It looks like you're using an outdated browser.
For a better experience, we recommend switching to a more modern browser like Google Chrome or Microsoft Edge. Learn more.
Online Banking Login

News & Tips

The Florida Financing Guide to Motorcycle Loans

Unrolling miles of snowless roads and plenty of sunny days make Florida the ideal place for a happy rider. Are you dreaming of cruising along A1A with the beach as your companion, jaunting around town with ease, and sporting your favorite leathers and lid? But pump the brakes, maybe reality sets in that you don’t have quite enough cash to cover the full upfront cost of a bike. Whether you’re looking at buying a new cruiser from a local dealership or a used sportbike from a private seller, this guide will cover where you can get a motorcycle, motorcycle loan requirements, and how to finance a motorcycle.

Where can I get a motorcycle loan?

One thing’s for sure—you’ve got plenty of options! Here are some places you can get a motorcycle loan:

  • Banks or credit unions: With a pre-approval from your bank or credit union, you’ll have a much better idea of how much bike you can afford. Plus, institutions like these usually offer a wide range of repayment terms. Psst, here’s a little-known secret: you’ll often find that credit unions like Space Coast Credit Union (SCCU) offer lower interest rates than banks.
  • Online lenders: This can be an ideal option if you’re buying a motorcycle from a private owner. Online lenders may not use your motorcycle as collateral, which means they’ll likely require higher credit scores and have other strict qualifications. 
  • Dealerships: Dealerships offer some convenience, as they can sort out the financing paperwork for you, and this may grant you some additional peace of mind knowing that you’re purchasing from a reputable source. But keep in mind that all of this may come at a price, as dedicated powersport dealers often pass certain costs on to consumers in the form of freight fees and setup fees, in addition to the standard tax, tag, and title fee that you may be familiar with.
  • Manufacturers: Some motorcycle manufacturers offer financing for their product directly to consumers, and often times you can find favorable terms due to special promotions or yearly sales. The downside? The terms of these loans are often much more restrictive and outside of those promotional periods, and the rates may be higher than a loan from a financial institution.

Motorcycle Loans vs. Personal Loans 

You may be wondering: Is it better to get a personal loan or a motorcycle loan? Let’s take a look at their similarities and differences:  

  • Unsecured vs. Secured: Unsecured loans wouldn’t use your motorcycle as collateral, so you can typically expect higher interest rates and higher credit score requirements from the get-go. On the other hand, secured loans would use your motorcycle as collateral, which reduces the risk to the lender and can lead to lower rates and a higher tolerance to variable credit scores. Most personal loans are unsecured and motorcycle loans are secured, but that’s not always the case.
  • Interest Rates: The starting interest rates will often be lower for secured motorcycle loans than they would be with unsecured personal loans. 
  • New or Used Requirements: With a personal loan, you’ll get a lump sum of money that you can use however you’d like, which gives you the flexibility to choose your bike from a dealership or a private seller. Plus, you can pay cash at the time of purchase and own the motorcycle outright. Whereas with a traditional motorcycle loan, the lender may have minimum/maximum loan amounts, mileage requirements, and restrictions for what type of bike you can buy based on its age and seller.  
  • Engine Size: You’ll most likely need to look into a personal loan for two-wheelers that have engines smaller than 50cc’s, as they won’t always qualify for a traditional motorcycle loan. 
  • Minimum Loan Amounts: As mentioned above, some motorcycle loans specify a minimum loan amount, such as $2,500, whereas you may be able to get a personal loan for as low as $1,000. So, if you need a small loan, perhaps for a used motorcycle, then a personal loan may be the best option.

You may have a better chance at saving more money with a secured motorcycle loan because you’d likely get a lower interest rate and would be paying back less interest over the life of the loan. 

What is a good interest rate on a motorcycle loan?

Motorcycle loan interest rates vary by lender, term, loan amount, and the model’s year. And keep in mind that interest rates change regularly. Your credit score, debt-to-income ratio, and job income stability also play a role in what interest rate you receive. 

