Ditching the Car: How to Finance a Scooter or Moped

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Our team at Student Loan Hero works hard to find and recommend products and services that we believe are of high quality and will make a positive impact in your life. We sometimes earn a sales commission or advertising fee when recommending various products and services to you. Similar to when you are being sold any product or service, be sure to read the fine print understand what you are buying, and consult a licensed professional if you have any concerns. Student Loan Hero is not a lender or investment advisor. We are not involved in the loan approval or investment process, nor do we make credit or investment related decisions. The rates and terms listed on our website are estimates and are subject to change at any time. Please do your homework and let us know if you have any questions or concerns.

can you finance a scooter or moped

Whether you’re looking to lower your carbon footprint or downsize your vehicle, you might want to buy a two-wheeled mode of transportation. But can you finance a scooter or moped?

Even low-end scooters can cost thousands of dollars, which you might not have lying around when you’re ready to buy. Here’s how you can finance your new ride — and decide whether it’s a good idea to do so.

Are you ready to buy a scooter or moped?

Scooters and mopeds aren’t exactly the same, but they’re both two-wheeled motor vehicles. They’re more powerful than a bike but less intense than a motorcycle. They have small engines, and most are limited in speed.

They aren’t for everyone, though. You should take into account weather conditions, safety hazards, and items you typically travel with before buying a scooter or moped. If you live in a state where it rains or snows a lot or if you need to travel with tools or bags, a scooter or moped might not be a worthwhile investment.

But if you’re looking to downsize your car to save money on payments, gas, or both, you might want to consider investing in a scooter or moped. The cost depends on the type of vehicle — just like a car. The cost of a scooter or moped can range from a few hundred dollars to more than $10,000.

If you’re doing only local driving or aren’t doing much driving at all, a scooter or moped might be a good choice.

Can you finance a scooter or moped?

You can finance a scooter or moped, but there are different options for different vehicles.

Dealerships and third parties

Depending on where you buy your scooter or moped, you might be able to finance it through the dealership. Most dealerships and stores offer financing through third-party lenders. Even online sellers offer financing on scooters and mopeds.

Always keep the annual percentage rate (APR) in mind when you take out a loan. The APR is the amount you pay in interest and fees on a loan over the course of a year. A high APR means more money will come out of your pocket.

Don’t settle for dealership loans because they’re convenient; they might not always offer the best terms. Explore your other options first.

Personal loans

You can skip the dealership and its financing options by getting a personal loan instead. Personal loans are a good option if you want to stick with a bank you know, get a better interest rate, or both. You can browse our list of some of the top lenders for personal loans to find the best option for you.

Before you use a personal loan to finance a scooter or moped, make sure you know which make and model you plan to purchase. You should avoid taking out a loan that’s too large since it’ll be that much more for you to pay back. But you also want to cover the full cost of the scooter or moped so you aren’t struggling to afford the purchase.

While personal loans are a big help when it comes to financing, it’s important to read the fine print before you take out a loan. Look at your expected monthly payments as well as the interest rate and terms. If a personal loan is going to negatively impact your budget, look for other payment options.

Can you afford a scooter or moped?

If you’re looking for a different mode of transportation or don’t want to deal with the expense and hassle of a car, getting a scooter or moped might sound appealing. But it’s still an investment. You might save money on gas and upkeep, but you’ll need to buy covers, helmets, and other protective gear.

Don’t forget that Mother Nature doesn’t care about your schedule, either. What are you going to do if it rains or snows? This is something to consider as you shop around.

Do your research before you buy

Can you finance a scooter or moped? Yes. But you shouldn’t buy the first one you see, and you should be sure financing makes sense for you.

It’s OK to get financing help as long as you’re able to make payments on time and in full. Continue being responsible with your credit, and you should be in great shape to get a scooter or moped (if that’s what you decide).

Interested in a personal loan?

Here are the top personal loan lenders of 2018!
LenderRates (APR)Loan Amount 
1 Includes AutoPay discount. Important Disclosures for SoFi.

SoFi Disclosures

  1. Personal Loans: Fixed rates from 5.950% APR to 14.740% APR (with AutoPay). Variable rates from 5.825% APR to 14.365% APR (with AutoPay). SoFi rate ranges are current as of May 18, 2018, and are subject to change without notice. Not all rates and amounts available in all states. See Personal Loan eligibility details. Not all applicants qualify for the lowest rate. If approved for a loan, to qualify for the lowest rate, you must have a responsible financial history and meet other conditions. Your actual rate will be within the range of rates listed above and will depend on a variety of factors, including evaluation of your credit worthiness, years of professional experience, income and other factors. See APR examples and terms. Interest rates on variable rate loans are capped at 14.95%. Lowest variable rate of 5.825% APR assumes current 1-month LIBOR rate of 1.90% plus 4.175% margin minus 0.25% AutoPay discount. For the SoFi variable rate loan, the 1-month LIBOR index will adjust monthly and the loan payment will be re-amortized and may change monthly. APRs for variable rate loans may increase after origination if the LIBOR index increases. The SoFi 0.25% AutoPay interest rate reduction requires you to agree to make monthly principal and interest payments by an automatic monthly deduction from a savings or checking account. The benefit will discontinue and be lost for periods in which you do not pay by automatic deduction from a savings or checking account.
  2. Terms and Conditions Apply: SOFI RESERVES THE RIGHT TO MODIFY OR DISCONTINUE PRODUCTS AND BENEFITS AT ANY TIME WITHOUT NOTICE. To qualify, a borrower must be a U.S. citizen or permanent resident in an eligible state and meet SoFi’s underwriting requirements. Not all borrowers receive the lowest rate. To qualify for the lowest rate, you must have a responsible financial history and meet other conditions. If approved, your actual rate will be within the range of rates listed above and will depend on a variety of factors, including term of loan, a responsible financial history, years of experience, income and other factors. Rates and Terms are subject to change at anytime without notice and are subject to state restrictions. SoFi refinance loans are private loans and do not have the same repayment options that the federal loan program offers such as Income Based Repayment or Income Contingent Repayment or PAYE. Licensed by the Department of Business Oversight under the California Financing Law License No. 6054612. SoFi loans are originated by SoFi Lending Corp., NMLS # 1121636. (www.nmlsconsumeraccess.org)

