The open road—or off-road—has a way of calling to those with a sense of adventure. Whether it’s a sleek motorcycle or a rugged ATV, these vehicles offer freedom, adrenaline, and a whole lot of fun. But before you start your engine, you’ll need to figure out how to secure financing.
Here’s everything you need to know about getting a motorcycle or ATV loan, from credit requirements to down payments and insurance. Let’s break it down so you can ride off fully informed and fully financed.
Your credit score is one of the first things lenders check when reviewing your loan application. While requirements vary, many lenders look for scores in the mid-600s or higher. That said, credit unions like Oklahoma Central Credit Union often work with borrowers who have less-than-perfect credit.
Factors that can help:
Worried about your score? You can often apply for prequalification with a soft credit check, which won’t impact your credit. A hard inquiry, however, occurs once you officially apply and can cause a small, temporary dip in your score.
Most lenders require proof of stable income to ensure you can handle monthly payments. Expect to provide:
Your debt-to-income ratio (DTI) is also key. This metric compares your total monthly debt to your income, and the lower your DTI, the better your odds of approval.
Self-employed? Don’t stress. Many lenders, including OCCU, accept self-employment income with adequate documentation.
A down payment is your initial contribution toward the cost of the vehicle. While not always required, it can make a big difference:
If you need help saving, consider starting a savings account to reach your goal faster.
Motorcycle and ATV loan terms tend to be similar to auto loans. Here’s a general idea:
OCCU’s current rates and loan products are competitive, with flexible terms designed to meet your budget.
You have a few options when it comes to securing financing:
Be sure to compare offers. Look beyond the monthly payment—consider the total loan cost, interest rate, and term length.
Yes, and understanding the distinctions can help you avoid delays or surprises during your loan application process. While motorcycle and ATV loans are often grouped together, lenders sometimes apply different criteria based on the specific type of vehicle you're looking to finance. Here’s what to keep in mind:
Motorcycles: These are the most commonly financed recreational vehicles. Whether you're eyeing a touring bike for long road trips or a sport bike for weekend thrills, lenders often have dedicated motorcycle loan products with tailored interest rates and repayment terms. You’ll likely need motorcycle insurance before your loan is finalized, especially if the bike is meant for highway use.
All-Terrain Vehicles (ATVs): ATVs are designed for off-road adventures—think rural trails, farms, or recreational parks. Because they aren’t street legal in most areas, financing terms might differ slightly from motorcycles. Some lenders may view them as higher risk due to their usage and shorter lifespan, which can impact both interest rates and down payment requirements. Additionally, insurance requirements for ATVs may be more flexible but are still recommended.
Dirt Bikes: Like ATVs, dirt bikes are built for off-road use and often used in recreational or competitive settings. Financing a dirt bike can be more specialized, as not all lenders offer loans for these vehicles. Be sure to clarify with your lender whether they consider dirt bikes under their motorcycle or recreational loan category. Some may also require the vehicle to meet specific safety or emission standards.
Scooters and Mopeds: Scooters and mopeds are popular for short commutes and urban travel. Because of their lower price point, some lenders may not offer financing unless the purchase exceeds a minimum amount. However, these vehicles are typically easier to insure and maintain, which can make them appealing to first-time borrowers or budget-conscious riders.
When you apply for a loan, provide detailed information about the make, model, and intended use of the vehicle. The more your lender knows upfront, the easier it will be to match you with the right loan product. Some lenders, like Oklahoma Central Credit Union, offer flexible financing across multiple recreational vehicle types, assuring your loan works just as well for a backroad ATV as it does for a city scooter.
Insurance Requirements
Just like cars, motorcycles and ATVs require proper insurance. Your lender will likely need proof of coverage before finalizing your loan.
Having insurance lined up in advance can streamline your loan process and protect your new ride from day one.
You still have options. OCCU offers share secured loans where your own funds act as collateral, helping you build credit while enjoying a lower rate. Learn more about share secured lending and whether it's a fit for your situation.
Other ways to boost your approval odds:
These steps can improve your overall financial profile and increase your chances of approval.
From understanding soft credit checks to finding the best lender for your needs, you’re now well-equipped to take the next step. Whether it’s your first motorcycle or your third ATV, Oklahoma Central Credit Union is here to help you secure financing with confidence.
Contact us today to learn more about our competitive motorcycle and ATV loan options. Hit the road with confidence! Apply for a motorcycle or ATV loan from Oklahoma Central Credit Union.