In addition, a motorcycle loan’s interest rate only accounts for the cost of borrowing the principal loan amount, but an APR (annual percentage rate) is the annual cost of borrowing money with fees included. Be sure to compare APRs from different lenders.

Alternative Vehicle Rates

Effective Date: May 01, 2024
Apply Now
Type Payment Period APR* "As Low As" Payment per $1,000
Motorcycles and Scooters 2021-2025 36 Months
Term determined by loan amount
6.49% $30.64
Motorcycles and Scooters 2018-2020 36 Months
Term determined by loan amount
6.99% $30.87
Motorcycles and Scooters 2017 & Older 48 Months
Term determined by loan amount
11.25% $25.97

Rates shown are fixed Annual Percentage Rates and subject to change. Your actual rate and terms are affected by your creditworthiness, term selected, vehicle type, and model year. Certain restrictions apply. You may be asked to furnish a down payment. Florida loans are subject to Documentary Stamp Tax. The tax amount is not included in the quoted APR.

Scooters: Engine size of 50cc’s or greater will be treated as a motorcycle loan. Anything less than 50cc’s will be considered a signature loan.

Motorcycle Loan Requirements

You may be wondering if motorcycle loans are hard to get. It depends on the lender’s motorcycle loan requirements. Let’s take a look at the main ones:

Credit score: Lenders will look at credit scores in determining the interest rate and loan-to-value ratio (more on this later). In most cases, the higher your credit score, the lower your rate. The three main credit bureaus, Experian, TransUnion, and Equifax, take information from creditors for your credit reports.

Lenders may use their own credit scoring models, but they often use FICO® Scores in their consideration. Here are the ranges:

  • Exceptional: 800-850
  • Very Good: 740-799
  • Good: 670-739
  • Fair: 580-669
  • Poor: 300-579

At SCCU, you can check your FICO® Score at no extra cost in your Online or Mobile Banking account.

Debt-to-Income (DTI) Ratio: Lenders look at your debt-to-income ratio to help them get an idea of how risky it would be to issue you a loan. Most lenders want to see a DTI ratio that is 36% or less. Some lenders will approve a DTI ratio between 37-49%, but the rate and term may not be as good. 

To calculate your debt-to-income ratio, add up your monthly debt payments (rent/mortgage and loans) and divide it by your monthly gross income. For example, $2000 in debts/$6000 gross monthly income = 33% DTI. Feel free to use this debt-to-income calculator

Loan-to-Value (LTV) Ratio: The loan-to-value ratio is where lenders compare the loan amount to the value of the asset, in this case a motorcycle—an assessment of risk for financing. 

For example, if the motorcycle’s value is $6,000, the down payment is $1,200, and you need a loan for $4,800, then the LTV is 80% ($4,800/$6,000). 

Some lenders may not finance 100% on older motorcycles because of depreciation, but lenders may finance up to 120% on newer models.  

Down payment: Minimum down payments will vary by lender. The more money you put down for your motorcycle loan, the more likely you’ll have smaller monthly payments (depending on the term) and save on interest for the life of the loan. 

Types of Motorcycles: Which is best for you?

To a novice, a motorcycle may just seem like any two-wheeled vehicle. But they actually come in highly specialized categories, like cars do, fit for different lifestyles and intentions. Based on what you want to get out of your riding experience, the type of motorcycle you pick may be more important than you think. Let’s take a look at the best types of motorcycles by purpose: 

Cruising/Touring: One of the most popular riding segments worldwide, the cruising and touring category is composed of a few different types of bikes all characterized by some common features. An upright riding position, with a forward or mid-mounted peg position, a generally low seat height, and sloped back handlebars afford the rider a lot of ergonomic comfort for long journeys, and can be very approachable to beginners. 

