Motorcycle Loans
Great Values on Street and Off-Road 2-Wheel Financing
What is StreetWise?
The StreetWise Consumer Education Program is our way to provide you unbiased consumer information you need to make informed choices and save money. DCU's Vision is that all members achieve financial well being. Education is the foundation.
Visit our StreetWise web site for a wealth of information on auto buying, credit, using financial services, privacy protection, fraud prevention, and a financial glossary. The Auto Buyers Guide has tips on dealer tactics and negotiating that can help you in your next motorcycle purchase.
Hundreds of DCU members finance their motorcycles with DCU instead of dealers or banks every year. Why? Because they know DCU is a not-for-profit financial institution they own. Wouldn't a financial institution you own work harder for you than a for-profit company?
We make loans for buying or refinancing your motorbike more affordable, easier to get, and more flexible than you'll find elsewhere. Here are the main benefits to borrowing for your next one at DCU...
- Borrow for up to 60 months for street bikes, 36 months for off-road – Generally, choosing a longer term will lower your monthly payment. Choosing a shorter term will reduce your interest rate and the total cost of your loan. The maximum length of time depends on the vehicle and your budget.
StreetWise Tip: To minimize the cost of your loan, determine the maximum monthly payment you can comfortably handle and choose the shortest term that gives you that payment.
- Qualified borrowers can finance up to 120% of the purchase price – This is enough to cover taxes, title fees, and more. Most lenders require at least 10% down – some much more.
StreetWise Tip: To minimize the cost of your loan, make as big a down payment as you can comfortably handle. The less you borrow, the lower your total cost.
- Unbeatable rates on used motorcycles – We finance new and used motorcycles at the same rates. We believe you should not be penalized if you prefer used motorbikes. Dealers and most institutions don't agree and will charge you more – some 20% or more.
StreetWise Tip: New motorcycles instantly lose value the minute you drive them off the dealer's lot. If you buy a late model used motorcycle, someone else takes that loss. You'll save a bundle.
When you have a Loyalty Checking Plus relationship and pay electronically for the full term of the loan your loan rate will be 1/2% below most of other payment methods. That's one of many great extra benefits you get with a Loyalty Checking relationship at DCU. Since so many members pay electronically, DCU's advertised rates have the loyalty checking plus/electronic payment discount already figured in.
Convenient electronic repayment options that qualify include...
- Weekly Automatic Transfer – With this method, you'll actually pay off your loan faster and save interest. That's because we divide your normal monthly payment by four to arrive at your weekly payment. As a result, you'll make one extra full monthly payment per year.
- Monthly Automatic Transfer – You can choose to have us transfer your payment automatically each month on the due date.
- PC Branch or Easy Touch Transfers – You can agree in writing to satisfy your monthly payment on or before the due date yourself using PC Branch or Easy Touch Telephone Teller. PC Branch allows you to make one-time transfers to your loan account or you can set up recurring transfers that happen automatically.
When you're thinking about buying a motorcycle and want to know DCU's interest rates, visit our rates page or one of our branches. Street motorcycle rates are the same as for new and used automobiles. Off-road motorcycles are listed with the rates for small recreational vehicles. Your actual rate may vary with the term (in months) you select, your personal credit history, account relationship, and the discounts for which you may qualify.
When you look at our rates page online, you'll see our best rates for each loan term. The rate is for members that have the best credit history. For members whose credit history is not so good, other rates are available. And even though these rates are higher, they are far less than the rates these members would pay elsewhere.
StreetWise Tip: If your credit history is not what you would like it to be, visit our StreetWise Guide to Credit and Credit Management. You'll get tips on managing credit and learn about credit scores and how to improve yours.
Our published rates already include the loyalty checking plus/electronic payment discount.
You can estimate your monthly payment with one of our free online loan payment calculators once you know how much you want to finance, the term, and the rate you expect to pay. Visit our web site or call Easy Touch Telephone Teller (800.328.8797 – select 6). Use them as often as you like, 24 hours a day, seven days a week.
