Many or all companies we feature compensate us. Compensation and editorial research influence how products appear on a page. Personal Loans Scooter Financing: Where to Find a Moped or Scooter Loan Updated Jun 27, 2023 | 8-min read Written by Jeff Gitlen, CEPF® Written by Jeff Gitlen, CEPF® Expertise: Student loans, personal loans, home loans, insurance, credit cards Jeff Gitlen, CEPF®, is the director of content operations at LendEDU. He graduated from the Alfred Lerner College of Business and Economics at the University of Delaware. Learn more about Jeff Gitlen, CEPF® Scooters are a popular mode of transportation. They’re easy on the environment, simple to stow, faster than walking, and often much more affordable than a car. Depending on the model, your new scooter could cost between $1,000 and $6,000. If you can’t pay for it all at once, scooter financing can help you cover your costs. In this guide, you can compare scooter loans and find answers to common financing questions. In this guide: Online scooter loansWhat about moped dealer financing?Things to consider before buying or financing a scooter Online scooter loans Compare Scooter LoansFixed-rate loans starting at 3.49%* APR with autopay and excellent creditFunds available as soon as the same dayMinimum credit score of 660View Rates Fixed rates beginning at 7.99% APRYou can check rates without hurting your credit scoreQuick fundingView Rates Rates are typically between 8.41% and 35.99% APR1Get funds as fast as one business dayA minimum credit score of 600 in most statesView Rates One way to finance a scooter is with a personal loan. These are often unsecured loans, require no down payment, offer low interest rates compared to credit cards—especially if you have good credit—and borrowers can use a personal loan for just about anything. To help you find the right scooter financing, we compiled a list of lenders offering loans you can use for scooters and mopeds. LightStream View Rates Rates (APR): 7.99% – 25.49%Loan Amounts: $5,000 – $100,000Credit Score: 660+ LightStream offers loans to customers with good to excellent credit. With a high minimum loan amount, borrowers should only consider this lender if their scooter will cost more than $5,000. The lender will beat competitors’ interest rates by 0.10 percentage points.** Credit score category: Excellent, goodSoft credit pull to check rates: Not availableDeposit time: As soon as the same dayOrigination fee: 0%Late fee: NoneDiscounts: 0.50% interest rate reduction for enrolling in autopayRepayment terms: 24 – 144 months depending on the loan purpose*** Upgrade View Rates Rates (APR): 8.49% – 35.99%Loan Amounts: $1,000 – $50,000Credit Score: 580+ Upgrade is a great option for borrowers with fair credit. Low loan amount minimums mean you can use this loan for scooters at lower costs. Credit score category: Fair, badSoft credit pull to check rates: YesDeposit time: As soon as the next dayOrigination fee: 2.9% – 8%Late fee: $10Repayment terms: 36 or 60 months Upstart View Rates Rates (APR): 6.12% – 35.99%Loan Amounts: $1,000 – $50,000Credit Score: 580+ Upstart is an online lending platform that partners with banks to provide personal loans that can be used for almost anything. Upstart’s lending model considers education, employment, and other variables when determining eligibility.3 This model leads to 27% more approvals and 16% lower rates than traditional models.4 Credit score category: Fair, badSoft credit pull to check rates: YesDeposit time: As fast as one business dayOrigination fee: 0% – 8%Late fee: $15 or 5% of paymentRepayment terms: 36 or 60 months To compare more options, you can check out our guide to the best personal loans. What about moped dealer financing? Another way to finance your scooter or moped is through the dealership. Much like automobile dealers, scooter and moped dealers often work with a third-party lender to offer financing to customers. Though dealer financing is convenient, you should shop around and note personal loan rates and terms. Outside lenders might offer lower rates and more flexible repayment terms than the dealer. Pros & cons of dealer financing Pros The added convenience of doing everything in one place. You may be able to take advantage of special financing offers (e.g., 0% APR for a promotional period). Financing is typically available for the cost of the scooter or moped with no need to worry about loan amount minimums. Cons Interest rates may not be the lowest available, especially for borrowers with good credit. You might be limited to the dealer’s lender of choice. Loans may carry higher origination fees compared with personal loans. Things to consider before buying or financing a scooter Before you buy a scooter, ask yourself these questions. What do you plan to use the scooter for? Before you buy your scooter or moped, consider how you’ll use it. If you plan on using it for short trips in the city, it can be a sensible purchase. But a motorcycle may be a better fit if you need