Popular cruisers and tourers range in size, from the smallest standard motorcycles up to the largest cross-country tourers, which can weigh up to 800 pounds and contain as many features as some compact cars! As the name implies, if you’re looking to cruise down long stretches of highway with a partner on the back seat, and want ample storage space and comfort, then this segment of motorcycles is likely going to be where you gravitate towards.

Sport/Track: This segment was born from homologation (official certification process for racetrack approval), as manufacturers muscled for the top of the podium and developed finely tuned racing machines to participate in competitions all around the world. To many, this segment is the quintessential “motorcycle.” 

Sportbikes share some common features that distinguish them from their cousins, such as high-revving, more compact engines, lighter curb weights, much higher seat heights, and an aggressive seating position with rear-mounted pegs and low-down handlebars. All of these adaptations make sportbikes more nimble and most importantly, faster, than any other segment of bike. 

Despite seeming a bit intimidating, many riders’ first time in the saddle is on a sportbike, and manufacturers have created smaller displacement versions of their trophy-winning track bikes to help novices get their footing. So if you have a need for speed, you’ll find plenty of options in this category.

Adventure/Off-Road: The newly rising star pupil of the motorcycle segments, off-road bikes have been around for a very long time. Dating all the way back to the early 1910s, when chop shops would modify street bikes into what were known as “scramblers” by removing fenders, welding on skid plates, raising exhausts and popping on knobby tires. Interestingly enough, scramblers are still a category of off-road motorcycle that you can buy today, and many of them remain true to the “modified cruiser” aesthetics of the originals. 

But the segment has diversified from there, now including dirt bikes (fully off-road focused, not street legal), dual-sports (dirt bikes modified to be street legal by including lights, turn signals, and other amenities), and adventure bikes (also known as ADVs, which combine the comfort and utility of a touring bike with some of the capability of an off-road bike.) 

Because of their wide range of uses, and the general trend towards outdoorsiness, the segment has exploded in recent years, and every major manufacturer now has at least one scrambler, dirt bike, dual-sport, or ADV for you to choose from. So if the muddy backroads or rocky outcroppings are calling your name, this is your perfect ride.

How to Finance a Motorcycle

Let’s take a look at the motorcycle financing process step by step:

Step 1: Check your credit score. 

You’ll have a much better chance of getting a good interest rate with a credit score of 700 or higher (even better at 740+). Lenders may also approve you for higher loan amounts, and you’ll have more motorcycle options. If you need to improve your credit, the suggestions in this article can help.   

Step 2: Consider your budget for a motorcycle loan. 

Before you have your heart set on buying a particular ride, try to work out what you can comfortably afford for your monthly loan payment. Most motorcycle loan repayment terms are anywhere from two to seven years, and while longer repayment terms mean a lower monthly payment, it also means paying more interest over the life of the loan. 

Don’t forget about including additional accessories like your gear (jacket, helmet, boots), registration, taxes, fees, maintenance plans, and warranties in the total overall price. Plus, you’ll need to consider the cost of motorcycle insurance, which can vary depending on the type of bike you buy and your driving record.

Step 3: Compare motorcycle loan lenders. 

As you check out credit unions, banks, dealerships, manufacturers, and online lenders for financing for the lowest rate, be sure to look at their APRs for a more apples-to-apples comparison. Also, check out their application fees, pre-payment penalties, repayment terms, borrower requirements, and any other special features. Not to worry, according to credit bureaus, applying for financing through multiple lenders within a two-week timeframe should only count as one hard hit to your credit score.

Step 4: Get a motorcycle loan pre-approval. 

Once you’ve decided on your top choices, you can apply for a pre-approval. Learn more about a pre-qualification vs. a pre-approval here. The application will request information about your identity, finances, and prospective motorcycle. With a pre-approval, you’ll have a better idea of the loan amount you’ll qualify for and what your monthly payment would be at different terms. 

Step 5: Shop around for your motorcycle. 

