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?

Answer
“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.”
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Eric Schad
Answered on Aug 12, 2021
Eric Schad has been a freelance writer for nearly a decade, as well as an SEO specialist and editor for the past five years. Before getting behind the keyboard, he worked in the finance and music industries (the perfect combo). With a wide array of professional and personal experiences, he’s developed a knack for tone and branding across many different verticals. Away from the computer, Schad is a blues guitar shredder, crazed sports fan, and always down for a spontaneous trip anywhere around the globe.
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