Jun 25, 2024
While Discover® does not offer auto loans, motorized transportation is more than just cars. Similarly, there are many ways to use a personal loan. It’s no secret that personal loans can be a valuable financing option for life’s large expenses.
So, if you are thinking about taking out a motorcycle loan, an ATV loan, or a loan for any other type of powersports or motorized vehicle, you should also check out the personal loan options available to you.
A personal loan could help beyond the cost of purchase, including covering expenses for maintenance, accessories, insurance, and more. Be sure to pay attention to the annual percentage rate (APR), repayment terms, and other fine print. Continue reading to learn about loan options for your alternative vehicles.
You’ve taken the safety courses, updated your license, and spent a lot of time cruising the showrooms or window-shopping: you’re in the market for a motorcycle.
Some motorcycles may be cheaper than even the least-expensive economy cars. But a beginner bike, plus the cost of the personal protective gear to go along with it, might cost more than the cash you have on hand.
As you think about the expenses involved, you may want to build in the additional funds needed to cover the extras that go along with motorcycle ownership, such as:
Is it a truck? A house? Both? Some recreational vehicles (RVs) may not be as expensive as a typical home, but large or luxury-outfitted RVs can average between $100,000 and $140,000.1 The costlier the RV, the longer the loan repayment terms might be. Most RV loans last between 10 and 15 years but can extend as long as 20.2
Whether your goal is to pick up roots and take to the open road permanently or to have a small motorhome for weekend camping and festival trips, an RV loan may be a serious commitment. Owning an RV may also involve covering additional costs, including:
All-terrain vehicles (ATVs) can make for hours of fun blazing new trails and off-road racing. Or these versatile vehicles can be used for work, such as inspecting crops, herding livestock, or supervising field crews. Whatever the reason you’re interested in buying an ATV, the hard, off-road usage can mean a lot of maintenance.
You can expect to pay between $3,000 and $15,000 or more for a new ATV,3 but additional expenses to consider on top of the price include:
If you’re in the business of hauling heavy equipment or supplies to locations that a truck can’t easily reach, you may be in the market for a utility vehicle (UTV). Also known as side-by-sides, UTVs are built with larger engines, sturdier bodies, and more capacity than standard four-wheelers.
A new UTV can cost anywhere from $4,000 to $30,000,4 which can be covered by a UTV loan. But ownership can also include additional expenses that extend beyond the purchase price, such as:
There are many types of boats and many reasons to desire one. You may want a fishing boat for a lazy day on the river, a cabin cruiser for an extended trip, a pontoon boat for lake parties, or a jet ski for watersports.
Whatever your reason, when it comes to buying a boat you have no shortage of options. There is an equally wide range of price options, which can run from a few hundred dollars to as much as $10 million.5 Owning any type of boat can come with additional expenses, including:
Nature and outdoor enthusiasts know all too well the costs of their outdoor gear, which can often include some kind of vehicle. Here are some other types of vehicles for either country or urban living that a personal loan can provide purchasing power for:
City dwellers may be keen to zip around on these. Many motor scooters are less costly and create less pollution than motorcycles, though they have similar gear requirements. Still, the cost of a new motorized scooter can reach above $8,000 .
E-bikes appeal to riders of any age. Great for commuting, some models can also be used for off-road adventures, for long distances, or in hilly terrain. The price of an e-bike can range from less than $1,000 to more than $6,000 for high-end version s, and while auto financing won’t cover them, a personal loan might.
Whether you’re seeking other modes of transportation or exploring a hobby, alternative vehicles can be costly. An unsecured personal loan from Discover could help you pay for these expenses to get the most utility out of your vehicle.
Our personal loan calculator makes it easy to estimate your monthly payments based on your desired loan amount and credit score. That way you can budget for your alternative transportation and get your dream rolling.
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