Now’s the fun part! If you haven’t already, subscribe to promotional emails with local dealerships, manufacturers, and motorcycle sites to see if they’re offering any special sales. Browse online private listing sites to see what’s on the market in local areas, and do some research into specific safety features, reliability statistics, and maintenance intervals. You can also learn a lot about your chosen model of bike by visiting discussion forums online and reading about other riders’ experiences. 

Before buying a bike, check it out in person and make sure that it’s appropriate for your skillset and your height. As long as you have a motorcycle endorsement and the dealership or private owner allows you to, take it for a spin to get a feel for: 

  • how quickly the engine turns over
  • how comfortably you can reach the handlebars
  • how the brakes operate
  • how the bike is shifting
  • how the engine sounds 

See more tips on financing other recreational vehicles here.

Motorcycle Loan Calculator

Would you like to estimate your monthly loan payment? Our custom-made motorcycle loan calculator connects to SCCU’s motorcycle rates in real time and will help you determine what you’ll need to pay every month for your loan based on the loan amount, loan term, and your credit score. 

Tips for Buying a Motorcycle in Florida

Here are some other things to consider when buying a motorcycle:

  • Seek out deals during certain times of the year: With most states, the best time to buy a motorcycle is during the winter months, even in places that lack true winter weather like Florida, as you may get a good deal on outgoing older models before manufacturers introduce newer ones in the springtime. Motorcycle dealerships may also have seasonal sales around Memorial Day or Labor Day. Ask friends, family members, and colleagues for references, and always read reviews about online sellers/dealerships to ensure they’re legitimate. 
  • Do your research with used motorcycles: For used motorcycles, especially if you’re buying from a private owner, always bring someone knowledgeable to perform a safety inspection, or learn how to do one yourself before you take a test ride or commit to the purchase. Also be sure to find comparable models so that you can better determine if it’s a good price for what you’re buying. It’s helpful to read reviews and to research makes/models so you can get a sense if it’ll suit your lifestyle and if you’ll need to anticipate any maintenance down the road. Be sure to get a VIN check for its history and to ensure that it has a clean title as well.  
  • Remember, safety first: Keep in mind that Florida law requires riders to wear protective eyewear. Also, the law dictates that riders under 21 must wear a helmet, and riders 21 and older will need a minimum of $10,000 in medical benefits protection if they choose not to wear a helmet (helmets also reduce your risk of head injury by 69% and death by 42%). 
  • Look into licensing requirements: In Florida, you’ll need a motorcycle endorsement to drive a motorcycle. First, you’ll need to take an MSF course, and upon passing the course, they’ll submit the results electronically to the DMV, where you’ll need to bring proper ID and pay a fee to get your endorsement. Find the course nearest you here. Some insurance companies will also give you a discount for taking certain courses and for installing anti-theft devices or having anti-lock brakes. 

Best Place to Apply for a Motorcycle Loan

With Space Coast Credit Union’s motorcycle loans, you’ll find low interest rates and flexible terms. Plus, we offer terms up to 72 months, fast approval decisions, no pre-payment penalties, SCCU member service for the life of the loan, and simple electronic closing. You may even have the option of no payments for up to 90 days. You’ll be revving up fun in no time! If you have any questions, feel free to fill out this form or get in touch with us here

 

