Compare motorcycle loans – what kind of a loan does suit you best?
You can apply either for a secured or an unsecured loan to finance a motorcycle.
- For an unsecured motorcycle loan, in other words Special Consumer Credit, you don’t need to pledge your assets in security for the loan. You can flexibly anytime apply for Special Consumer Credit to finance a motorcycle. You can apply for it as an OP customer.
- A secured motorcycle loan, in other words a Bank Loan, is generally the most affordable option to finance a motorcycle terms of the interest rate. In security for the Bank Loan, you’ll always need to pledge, for example, your home or holiday home. You can apply for a Bank Loan from us even if you are not an OP customer.
When you select a financing option for motorcycle, take your time considering the loan amount you need. You can use the loan to cover also other purchases related to the new motorcycle, like motorcycle riding clothing.
Special Consumer Credit – motorcycle loan without collateral up to 15,000 euros
If you want an unsecured loan, apply for Special Consumer Credit. You can apply for a motorcycle loan without collateral up to 15,000 euros. The interest rate for the unsecured Special Consumer Credit is 7.95% + a 3-month Euribor.
The advantage of the unsecured motorcycle loan is that you’ll receive a loan decision quickly. File a loan application on the op.fi service or OP-mobile and you’ll receive our loan decision right away, or within two banking days. After you have accepted the loan agreement, you’ll receive the money in your account right away.
Please note that only OP customers can apply for unsecured loans.
Bank Loan – motorcycle loan with collateral starting from 10,000 euros
You can apply for a secured Bank Loan for a motorcycle starting from 10,000 euros with no upper limit. You can apply for the loan alone or with another person irrespective of whether you are an OP customer.
The interest rate for a secured loan is lower than that for an unsecured loan because collateral secures that the loan is repaid to the bank. The loan interest rate is determined separately for each customer – it is typically 3–5%.
In general, a residential property, such as an owner-occupied home, a buy-to-let home or a holiday home, is used as collateral. The home doesn’t need to be free from debt to be used as collateral for the loan. Other assets, such as forest, investments or savings, can also be used as collateral. The motorcycle to be bought or consumer goods aren’t eligible as collateral in security for a secured loan.
As an OP cooperative bank owner-customer, you earn OP bonuses on the secured Bank Loan.
How can I apply for a motorcycle loan?
You can apply for a motorcycle loan easily at op.fi or on OP-mobile.
If you apply for an unsecured motorcycle loan, in other words Special Consumer Credit, you’ll get a loan decision without any unnecessary wait time. When you finish your application and accept the loan agreement, you’ll receive the money in your account right away. You’ll commonly receive a secured Bank Loan decision within 1–3 days.
Why does it pay to apply for a motorcycle finance from OP?
Applying for a motorcycle loan from an OP cooperative bank is easy and safe.
- You’ll get motorcycle finance at an affordable interest rate.
- You can repay your loan in a flexible way and apply for a change to your repayment plan.
- You will always see clearly the total costs of your loan.
How balanced your income and expenses are affects the granting of a loan. We always want to make sure that the size of a loan is suitable for your situation and that you won’t have any problems in repaying it. Compare between the options and assess your repayment capacity realistically. Apply for the loan with an amount so that you allow sufficient money for other regular expenses and saving.
Flexible according to your circumstances
You can anytime repay a larger amount than the agreed monthly repayment towards a secured or an unsecured motorcycle loan. You can also pay off the loan in full.
When applying for the motorcycle loan, you agree on the size and schedule of the repayments for paying back your loan. However, if necessary, you can along the way change the payment amount and the loan’s maturity date or apply for a grace period or a repayment holiday.