Updated
May 09, 2023 Scooters are a popular mode of transportation. They’re generally easy on the environment, simple to stow, faster than walking, and often much more affordable than a car.
Depending on the model you choose, your new scooter will typically cost somewhere 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’ll be able to compare scooter loans and find answers to some common financing questions.
In this guide:
- Online scooter loans
- What about moped dealer financing?
- Things to consider before buying or financing a scooter
Online scooter loans
Compare Scooter Loans
- Fixed-rate loans starting at 3.49%* APR with AutoPay and excellent credit
- Funds available as soon as the same day
- Minimum credit score of 660
- Fixed rates beginning at 7.99% APR
- You can check rates without hurting your credit score
- Quick funding
- Rates are typically between 8.41% and 35.99% APR1
- Funds can be received in as fast as one business day
- A minimum credit score of 600 in most states
One way to finance a scooter is with a personal loan. They are typically unsecured loans, require no down payment, offer low interest rates compared with 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 that can be used for scooters and mopeds.
LightStream
Rates (APR)
3.49% – 19.99%*
with AutoPay
Loan Amounts
$5,000 – $100,000
Credit 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 is going to cost more than $5,000. The lender will beat competitors’ interest rates by 0.10 percentage points.**
- Credit score category: Excellent, good
- Soft credit pull to check rates: Not available
- Deposit time: As soon as the same day
- Origination fee: 0%
- Late fee: None
- Discounts: 0.50% interest rate reduction for enrolling in autopay
- Repayment terms: 24 – 144 months depending on the loan purpose***
Upgrade
Rates (APR)
7.99% – 35.97%
Loan Amounts
$1,000 – $35,000
Credit Score
620+
Upgrade is a great option for borrowers with fair credit. Their low loan amount minimums mean that you can use this loan for scooters at lower costs.
- Credit score category: Fair, bad
- Soft credit pull to check rates: Yes
- Deposit time: As soon as the next day
- Origination fee: 2.9% – 8%
- Late fee: $10
- Repayment terms: 36 or 60 months
Upstart
Rates (APR)
8.41% – 35.99%1
Loan Amounts
$1,000 – $50,0002
Credit Score
600+
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 many 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, bad
- Soft credit pull to check rates: Yes
- Deposit time: As fast as one business day
- Origination fee: 0% – 8%
- Late fee: $15 or 5% of payment
- Repayment 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 directly 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 still shop around and take note of personal loan rates and terms. You may find that outside lenders offer lower rates and more flexible repayment terms than the dealer.
Pros & cons of dealer financing
Pros
- You have the added convenience of doing everything in one place.
- You may be able to take advantage of special financing offers, like 0% APR for a promotional period.
- Financing is typically available for the cost of the scooter or moped, no need to worry about loan amount minimums.
Cons
- Interest rates may not be the lowest available, especially for borrowers with good credit.
- You’ll likely 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.
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 great purchase. But if you need transportation for long commutes that don’t accommodate low-speed vehicles like scooters, a motorcycle may be a better fit.
>> Read more: Motorcycle Loans: Best Rates & Lenders
Today’s drivers can choose between electric scooters and gas scooters, and there are pros and cons to each.
The electric scooter is more environmentally friendly and a great option for zooming around town. If, however, you want to take long excursions, a gas scooter may be the more reliable option.
Also factor in engine size. You can make short trips around town with a small, 50cc engine. Longer trips or those over tougher terrain, like hills, may require a larger engine.
Laws governing moped or scooter use vary from state to state, and that includes whether or not you can leave the lot without a specialized license.
Before you make your purchase, check your local laws. In some cases, you may need to have your license, insurance, and other required documentation before you can scoot off the lot.
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 right repayment term for your needs.
Find a monthly payment that fits comfortably into your budget and a repayment term that lets you pay off a loan quickly enough to avoid paying an exorbitant amount in interest.
The final question you need to ask before you make your purchase 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
| Lender | Loan Amounts | Minimum Credit Score |
| LightStream | $5,000 – $100,000 | 660 |
| Upgrade | $1,000 – $35,000 | 620 |
| Upstart | $1,000 – $50,0002 | 600 |
*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.