We have created a motorcycle loan calculator that will facilitate obtaining a loan by estimating the potential cost. This can help determine if you can afford your desired motorcycle or not. All the calculations are provided as guides only; they do not guarantee 100% that you will be charged the same amount as estimated above, but they help you understand just how much overpayment may be involved in getting approved for each type of loan.
It’s important to remember that when using this calculator, all figures are based on average or lowest rates offered by lenders and assume there are no other costs such as an additional down payment or trade-in required (if applicable). Some lenders may charge a higher rate or require additional fees such as loan origination fees.
This calculator should be used as a guide only and not as a guarantee that you will be charged the same amount. It is estimated that the average lender will charge this amount of interest and fees on a loan (see below). Using this calculator will give you an idea of what it might cost, but before you sign any agreements, you need to sit down with a qualified lender or financial advisor to review your loan options. The best way to compare different lenders is by using our free motorcycle financing tool at motorcyclecalculator.com.
It is important to note that the exact interest rate offered and the overpayment you receive may vary from person to person. This calculator is for illustrative purposes only; you should speak with a qualified lender or financial advisor before signing any agreements if you are an individual.
How The Calculations Work
The amount of money available to you from a cash advance calculator depends on several factors and rates presented by your selected lender:
Total Balance – This is the sum of all your available cash balances and checkings/transfers, credit cards, savings accounts, etc., as they apply every month.
Annual Percentage Rate – The APR is the amount of interest charged on the balance. It will be calculated and provided to you by your lender before you sign any agreements.
Cash Advance Amount – This is the desired amount of money you are looking to borrow. SWAP will provide an estimated rate that could be used to fund this request; however, you need to remember that when obtaining a loan, the lender will approve an amount lower than what was requested and this amount may vary based on your credit score, history with your bank or other information.
Total Loan Period – This is the term of the loan. You may choose from 1 month to 5 years for your repayment period. The longer the loan term, the higher your monthly payments will be, but you will pay less overall in interest.
Total Monthly Payments – This is an aggregate of all monthly payments you anticipate making towards the loan. It’s important to remember that the actual amount you would pay at closing may be less than this amount based on your APR and other factors mentioned above (i.e., down payment, etc.).
Interest Paid – This is the total interest you will pay on the loan over its lifetime. After the first month, it is calculated based on your APR and loan period. The longer the loan term, the higher your monthly payments will be, but you will pay less overall in interest.
Total Interest Spent – This is the total amount of interest you would pay over time. It is an average amount that does not account for fluctuations in your balance, etc.
Total Monthly Payments – If you choose to consolidate your accounts, this is the number of monthly payments you will make over time. This is based on an average that does not account for fluctuations in your balance, etc.
Total Outstanding Balance – How much money will still be owed after the loan term ends. If you consolidate your accounts, the outstanding balance will be considered paid off.
Lender Fees – These are the number of fees paid to the lender to obtain your loan. The amount varies from lender to lender.
Am I eligible for a bike loan?
You are eligible for a bike loan if you meet the following requirements:
- You are at least 18 years of age.
- You possess a valid driver’s license.
- You have a reliable vehicle that meets the conditions as set by your lender; and, most importantly.
- You can prove your income level is sufficient to pay back this type of loan.
Acceptable proof of income may be in payslips, bank statements, and/or employment verification. It is important to remember that the higher your income level, the more likely you will be approved for the loan.
How do I get the best rates on my motorcycle?
To get the best rates, you will want to shop around. Our loan calculator can help you estimate your monthly payments, but there are other factors you should consider when looking at different lenders and their rates:
Monthly Payment: This figure is only provided as an estimate based on your APR and loan period. You should expect that the amount of money you will be required to pay per month will vary based on other factors a lender needs, such as down payment, extra fees, etc.
Repayment Period: The longer the loan term, the higher your monthly payments will be, but you will pay less overall in interest.
Interest Rates: Your APR may vary from lender to lender. While some lenders may have better rates, each has a different methodology for calculating this figure. Make sure you are comparing apples to apples to get an accurate estimate of your loan cost (see above).
Down Payment – The amount of money you need to put down as a down payment will vary from lender to lender.
Fees: Some lenders may charge you extra costs that may not be included in the rate listed above.
How much does a motorcycle loan cost?
The average interest rate on a motorcycle loan is about 8%.
Average fees associated with this type of loan include application fees and origination charges that range from about two to five percent. If you choose to register it yourself, the cost for title and registration is on average, about nine hundred dollars but can vary greatly depending on the state where you live.