2 Important Disclosures for Citizens Bank.

Citizens Bank Disclosures

  1. Personal Loan Rate Disclosure: Fixed interest rates range from 4.99% – 16.24% (4.99% – 16.24% APR) based on applicable terms. Lowest rates shown are for eligible applicants, require a 3-year repayment term, and include our Loyalty and Automatic Payment Discounts of 0.25 percentage points each, as outlined in the Loyalty Discount and Automatic Payment Discount disclosures. Subject to additional terms and conditions, and rates are subject to change at any time without notice. Such changes will only apply to applications taken after the effective date of change.
  2. Loyalty Discount: The borrower will be eligible for a 0.25 percentage point interest rate reduction on their loan if the borrower has a qualifying account in existence with us at the time the borrower has submitted a completed application authorizing us to review their credit request for the loan. The following are qualifying accounts: any checking account, savings account, money market account, certificate of deposit, automobile loan, home equity loan, home equity line of credit, mortgage, credit card account, student loans or other personal loans owned by Citizens Bank, N.A. Please note, our checking and savings account options are only available in the following states: CT, DE, MA, MI, NH, NJ, NY, OH, PA, RI and VT. This discount will be reflected in the interest rate and Annual Percentage Rate (APR) disclosed in the Truth-In-Lending Disclosure that will be provided to the borrower once the loan is approved. Limit of one Loyalty Discount per loan, and discount will not be applied to prior loans. The Loyalty Discount will remain in effect for the life of the loan.
  3. Automatic Payment Discount: Borrowers will be eligible to receive a 0.25 percentage point interest rate reduction on their Citizens Bank Personal Loan during such time as payments are required to be made and our loan servicer is authorized to automatically deduct payments each month from any bank account the borrower designates. If our loan servicer is unable to successfully withdraw the automatic deductions from the designated account two or more times within any 12-month period, the borrower will no longer be eligible for this discount.

* Important Disclosures for Upgrade Bank


Upgrade Bank Disclosures


  • Your loan terms are not guaranteed and are subject to our verification and review process. You may be asked to provide additional documents to enable us to verify your income and your identity. This rate includes an Autopay APR reduction of 0.5%. By enrolling in Autopay your payments will be automatically deducted from you bank account. Selecting Autopay is optional. Annual Percentage Rate is inclusive of a loan origination fee, which is deducted from the loan proceeds. Late payments or subsequent charges and fees may increase the cost of your fixed rate loan. All loans made by WebBank, member FDIC. Please refer to Upgrade’s Terms of Use and Borrower Agreement for all terms, conditions and requirements.
  • Accept your loan offer and your funds will be sent to your bank via ACH within one (1) business day of clearing necessary verifications. Availability of the funds is dependent on how quickly your bank processes this transaction. From the time of approval, funds should be available within four (4) business days.

7.73% - 29.99%$1,000 - $50,000
Check rate nowon SLH's secure site
5.83% - 14.74%1$5,000 - $100,000
Check rate nowon SLH's secure site
5.96% - 35.97%*$1,000 - $50,000Visit Upgrade
8.00% - 25.00%$5,000 - $35,000
Check rate nowon SLH's secure site
4.99% - 29.99%$10,000 - $35,000Visit FreedomPlus
4.99% - 16.24%2$5,000 - $50,000Visit Citizens
15.49% - 34.49%$2,000 - $25,000Visit LendingPoint
5.99% - 35.89%$1,000 - $40,000Visit LendingClub
5.49% - 18.24%$5,000 - $75,000Visit Earnest
9.95% - 35.99%$2,000 - $35,000Visit Avant
Our team at Student Loan Hero works hard to find and recommend products and services that we believe are of high quality and will make a positive impact in your life. We sometimes earn a sales commission or advertising fee when recommending various products and services to you. Similar to when you are being sold any product or service, be sure to read the fine print understand what you are buying, and consult a licensed professional if you have any concerns. Student Loan Hero is not a lender or investment advisor. We are not involved in the loan approval or investment process, nor do we make credit or investment related decisions. The rates and terms listed on our website are estimates and are subject to change at any time. Please do your homework and let us know if you have any questions or concerns.