Definitive Guide to Student Credit Cards
May 28, 2024 By Space Coast Credit Union
High school students can practice financial responsibility through a student credit card!
How to Open a CD in Florida with Space Coast Credit Union
April 26, 2024 By Space Coast Credit Union
See all the steps to open a CD in Florida with Space Coast Credit Union.
Does Paying Off Loans Early Hurt Your Credit?
April 5, 2024 By Space Coast Credit Union
Are you worried about what will happen to your credit score if you pay a loan off early? Learn more here.
Honestly Free Business Checking
March 22, 2024 By SCCU's Business Services
Owning and operating a business is a lot of work, and every penny adds up to the bottom line. You should be able to trust your financial institution to be a partner in your success.
Why Visa Signature is the Best Points Credit Card (With No Annual Fee!)
February 23, 2024 By Space Coast Credit Union
Looking to get a credit card? Here are numerous reasons why Visa Signature is the best points-based credit card (with no annual fee!).
Down Payments: How Much is Enough?
February 12, 2024 By Space Coast Credit Union
Making a down payment is an investment and, as with any investment, it's important to weigh the pros and cons.
How Do Credit Card Balance Transfers Help Slash Debt?
January 22, 2024 By Space Coast Credit Union
Learn more about what a balance transfer is and how it can help you cut down on debt and save more money.
Things to Know About Tax Returns and Identity Theft
January 9, 2024 By Space Coast Credit Union
With tax season in full swing, the risk for tax-related identity theft becomes an increasing threat.
Secured Credit Cards vs. Secured Loans
December 15, 2023 By Space Coast Credit Union
Secured lending refers to loans requiring collateral for loan approval. Types of collateral loans include secured credit cards & loans secured by bank accounts.
Why December is the Best Time to Buy a Car
December 1, 2023 By Space Coast Credit Union
In fact, it's one of the best times. Here's why.
How Much House Can I Afford?
October 24, 2023 By Space Coast Credit Union
It's a question we get asked frequently, and there are many factors that go into answering it...
When and Why Should You Freeze Your Credit?
September 27, 2023 By Space Coast Credit Union
As time and technology evolve, so will fraudsters' tactics to take advantage of the vulnerable.
10 Easy Ways to Save Money in College
August 31, 2023 By Space Coast Credit Union
Here are 10 ways to save money while in college, allowing you to spend less time staring at an empty bank account and more time living the fun college life.
Alternative Ways to Save for Retirement Beyond 401(k)s
August 18, 2023 By Space Coast Credit Union
Perhaps your employer doesn’t offer a 401(k) or you’re self-employed. See some of the best alternative ways to save for retirement.
How Many Credit Cards Should I Have?
July 27, 2023 By Members' Watchdog
You might receive offers in the mail or at stores to apply for a credit card. But you might be concerned that having too many credit cards may negatively impact your credit.
Personal Loan vs. Auto Loan: Which is Right for You?
June 29, 2023 By Members' Watchdog
While generally an auto loan makes more financial sense, your situation may call for a personal loan. In this article, we’ll cover the pros and cons of each type of loan to help you decide.
How to Choose the Best Student Checking Account for Teens
June 2, 2023 By Members' Watchdog
We break down how to find the best student checking account for teens in just five steps. See them here!
What is Auto Loan GAP Insurance?
May 17, 2023 By Space Coast Credit Union
Find out what auto loan GAP insurance is, along with when and why it can be a real life saver.
5 Tips for Safeguarding Your Personal Info
May 12, 2023 By Space Coast Credit Union
SCCU’s Member’s Watchdog is a symbol of our commitment to protect our members and their financial interests. 
Types of Home Loans at SCCU for Homebuyers
April 24, 2023 By Space Coast Credit Union
Learn the differences between fixed-rate, ARM and other mortgages in our guide to mortgage loans. Find out how to choose the lender that's right for you.
The Florida Financing Guide to Motorcycle Loans
April 10, 2023 By Space Coast Credit Union
Whether you’re looking at buying a new or used motorcycle, this guide will cover all you need to know about financing one in Florida.
How to Brand Your Small Business in 10 Steps
March 17, 2023 By Space Coast Credit Union
