More common than a lease, motorcycle loan options are available through banks, credit unions, online lenders, or the manufacturer itself. Terms generally ranged from 24 to 84 months, at the time of publication. APRs at the time of publication ranged from 4.69% to 12.24%. Getting a loan for a motorcycle gives you a single big advantage over leasing a bike: Once you pay the loan, you own the motorcycle outright. That gives you more options than with a lease — you can keep the bike, sell it, or trade it in for another bike, reducing the cost of purchasing a new motorcycle.
Bike owners may also want to customize their motorcycle, or give it a colorful new paint job, something that isn’t allowed with a leased bike. Wear and tear is an issue that bike owners don’t have to stress over, as opposed to riders who lease a bike and have to pay close attention to wear and tear, and must return the machine in good condition or else pay fees.
You feel like you might be lax in the care and maintenance of your motorcycle. With a lease, the dealer will require you to take special care of the bike — after all, they own it — which will add to your total motorcycle cost. You want to personalize or customize a motorcycle. In a lease deal, the dealer may force you to keep the bike as is, and not allow any changes to the bike. You plan on driving the motorcycle great distances and might exceed lease mileage limits.
Unlike car leasing, most motorcycle manufacturers don’t offer leasing programs, though some dealerships do, in addition to leasing companies. Terms range up to 60 months, at the time of publication. The most significant advantage of leasing a motorcycle instead of buying one is cost — it’s significantly less expensive to lease a bike than to take out a loan, especially when some motorcycles can cost $10,000 to $35,000 and up, though there are plenty of bikes well under those prices as well.
After the lease is up, you typically have several choices: simply return the bike to the dealer; return the bike and lease another; or buy it outright if you really like the make and model.
You only want a bike for a few years. If you’re into a bike for the long haul, getting a loan and buying it is preferable to leasing. If you’re concerned about the high cost of a motorcycle. Motorcycle lease payments are typically lower than loan payments.