One may want a motorcycle for various reasons, such as daily commutes, long-distance adventures, off-roading, and professional stunting. But, they might not have the initial down payment required to purchase the motorcycle they want. That being said, one should not be let down by this because there are other ways to purchase a motorcycle. Learning about these options can help individuals make an informed decision and purchase the model they want.

Banks and credit unions
Those looking to buy a motorcycle without a down payment can consider banks and credit unions. These establishments offer loans specifically curated for two-wheelers. The loan is also secured, as it holds the vehicle as collateral. The collateral ensures lower rates in comparison to unsecured loans. One might also qualify for a motorcycle loan if they have a low credit score.

Manufacturer financing
Some motorcycle manufacturers offer specially curated financing options, which are secured loans. One can speak to the manufacturer about options that do not require a down payment. Manufacturer financing might be available on new and used motorcycles and can feature lower promotional rates than one might get from other lenders.

Dealership financing
Apart from the manufacturer, an affiliate dealership might also offer motorcycle financing options. With dealership financing, one can apply for a loan for the exact amount of the motorcycle one selects. In this case, the approval process is also quicker. That being said, one might have to pay a higher APR when purchasing from a dealer.

Credit cards
While one can use a credit card to buy a motorcycle, it is crucial to check the eligibility criteria with the seller and the respective bank. Some sellers may have a limit set on such purchases and may include processing fees in the final bill. In this case, one can then pay the entire amount in the following bill cycle or split the payment into monthly installments as offered by the seller or bank.

Personal loans
Those who wish to buy a motorcycle without a down payment can consider getting a personal loan. This option is suitable for individuals who do not qualify for other financing options or if one wants cash in hand to buy from (or negotiate with) a private seller. A personal loan is unsecured and does not require one to keep the motorcycle as collateral, but has a much higher interest rate, especially with a bad credit score.

Co-signer
A co-signer can help one get a lower motorcycle loan interest rate. Finding a co-signer can also allow one to secure a loan if they do not have a good credit score. One can check with a family member or close friend to see if they are willing to co-sign the purchase. In such cases, one must ensure the terms of repayment are discussed thoroughly with the co-signer and documented to avoid discrepancies in the future.

Trade-ins
This option is usually for those who already own a motorcycle. One can trade in their existing two-wheeler for the upgrade. Based on the condition of the current motorcycle and other factors such as its demand, miles ridden, and the vehicle’s make and model, the seller might offer a value.