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Should I use a personal loan or a motorcycle loan to purchase a new motorcycle?
I want to buy a new motorcycle, but I'm not sure how I should finance it. Should I use a personal loan that has a lower interest rate or get a traditional automotive/motorcycle loan to buy the bike?
Eric Schad · Updated on
Reviewed by Shannon Martin, Licensed Insurance Agent.
“In almost all cases, a motorcycle loan will be the less expensive option.
Despite what you’ve said, it’s highly unlikely that a personal loan would have a lower interest rate, as this is an unsecured loan with no collateral.
In all likelihood, you need to do more research on the loan and go through several rates, just as you would if you were shopping for
motorcycle insurance
. It is possible to find low rates on motorcycle loans.Remember that when you finance a motorcycle, the lender will require higher coverage to protect their asset.
While it can be pricey, higher coverage doesn’t have the break the bank. Using a smart comparison tool like
Jerry
makes it easy to save money. Jerry does all the hard work for you, pulling quotes from the top 50 companies and delivers the best deals to your phone in minutes.”View full answer
- Gregory R.
WHY YOU CAN TRUST JERRY
Jerry partners with more than 50 insurance companies, but our content is independently researched, written, and fact-checked by our team of editors and agents. We aren’t paid for reviews or other content.
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