A DCU Auto Loan Check is a check made out to you that's good for up to your approved loan amount. You can use it to purchase a motorcycle at any licensed dealer. Since you will already have financing arranged before you shop, you can focus on negotiating the lowest price you can for the car you want like you are paying with cash in hand.
You can use your Auto Loan Check for a new or used motorcycle. Some restrictions may apply, contact DCU for details. You cannot use it for a private sale or to refinance a loan at another institution.
StreetWise Tip: When shopping at a dealership with an Auto Loan Check, tell the dealer you are a cash buyer. Don't let the dealer know you have an Auto Loan Check or for how much you are approved. Agree on a price, a fair trade-in value, and get a signed purchase and sale agreement before you talk financing. If you don't, dealers will work hard to get as much of your approval as they possibly can. That will mean a bigger loan and higher payments for you.
Once you know how much you want to borrow, make sure the blanks on the face of the check are completed as follows:
- Choose a repayment method
- Fill out the vehicle information
- Fill in the loan amount (not to exceed the maximum on the check)
- Endorse the back of the check yourself (both borrower and co-borrower if applicable). Make sure the dealer endorses the back of the check as well, and leave the check with the dealer as payment.We'll establish your loan, according to the amount and term you have specified on the face of the check, when the check clears.
If you've already applied for a loan, just give us a call or email us to request a check. If you haven't applied yet but are interested in buying a motorcycle, log onto PC Branch to see if you're already approved for a DCU motorcycle (look for a message on the Account Balances page). You can accept your loan online and check the box for an Auto Loan Check at the bottom of the acceptance form. You can also stop by any branch. DCU will send you your Auto Loan Check and you'll be ready to shop like a cash buyer in no time.
StreetWise Tip: You may already be approved for a DCU Motorcycle Loan!
Shopping with an approved loan from DCU is like shopping with cash – the best way to shop. And you may already be approved! Log onto PC Branch from the home page. You'll see a congratulatory message on your Account Balances screen if you're already approved for an auto, motorcycle, boat, RV, and home equity loan. Click on the message to learn more about your approval and to accept it online. Loan approvals are valid for 30 days.
If you're not already approved, don't be concerned. It's fast and easy to apply (see below).
If you're not already approved, it's easy to apply!
- Apply online 24 hours a day. Most members get an answer while still on line.
- Apply by phone 24 hours a day at 800.328.8797 (select 3). Most members get an answer while still on the phone.
- Apply at any DCU branch during business hours. Fill out the enclosed application before you come in to save time.
- Apply by fax to 508.263.6392 with a printable vehicle loan application (pdf format).
- Apply by mail using the same printable application.
If you are buying a vehicle through a private sale, you will need to provide us with an intent to sell form. If you have questions, please call the Information Center at 508.263.6700 or 800.328.8797, weekdays from 8:00 am to 11:00 pm and Saturdays from 9:00 am to 3:00 pm, Eastern time.
Ease your loan payments, protect your family, and safeguard your credit rating. Payment Protection offered by Digital Federal Credit Union helps relieve the financial stress and worry related to making loan payments when your life takes an unexpected turn. To learn more about how Payment Protection works, select here.
DCU Insurance offers insurance with the personal service you deserve. So whether you have a motorcycle or you're buying one, please give us an opportunity to provide you an insurance quote.
Remember that any insurance required as a condition of the extension of credit by the credit union need not be purchased from DCU Financial Insurance Services but may, without effecting the approval of the application for credit, be purchased from an agent or insurance company of the member's choice. Insurance products are not deposits of Digital Federal Credit Union (DCU) and are not protected by the NCUA. They are not an obligation of or guaranteed by the credit union and may be subject to risk. Insurance is offered by DCU Financial Insurance Services, LLC, an affiliate of DCU. Business conducted with DCU Financial Insurance Services, LLC is separate and distinct from any business conducted with the credit union. Any questions or concerns regarding this relationship may be addressed to the Office of Consumer Affairs.
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Digital Federal Credit Union
220 Donald Lynch Boulevard PO Box 9130 Marlborough, MA 01752-9130 508.263.6700 • 800.328.8797 |
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© 2008. Digital Federal Credit Union