transportation for long commutes that don’t accommodate low-speed vehicles like scooters. >> Read more: Motorcycle Loans: Best Rates & Lenders Electric or gas? Today’s drivers can choose between electric and gas scooters, and both have pros and cons. The electric scooter is more environmentally friendly and is ideal for zooming around town. However, a gas scooter may be the more reliable option for long excursions. Also, factor in engine size. You can make short trips around town with a small 50cc engine. Longer trips or those over rougher terrain, like hills, may require a larger engine. Do you need a motorcycle license? Laws governing moped or scooter use vary from state to state, and that includes whether you can leave the lot without a specialized license. Before you make your purchase, check your local laws. Before scooting off the lot, you may need your license, insurance, and other required documentation. How will the loan fit in your budget? As with any purchase, avoid borrowing more money than you can afford to repay. Our personal loan calculator can show you potential monthly payments and the total cost for different interest rates and loan terms. It can help you determine your price range and select the repayment term for your needs. Find a monthly payment that fits your budget and a repayment term that lets you pay off a loan fast enough to avoid paying exorbitant interest. Does the dealer offer warranties and repairs? The final question you need to ask before purchasing is: “What’s covered if something goes wrong?” Repairs can be costly, but many dealerships and manufacturers offer warranties to help new customers manage unexpected repairs for a period. It’s also helpful to find a reputable repair shop near your home. This can save you a lot of time and hassle when repairs come up down the road. Recap of scooter financing options LenderLoan AmountsMinimum Credit ScoreLightStream$5,000 – $100,000660Upgrade$1,000 – $35,000620Upstart$1,000 – $50,0002600 *Your loan terms, including APR, may differ based on loan purpose, amount, term length, and your credit profile. Excellent credit is required to qualify for lowest rates. Rate is quoted with AutoPay discount. AutoPay discount is only available prior to loan funding. Rates without AutoPay are 0.50% points higher. Subject to credit approval. Conditions and limitations apply. Advertised rates and terms are subject to change without notice. **LightStream will offer a rate .10 percentage points lower than the rate offered on any competing lender’s unsecured loan provided that you were approved for that lower rate (with the same loan terms offered by LightStream) no later than 2 p.m. Eastern time two business days prior to loan funding. The Rate Beat Program excludes secured or collateralized loan offers from any lender, and the competitive offer must be available to any customer with a similar credit profile. Terms are subject to change at any time. If you believe you have been approved by another lender for a lower qualifying rate, contact LightStream customer service. We will work with you to determine your Rate Beat eligibility and obtain the necessary documentation. ***Payment example: Monthly payments for a $10,000 loan at 5.95% APR with a term of three years would result in 36 monthly payments of $303.99. 1The full range of available rates varies by state. The average 3-year loan offered across all lenders using the Upstart platform will have an APR of 21.97% and 36 monthly payments of $35 per $1,000 borrowed. For example, the total cost of a $10,000 loan would be $12,646 including a $626 origination fee. APR is calculated based on 3-year rates offered in the last 1 month. There is no down payment and no prepayment penalty. Your APR will be determined based on your credit, income, and certain other information provided in your loan application. 2Your loan amount will be determined based on your credit, income, and certain other information provided in your loan application. Not all applicants will qualify for the full amount. Loans are not available in West Virginia or Iowa. The minimum loan amount in MA is $7,000. The minimum loan amount in Ohio is $6,000. The minimum loan amount in NM is $5100. The minimum loan amount in GA is $3,100. 3Although educational information is collected as part of Upstart’s rate check process, neither Upstart nor its bank partners have a minimum educational attainment requirement in order to be eligible for a loan. 4Approval numbers compare the 2020 loan approval rate by the Upstart model and a hypothetical traditional credit decision model. The APR calculation compares the two models based on the average APR offered to borrowers up to the same approval rate. The hypothetical traditional model used in Upstart’s analyses was developed in connection with the CFPB No Action Letter access-to-credit testing program, is trained on Upstart platform data, uses logistic regression and considers traditional application and credit file variables.