RiverTrace Blog

Motorcycle Loan Rates In Virginia

Posted on: October 30th, 2017 in Auto Loans

Motorcycle Loan Rates In Virginia

Motorcycle Loan Rates

Many people are unaware a motorcycle loan is not generally classified as a vehicle loan. In most cases, they are classified as a recreational vehicle loan or adventure loans. Motorcycle loan terms are similar to car loans, as are the interest rates.

However, where you obtain your loan could make a difference; you could save hundreds of dollars over the life of your motorcycle loan by comparing loan rates.

Factors that impact rates

There are several factors that will impact your ability to secure a motorcycle loan at the best possible rate, including your current credit score. As with any other large purchase, you are encouraged to review your credit report before applying for a loan to ensure there is no inaccurate information.

Other factors such as the age of the motorcycle, the loan term, and the amount of down payment will also have an impact on the interest rate you can get on a motorcycle loan.

Rates for October 2017

While interest rates change on a regular basis, in order to understand the various range of motorcycle loan rates in Virginia, it is important to see a head-to-head comparison. Here are some of the rates we have identified.

Military members, and their families may be eligible for a motorcycle loan through USAA. The current rates for a motorcycle loan are:

Motorcycle, Scooter and New Dirt Bike Loan Rates for Excellent Credit Profile
Loan TermLess than $10,000$10,000 to $14,999$15,000 or Greater
24 Months5.99%5.99%5.99%
36 Months5.99%5.99%5.99%
48 Months5.99%5.99%5.99%
60 MonthsNot Available5.99%5.99%
72 MonthsNot AvailableNot Available5.99%

Other financial institutions base their motorcycle loan rates on factors that also include whether you opt to set your payments up as auto-pay. For example, SunTrust bank is currently offering the following rates:

Loan Term (months)
Loan Amount24 - 3637 - 4849 - 60
$5,000 to $9,9996.44% - 10.44%7.39% - 11.39%7.59% - 11.59%
$10,000 to $24,9994.44% - 8.24%5.89% - 9.89%6.09% - 10.09%
$25,000 to $49,9994.44% - 8.54%5.89% - 9.89%6.09% - 10.09%
$50,000 to $100,0004.44% - 8.54%5.79% - 9.79%5.99% - 9.99%


At RiverTrace Federal Credit Union, our rates are classified as Consumer Adventure Loans. As of October 2017, our rates for motorcycle loans are:

NEW BOAT, RV & MOTORCYCLE 2014 - 2016 101% - 125%** LTV
0 - 36 Months$5,0002.99%3.74%
37 - 48 Months$5,0003.24%3.99%
49 - 60 Months$10,0003.74%4.99%
61 - 72 Months$20,0003.99%5.24%
73 - 84 Months$25,0004.99%5.74%
85 - 120 Months$50,0005.24%N/A
121 - 240 Months$100,0005.49%N/A

As you can see, our loan rates and terms are competitive, and in many cases are much better than those of our competitors. We are committed to providing our customers the best rates, great loan terms, and ensuring you have the flexibility you need. We base all loans on creditworthiness, and your ability to repay the loan.

Financing Through Your Dealer

It is also important to be aware that RiverTrace can provide financing through dealers; you can contact your member services representative to learn more about these options. While many other lenders in the Virginia area only offer financing for new purchases, we work with those who wish to purchase used motorcycles as well.

If your motorcycle dealer does not have a current program in place, we can still help you secure the financing you need for your motorcycle purchase. We are here to provide the service you need and help you realize your goal of obtaining a new or used motorcycle to explore the highways and byways.

Discuss your motorcycle financing options with your member services representative today.

Our Application Process

RiverTrace Federal Credit Union makes it easy for you to become a member, and to apply for a loan. In fact, these processes can be handled entirely online; you can become a member by using our online membership application; it takes only 10 minutes of your time.

RiverTrace Federal Credit Union is a not-for-profit, federally insured financial institution serving the Greater Richmond area. Anyone who lives, works, worships or attends school in Henrico, Chesterfield, Hanover or the city of Richmond is welcome to join RiverTrace.

Once you have applied for, and been accepted as a member of RiverTrace, you can begin the process of applying for a loan. This may be done by applying online or by visiting our office at 6011 Staples Mill Road in Richmond.

You can also contact us by telephone at 804-266-2767 or toll free at 800-230-7367. We also have shared branches, where you can meet with a representative in over 5,000 locations across the United States.

If you are interested in a motorcycle loan, and you have additional questions about loan applications, rates, or you wish to discuss your options with a member services representative, contact us today at one of the phone numbers listed above or send us an email at info@rivertracefcu.org.

If you need to contact us about a news item, event, or just want to give us a shout, please don't hesitate to get in touch with us by calling 804-266-2767 or emailing us.

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Monday-Wednesday: 9:00 - 5:00

Thursday: 10:00 - 5:00

Friday: 9:00 - 5:00

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