While most motorcycles are not as expensive as cars, they are still considered major purchases. Sometimes, buyers may also need to opt for financing options to cover the cost of motorcycles. That said, most traditional financing options often require borrowers to make a down payment, which could be 10% to 20% of the total price of the motorcycle. Still, it is possible to get a motorcycle without a down payment.

1. Consider leasing a motorcycle
A great way to own a motorcycle without making any down payment is to lease it. A lease also does not require advance payment. One can just pay for the motorcycle in instalments over several months. In general, these instalments are fixed monthly payments that include insurance, road assistance, and other services associated with motorcycle maintenance. Aside from straightforward payments, leasing also offers the flexibility to adjust contract terms, such as the duration of the lease and mileage allowed to drive. Also, one can get the latest motorcycle model when renewing the contract.

2. Trade in a motorcycle
Often, selling an older motorcycle in exchange for a new one can help one avoid saving for a down payment. Many dealerships offer trade-in programs and deals where they are willing to accept an older motorcycle in exchange for a new one. While one does not have to make the down payment here, they will have to pay a portion of the new motorcycle’s cost. The amount to be paid depends on the value of the older motorcycle. For example, if the existing motorcycle is just a couple of years old and is in good condition, its trade-in value would be significantly high, often a large portion of the new vehicle cost. Similarly, a poorly maintained motorcycle would fetch little money. Either way, one will be able to save some money on a new vehicle.

That said, it helps to spend some time and money on repairing and cleaning up the old two-wheeler before trading it in, as that allows one to negotiate a higher trade-in value and save even more money on the purchase.

3. Look for non-traditional lenders
Traditional lenders like banks generally require one to make a down payment before they can get approved for a motorcycle loan. However, if one shops around a bit, one can find many non-traditional lenders who do not have any down payment requirements. For instance, credit unions and peer-to-peer lenders are often good alternatives to banks when looking for no-down-payment motorcycle financing options. It is important to note that the terms, eligibility criteria, and interest rates here differ from those of conventional banks. Generally, the interest rates for no-down-payment financing options are higher, mostly because no advanced payment is required before the disbursement of the loan. With these loans, one can easily buy a motorcycle and repay the loan over time.

4. Opt for a cheaper model
Typically, a motorcycle with a cheaper price tag might not require any down payment. Many motorcycle manufacturers sell entry-level models with all the basic features that meet basic daily commute needs. So, these features should be enough for buyers trying to get motorcycles for everyday use. While they may not be meant for off-roading or extreme sports, these models can offer reliable performance, good fuel efficiency, and capable engines. When available at an affordable price, all these features should prompt one to let go of the expensive models they do not need. Here, one also gets to skip any advance, deposit, or down payment.

5. Use a credit card for the purchase
Often, motorcycle dealerships accept credit cards for payment. So, one may use one or more cards to buy a motorcycle. Certain dealerships also allow one to buy a motorcycle with a credit card and pay monthly instalments. This payment method typically involves a processing fee the cardholder has to pay. It also comes with the risk of increased credit card debt burden. Besides, one will have to pay a high interest rate if they miss a payment. That said, using credit cards to purchase a motorcycle can be a good idea when one does not want to make a down payment. 

6. Seek loans from friends or family members
When one wants to avoid rigid loan terms and excessive interest charges, getting loans from friends or family members can be a good idea to pay for a motorcycle. One can determine the amount of money they want for the motorcycle. If an acquaintance is willing to lend the whole amount, one might be able to pay for the motorcycle in one go. Alternatively, one can just get a loan to cover a part of the cost of the motorcycle and pay the rest using one’s own money. Here, one will not have to pay upfront to secure the loan. Plus, one might get a loan at zero or low interest and avoid the risk of increasing credit card debt. All one needs to do is repay the loan to the lender on time and adhere to the conditions set while making the arrangement to avoid conflict or confusion.