less you’ll pay in interest over the life of your loan. In some cases, bad credit can prevent you from qualifying for a loan at all. Since a lower interest rate could save you hundreds or even thousands in interest, it pays to improve your credit score before you go shopping for a loan.

3. Shop around

While in-house financing is often the most convenient, it tends to come with higher rates. By receiving loan offers from multiple lenders, you can select the lowest-priced option and know you’ve gotten a good deal.

Tip: Be sure to receive quotes from different types of lenders to get the best variety of rates. For example, in addition to getting a quote from the dealer, you should also check rates with large banks, small community banks, credit unions and online lenders.

4. Consider alternatives

Although a standard motorcycle loan with a reputable lender is a common way to go, there are also plenty of alternatives to traditional financing that you can use to get the best deal on your bike.

Buy your motorcycle outright

If you have enough savings, you can simply buy the motorcycle outright, avoiding interest payments altogether and reducing the stress on your monthly budget.

Get a personal loan

Personal loans are another option. If the rates you’re being quoted for a motorcycle loan are too high, see if you can get a low-rate personal loan that would cost you less in interest. An additional benefit of personal loans is that they tend to fund rapidly, sometimes as quickly as the same day.

Get a cosigner for your auto loan

If you have bad credit and don’t qualify for financing, consider finding a cosigner for the loan who is willing to use their good credit on your behalf. You’ll have an easier time qualifying for financing and may receive a favorable interest rate to boot. Just be sure that your cosigner understands their obligation for repayment if you’re unable to pay.

Learn more about getting bad credit motorcycle loans.

Boat Loan Calculator

ATV Loan Calculator

RV Loan Calculator