Every small business has to start somewhere with their branding though, right? We’ll cover how to brand your business step by step in this article.
Money Market Accounts: Everything You Need to Know
March 10, 2023 By Members' Watchdog
Money market accounts offer a plethora of savings benefits. Explore them all here.
Home Improvement Tips and Strategies
February 17, 2023 By Space Coast Credit Union
Ready to remodel? Here are three important home improvement tips.
How CD Laddering Works and Benefits of this Savings Strategy
February 13, 2023 By Space Coast Credit Union
Laddering CDs involves opening multiple CDs with staggered maturities. Let’s break down CD ladders so you can divide and conquer! 
Debit Card vs. Credit Card: Which One is Better?
February 3, 2023 By Space Coast Credit Union
We’ll go over the advantages and disadvantages of debit cards vs. credit cards. Plus, we’ll answer when’s the best time to use each card.
Car Loan Pre-Qualification vs. Pre-Approval: What is the Difference?
January 27, 2023 By Space Coast Credit Union
You may like to get a good sense of what you can afford, and financial institutions can help with that—by either pre-approving or pre-qualifying you for a certain dollar amount for the car loan.
10 Steps to Buying a House for the First Time in Florida
January 13, 2023 By Space Coast Credit Union
In this step-by-step guide, we'll take the mystery out of the process of buying a house for the first time in Florida.  
How to Make a Budget
December 28, 2022 By Space Coast Credit Union
In this article, we’ll break down how to make a budget for beginners and how to stick to a budget once you’ve created one.
Certificates of Deposit (CDs): What You Need to Know
December 19, 2022 By Space Coast Credit Union
Certificates of deposit (CDs) are a special type of savings account with a guaranteed rate of return over a certain timeframe so you can give your savings a raise even while you sleep!
10 Tips to Improve Your Financial Wellness
December 9, 2022 By Space Coast Credit Union
We’re sharing our top financial tips, with words of wisdom from SCCU Team Members, to help you improve your overall financial wellness.
Building Credit with a Secured Credit Card
November 25, 2022 By Space Coast Credit Union
When you’re seeking a Visa card and all its conveniences—but facing a roadblock with a lack of credit history—a secured credit card can help.
Money Transfer Apps: 5 Scams to Watch Out For
November 7, 2022 By Space Coast Credit Union
Payment apps come with serious limitations, and since scammers have been wiggling freely through these loopholes, your hard-earned money could be at risk.
Your Complete Guide to SCCU’s Small Business Services
November 4, 2022 By Space Coast Credit Union
If you're unfamiliar with all SCCU can do to support your company's success, use this guide to get to know us!
How to Buy a New Car
October 28, 2022 By Space Coast Credit Union
See our step-by-step guide on how to buy a new car. Plus, we provide some expert tips to help you save while buying your new ride!
Benefits of a Visa Signature® Credit Card at SCCU
October 19, 2022 By Space Coast Credit Union
Visa Signature offers a rewards program, travel perks, low variable rates, security features, and more. We’ll give you the 360-degree view of why this card is worth having in your pocket.
The Ultimate Guide on High-Yield Savings Accounts & Saving Money
October 4, 2022 By Space Coast Credit Union
By regularly depositing your hard-earned money into a high-yield savings account, you could be on a faster path to achieving your dreams.
Florida Credit Unions: Why Choose Space Coast Credit Union (SCCU)?
September 23, 2022 By Space Coast Credit Union
We offer a full financial suite of products and services. Let’s dive into all of them!
How to Consolidate Debt
September 16, 2022 By Space Coast Credit Union
Perhaps unexpected expenses are piling up, and you’re scrambling to figure out how to pay them all. We’ll cover how to consolidate debt in this article, which could be a light at the end of the tunnel for you. 
Why Visa Platinum is the Best Cash Back Credit Card
September 9, 2022 By Space Coast Credit Union
Who doesn’t love earning money while spending money? Space Coast Credit Union’s (SCCU)’s Visa® Platinum—the star of the best cash back credit cards—gives you the power to do just that.
How a Good Credit Score Can Impact Purchasing Power
August 26, 2022 By Space Coast Credit Union
You’re probably well aware of what a credit score is, but what exactly determines your overall credit, and how does it benefit you?
