Motorcycle Loan
Apply for a Motorcycle Loan with Modesto’s First Federal Credit Union
Motorcycle loans are a financial solution that enables individuals to fulfill their dreams of owning a motorcycle without the immediate burden of a full upfront payment. These loans, typically offered by banks, credit unions, or specialized motorcycle financing companies, allow borrowers to spread the cost of their motorcycle over a set period, usually ranging from 12 to 84 months. Interest rates and loan terms can vary depending on the borrower's creditworthiness and the lender's policies.
Motorcycle loans offer flexibility in terms of choosing the make and model of the bike, and they can be secured or unsecured, depending on the lender's requirements. While they provide a convenient way to acquire a motorcycle, borrowers should carefully consider the terms, interest rates, and their own financial situation to ensure that they can comfortably manage the monthly payments and associated costs over the life of the loan.
Motorcycles Versus Cars
The temptations of shopping for a motorcycle in Stanislaus County have led you here. After all, the average price for a new car was $41,066 in 2021.
However, a motorcycle can still be a very large purchase. According to J.D. Power, the average motorcycle with 10,000 miles or less can cost between $3,000-$6,000.
If financing is an option for you, Modesto’s First Federal Credit Union offers rates as low as 6.25% APR* to help you get the motorcycle loan that fits your needs.
Why Choose a Credit Union for a Modesto Motorcycle Loan?
Modesto's First Federal Credit Union stands out as an excellent example of a credit union that offers highly competitive motorcycle loans. With a strong focus on serving our community, Modesto’s First FCU consistently provides our members with better rates than for-profit banks. What truly sets us apart is our commitment to transparency and member-centric policies.
One of the standout features of Modesto’s First FCU motorcycle loans is the complete absence of various fees. We do not impose application fees, pre-payment penalties, loan origination fees, or monthly service fees, ensuring that borrowers can save money and feel confident in their financial decisions.
Additionally, we are known for offering some of the most competitive interest rates in the Modesto area. Our rates often outshine those of larger banks due to our community-oriented approach and lower operational overhead. Furthermore, at Modesto’s First FCU, we take pride in our personalized service, working closely with our members to tailor loan terms to their unique needs and financial circumstances. This flexibility allows borrowers to secure financing for their dream motorcycle while staying within their budget.
Modesto’s First Federal Credit Union also provides valuable resources on responsible borrowing, refinancing options, and comprehensive insurance products designed to protect both the rider and the investment. By choosing Modesto’s First FCU to finance your motorcycle, residents of Modesto can expect not only favorable rates and terms but also a genuine commitment to their financial success and well-being.
Improve Your Credit Mix to Get a Motorcycle Loan in Modesto
The following information is dedicated to those who have ever experienced a key problem with financial matters such as applying for a loan: the fear of finding out (FOFO) about your credit score.
According to Zina Kumok, four main factors affect your credit score: payment history, credit utilization, length of credit history, and credit mix. Even though the latter may not be the biggest factor when it comes to your credit score — that belongs to payment history (35%) — it can help strengthen your credit profile and chance to get approved for a motorcycle loan at Modesto’s First FCU.
An ideal credit mix is measured by how many different types of installment and revolving credit you have.
Installment credit has a fixed end date, with an equal set of payments due each month. The most common examples include mortgages, auto loans, and motorcycle loans.
Revolving credit doesn’t have a fixed end date or set balance. You get pre-approved for an amount of money and are only required to pay the minimum balance each month. Credit cards and a home equity line of credit (HELOC) are two of the most common examples.
In conclusion: a more diverse credit mix can help ease your FOFO, moving you one step closer to getting approved for a motorcycle loan with Modesto’s First FCU.
Joining the Modesto’s First FCU Family
Modesto’s First Federal Credit Union members are those individuals that live, work, attend school, or worship within the Modesto, California city limits. A membership at Modesto’s First FCU also extends to immediate family members.
A Modesto’s First FCU membership is for life, no matter if there is a change due to employment, family relationship, or place of residence.
Deposit a minimum of $5.00 to activate and preserve your membership, unlocking a number of financial products, competitive rates, and member services.
Visit your local branch, or request to talk to a representative who can help answer your questions!
Contact us:
Address:
430 12th Street
Modesto, CA 95354
Phone: (209) 521-2020
Toll-Free: (888) 945-2020
Email: info@m1fcu.org
Fax: (209) 521-4570
S/B: (209) 521-2020