Motorcycle Loans in Troy

Motorcycle Loans in Troy, Michigan

Motorcycle or car loans from a credit union are an easy way to get your dream ride sooner. Interest rates are generally lower because credit unions are nonprofit organizations. A loan payment is a natural step in purchasing a first vehicle for most people, even when it is a motorcycle. In Troy, if you want to make your dream a reality before you have the funds saved, T&I Credit Union can help.

Loan limits

You might be surprised by what you qualify for just by opening a savings account in the same amount as the loan for which you are applying. Your credit history and ability to make payments on time are the most impactful on your credit score. You must be 18 years or older to apply for a loan from T&I.

T&I motorcycle loan rates

We offer 60-month financing on new purchases and on used and refinanced motorcycles at T&I. For just a 10% downpayment of the actual cost of a new motorcycle, we can offer you an APR rate of 6.25%. All our loans are subject to credit review and approval. The actual rates we provide may vary by credit score. Used and refinanced vehicles are subject to evaluation based on NADA value.

If you are paying off your loan over the long term and you are paying off a vehicle that is now valued at less than your loan, consider gap insurance. If you did not put a large down payment on your bike and the value is going to rapidly depreciate, gap insurance is a good idea. It can save you financially if you total your bike and cannot afford to pay the difference between what you owe and what the bike is worth.

What if I have bad credit?

If you are dealing with a low credit score, it will be harder to get a reasonable APR. You can opt to get someone with a higher credit score to co-sign with you on your loan, but this is a big responsibility for the guarantee who will be responsible for your payments should you fall behind.

Another option, if you have to settle for a higher rate, is to build good credit by making your payments on time for the first year or two and then refinance later when you will likely qualify for a lower rate.

Why should you choose a credit union?

Credit unions offer more flexible rates and options for financing than banks. They provide personalized service and will walk you through the application process, step by step. Just like banks, we offer mobile banking services with savings and checking accounts.

A credit union can help refinance your existing loans. With interest rates and APR annual percentage rates lower than for-profit banks and other lenders, a credit union will work with you to lower your monthly payments.

Get the best rate for you

At T&I Credit Union, we understand that a motorcycle loan is a significant investment and are focused on getting you the best rates possible. T&I is proud to service the Detroit Metro area with accessible loan options and membership opportunities. Please call 1 (800) 338-3908 to discuss your vehicle financing options.