Used
Motorcycle Loan
If
you are going to buy a used motorcycle then you will
want to apply for a "Used Motorcycle Loan".
Due to the age of the motorcycle, this loan typically
has a higher interest rate than a New Motorcycle Loan
by about 0.80% to 1.6%.
This
means that you will pay back slightly more when you
get a loan to purchase a a used motorcycle than you
would if the purpose of the loan was to purchase a new
motorcycle.
There
is also a difference in the interest rate on Used Motorcycle
Loans depending on whether you are buying your used
motorcycle from a dealer or not. If you are purchasing
from a dealer then you're rate will likely be around
0.80% lower than if you are buying from another rider,
for example through a motorcycle classifieds magazine
or an online auction house like eBay. This means that
you will have to pay back a larger total sum on a non-dealer
purchase than on a dealer purchase. Something to bear
in mind when deciding where to buy your next bike from.
The
current top two Used Motorcycle Loan providers are E-Loan
and Capital
One
who both offer rates starting from 9.15% for used motorcycle
purchases from dealers and 9.95% for purchases from
non-dealers.
You
can use the following two links to get your free quotes
and compare their offers:
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