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Motorcycle loan for college student?

New Member

Motorcycle loan for college student?

Hey guys, been a while since I've been on here. Feels good to be back. In a few months I'm looking at buying a $3000 motorcycle. I'm 18 and have had a $1000 limit card for about 8 months with a 730 score, no student loans (I'm extremely lucky and my parents pay tuition and residency) and have a part time job. In a few months I'm looking at buying a $3000 motorcycle and thought financing it would be a good way to diversify my credit. Do you think I have a shot? Any reccomendations?



Established Contributor

Re: Motorcycle loan for college student?

Try DCU.  They have a 24 hour loan hotline where you can approval instantly.

They say the  finance new and used motorcycles up to 120% of the NADA value.


They will pull your Equifax Mortgage score.


Just playing with numbers - if you put $300 down financing  $2,700 


DCU's best rates for road motorcyles are 

5.25%for up to 36 months so even if they bumped the rate up to 10% it still seems affordable.


No reason to finance more than 2 years so let's say you didn't get their best rate and were charged 10% interest $2,700 over 2 years would be $124.59 a month.  I would think they would approve you for that but they may not like your income, it might be too low but I think it's worth applying there. 


Having a loan may hurt your score until the balance starts going down but then it should help and put you in a better position when you graduate and have a job to get a car loan.


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Frequent Contributor

Re: Motorcycle loan for college student?

Be very careful about how you finance something like this, because it may not get classified as an auto loan, and turn out to be a lot less helpful than you're imagining.


I purchased a new RZR from a dealership and financed part of it through one of their low rate lenders (seasonal getting rid of last years model deal), and found out later that it was classed as a consumer finance loan, and lost around 30 points for it.  Never mind that it is secured by the title, registered, plates and insurance to drive on the road etc. just like any car is.

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