How should I compare motorcycle loans?

When comparing the best motorcycle loans, there are three main factors to consider:

  1. What is the interest rate or APR (Annual Percentage Rate)? The lower the rate, the less you'll pay for interest (and interest-related fees) over the life of the loan.
  2. What are repayment terms? Basically, how many months will it take to pay back the loan? A longer repayment period will make each monthly payment lower, but you'll spend more over the life of the loan compared to a shorter repayment period.
  3. How much do you have to put down? Some lenders may require a 20% (or higher) down payment, while others may even offer 110% financing (i.e., giving you $11,000 to buy a $10,000 bike). A lower down payment may be more convenient initially but will result in higher payments each month.