As the world of motorcycles continues to grow, so too has the demand for financing. Capital One is prepared to offer you a competitive amount on your next bike purchase with their Motorcycle Loan.
What is a Motorcycle Loan?
Most people don’t own a motorcycle, and even if they do, they might not have the money to buy one outright. That’s why Capital One offers Motorcycle Loans. It makes it easier for people to get their hands on a motorcycle of their dreams. This is especially true for people with no credit history.
Motorcycles are typically large investments, but Capital One helps finance some. With a motorcycle loan, you can enjoy the ride without having to pay it off for years. This can be a great option if you’re looking for an affordable way to own a motorcycle that will last a long time.
How much can I borrow and what will my payment be?
To determine how much you can borrow and what your monthly payment will be, please enter the number of months you’ll be borrowing the motorcycle. Enter the name of your bike as well if it’s available.
Capital One has a few different payment plans to fit your budget. We’ll provide you with the payment option that is most beneficial to you, but let’s be honest; it’s not going to be easy. You are in charge of what you can afford and most people find it easier when they know exactly how much they need to pay each month.
When can I begin repayment on the loan?
For a short-term loan of up to $10,000 from Capital One, your repayment can be as early as the day after you receive the motorcycle. Your first monthly installment is due on the 15th and will be followed by monthly installments of $239.00 for 10 months. Once this course has ended, you’ll pay only a final payoff amount at
the end of the loan term.
You can begin repaying the loan as soon as you receive your first payment. You may choose to repay all or a portion of the loan balance each month.
What are the restrictions on a Motorcycle Loan?
Motorcycle loans are often restricted by the amount you’re allowed to borrow. The size of a loan is based on two things: your credit score and how much collateral you can put up. While your credit score is not a factor in a motorcycle loan, collateral is. You’ll want to consider the value of any assets you have in order to determine if they are worth putting up as security for your loan.
Motorcycles are an investment when you consider the resale value. If you plan to sell your motorcycle, keep in mind that it may take up to a year before your bike will be selling on the secondary market.
Can I get multiple motorcycle loans at the same time?
For those who are considering purchasing a motorcycle, the loans are usually easy to come by. But for those who want more than one bike on the loan in the same period of time, it can be challenging. The only way you can secure multiple loans is if you have a higher credit score and more stable income. However, if your job is secured through a company or you’ve been with them for at least three years, then they may take that into account when deciding whether or not to approve your request.
Yes, you can apply for multiple motorcycle loans at the same time. If you are approved for a $25,000 loan to buy your motorcycle, you could also apply for a $10,000 loan to purchase a helmet.
Myles
I was surprised to see such a high amount of interest from the motorcycle community in Capital One’s Motorcycle Loans. I had to share my success story and explain how one person went from a bike that was in need of repairs to an opportunity for their motorcycle dreams to come true.
Myles was riding his motorcycle on a country road when he was hit from behind at 50 miles per hour. He suffered severe injuries, including broken bones and a lacerated spleen. After being airlifted to the hospital, Myles required multiple surgeries and weeks of recovery.