We're Here to Help (315) 735-8571

How to Finance a Motorcycle

June 20, 2017

Man about to ride a motorcycle he financed
Getting ready to apply for a Motorcycle Loan

1. Find Out if You Qualify

You’ve dreamed about this bike for some time, but you can’t rush in blindly when it comes to financing. We’re here to breakdown the process and answer your questions.

In many ways, financing a motorcycle is a lot like financing any other road-worthy vehicle. There are just a few key factors to consider if you want to know if you can qualify for a new or used motorcycle loan:

  • Your credit standing
  • Your debt to income ratio (cash flow)
  • Your cash in hand

Secondary issues will affect if and how you can pay back your loan, such as the length, interest rate, and other terms of your loan.

Learn more about our Motorcycle Loans here.

2. Check Your Credit Standing

This includes your credit history and credit-worthiness. You can check your own credit ahead of time and we’ll take a look during the loan approval or pre-approval process. Have you always made loan payments on time? Do you keep your credit within practical limits (avoid over-extending yourself)? Do you have a limited number of loans you are currently paying? Do you have high balances on your credit cards? These and other factors can affect your credit standing.

Talking with a loan representative can help you discover the details about your situation, and if your credit needs improvement, we can suggest some great moves to help.

3. Decide How Much You Can Afford

Before you apply for motorcycle financing, figure out your budget and get a rough idea of how much you can afford. You don’t want to stretch yourself thin so that you can’t make your loan payments for any reason. Consider how much you have left over each week or month, how much you have saved for a down payment, and how long you can reasonably expect to pay off a loan. We can sit with you and determine what you can afford.

4. Narrow Your Loan Choices

Ask any questions you have before finalizing the loan. We’re here to help, and make it as clear and simple as possible. 

Living Smarter

We want to do everything we can to help you get out on the open road sooner. Learn more, and schedule an appointment with one of our representatives for a Motorcycle Loan.


 

 

Member Testimonial: Bernadette Rella

August 22, 2016

We have a business savings and checking account with First Source which helps to keep track of our finances, plus a business line of credit to help with production runs and contracts.

Our experience with First Source has been great. The staff is very friendly and helpful and experienced in their field.

We had chosen First Source for all of our business needs, because I was comfortable with the staff and I have been a personal member for years.

We would recommend First Source to anyone with any banking needs. They just make you feel at home!

Bernadette Rella, Rella’s Originals

Credit Card Tip #2: Read the fine print

November 5, 2013

Credit card promotions definitely have their benefits, but remember to check the fine print. Balance transfers at 0% are great, but check to see how long you have to pay it off at that rate (it could be only a few months). Also note that 0% is only on the amount transferred; any new purchases fall under the card’s normal APR. And pay attention: find out which purchases get paid off first if you make a payment—the 0% or the standard APR ones.

Posted in: Card, Credit, Tips

Subscribe


Archives


Categories


Tags

​charity “best “savings about account” advice animals Auto auto loan back bad credit bank Berowski Blog Blog Posts Blogs Blue boat loans Branch breach budget business camper Car car loan Card Challenge Check checks children Christmas Chuck College Comets Community compounding conventional Corporate Credit Credit Card credit union Dance the Night Away deposit dividend Dream earnings education Entrepreneurs Equifax equity FHA Fical Finance Financial financing First First Source Federal Credit Union for Games Genesis giving Go Good Good News Center Goodison-Bick Greiner Group HCCC Health healthy pet loan Heart herkimer holiday home home buying house Hug Indoor interest Investment JD Arrante Jessie Julie Keller KIDS kristy lien lienhouse Lilli living smarter LMV loan Loans Local Marketing Maxam medical Mel member members Michael Mike missing Money Market Mortgage Mortgages Motorcycle Financing Motorcycle Loan MVCC National Credit Union Youth Month Neumann New New Hartford nole North Utica of One Oneida online online safety Only order checks Orsomarso overdraft Pamela paperwork Paralympics Parsons pay bills payments personal loans pet care pet financing pet surgery Pete pets plan Posts Power Pre-approval presents President/CEO programs protection purchase QR Questions rates recreational loans Red Requirements Resolutions resort ride Rome Run RV Ryan Misencik Safety savings savings” Schools Schumer security Sen. service Sherman Sinnott Education Center ski resort snowboard snowmobile social media Source South South Utica spending spots SSHS Staff Stevens-Swan Humane Society students Sue Summer Tammy Cieslak Tanya Taxes teachers Team testimonial the Tips Tom travel Tricia TV Union Unite United Up Utica Utica Zoo VA vacation financing vacation loan Video Visa volunteer Waggle Walk Walk-A-Thon Way We Wear Wellness Wells Wendy Why Wiggle wild Winner winners Winter withdrawal women Women’s Employment & Resource Center Year's York You You’re Young Young Entrepreneurs Academy YWCA