A vehicle loan is the one that is given to you by the lender for the purchase of any vehicle, cars, and motorcycles included. It can be either secured so that the lender would take the vehicle away from you if you do not pay for it or unsecured, where nothing is taken away from you in the same case.
USAA is a financial company that helps veterans and the military to gain a needed loan or insurance. This company was founded in 1922 and is long known for its brilliance in handling tough situations, especially when it comes to military men and women.
However, note that USAA is only capable of giving you a loan for a new/used motorcycle, new/used scooter, and new/used off-road bikes.
How can I get a Motorcycle Loan?
In order for you to be able to get a USAA Motorcycle Loan, you first need to be a USAA member that is either:
A USA military member
A pre-commissioned officer
Or a spouse/child of a US military member
In addition to this, you will need to provide USAA with the following information:
Current employment info
The income before the taxes
The amount of money that is needed
To receive a USAA vehicle loan, you will need to make a contract with a dealership or give the USAA information about the private party from which you are buying a motorcycle.
USAA Loan Conditions
When applying for a USAA vehicle loan, you will be able to get an APR no lower than 3.49 percent.
As for the loan duration, it can be no longer than 72 months, and the conditions are the following:
For 24-48 month term, finance no less than 5000 dollars
For 60 months, finance from 10,000 to 15,000 dollars
For 72 months, from 15,000 dollars and more
The maximum sum that you can ask for from USAA is equal to 20 thousand dollars. And the company will not charge you with anything for paying the loan back earlier than expected.
In addition, USAA does not have a minimum credit score requirement, which might be a good thing for those that have a bad one. Instead, the company will analyze your entire financial situation before deciding whether or not they will give you a loan.
When all of the steps are done by you, you will receive USAA's decision. It usually does not take more than 10 minutes.