Money Market vs. CD: Which is Better?
August 19, 2022 By Space Coast Credit Union
Both CDs and money market accounts offer low-risk ways to earn more interest on your savings. Find out which one's for you here.
How Can a Business Advisor Help Me?
August 11, 2022 By Space Coast Credit Union
Business advisors are resources that not only can help business owners overcome hurdles, but can also help them get on a better path to achieving their goals. 
Reduce the Stress of Home Buying with a Mortgage Loan Calculator
August 4, 2022 By Space Coast Credit Union
Whether you’re considering buying your first home or thinking of refinancing your current mortgage, a mortgage loan calculator or refinancing calculator can help.
The Essential Guide to Car Loans: Everything You Need to Know
July 28, 2022 By Space Coast Credit Union
This is the ultimate guide to auto financing to help you get the best car loan at the best rate. Plus, we sprinkle in helpful tips about refinancing, GAP insurance, and more.
Comparing the Differences: Visa Platinum vs. Visa Signature
July 21, 2022 By Space Coast Credit Union
With everything from rates to perks, you may find yourself on the fence as you're making your decision between Visa® Platinum or Visa Signature®. This article provides a comparison between the two to help you decide.
Hurricane Preparation Checklist
July 13, 2022 By Space Coast Credit Union
It's always a good idea to prepare for a hurricane before it's even on the radar. Here's a checklist to help you get started.
Buying a House with Little to No Money Down in Florida
July 6, 2022 By Space Coast Credit Union
If you’re wondering if you can buy a house with no money down, the good news is that yes, as long as you meet the qualifications, you can! This article covers no- or low-money-down home loan options.
What is the Difference Between an IRA and a 401(k)?
June 29, 2022 By Space Coast Credit Union
Not sure if it's better to get an IRA or a 401(k)? Learn more about their differences here and how they can help you save for retirement.
How to Switch to a Free Checking Account in 5 Steps
June 22, 2022 By Space Coast Credit Union
From depositing checks to paying bills, your checking account should work FOR you and not against you with unnecessary extra monthly fees. See why it's worth switching to a Free Checking account at SCCU.
How Soon Can You Refinance a Car Loan?
June 9, 2022 By Space Coast Credit Union
If you’re unhappy with your current auto loan, you’re probably wondering how soon you can refinance to get a better deal.
Adjustable-Rate Mortgages: How They Work (+Pros and Cons)
May 20, 2022 By Space Coast Credit Union
Adjustable-rate mortgages (ARMs) typically offer low rates in the beginning of the loan term. Not sure if an ARM is right for you? This article will demystify an adjustable-rate mortgage and cover its pros and cons to help you decide.    
Florida Guide to Financing an RV for Less
May 9, 2022 By Space Coast Credit Union
If you’re ready to make a used or new purchase for RVs, motorcycles, or boats, then you’re in the right place to learn more about getting the financing you need for your fun. 
Construction Loans in Florida: Everything You Need to Know
April 22, 2022 By Space Coast Credit Union
This construction loan guide is to help you understand everything you need to know about how construction loans in Florida work and how these unique instruments can benefit you during construction.
Renting vs. Buying a House: Which is Better?
April 12, 2022 By Space Coast Credit Union
With Americans spending more than 37% on average for housing costs, choosing to rent vs. buying a house can be a difficult decision. Here we look at the pros and cons of each to help you decide which path might work best for you.
How Do I Set Up Bookkeeping for My Small Business?
March 28, 2022 By Space Coast Credit Union
Knowing how to properly keep track of the money coming in and out of your accounts can better help you navigate your business accordingly and pivot when necessary.
How Do Auto Loan Pre-Approvals Work?
March 22, 2022 By Space Coast Credit Union
It’s a good idea to explore your financing options before shopping for vehicles to gear you up better for car-buying success, which usually begins with an auto loan pre-approval from a credible lender like SCCU.
The Florida Guide to the Best VA Mortgage Rates
March 15, 2022 By Space Coast Credit Union
If you qualify for a U.S. Department of Veterans Affairs (VA) loan, then this option is likely your best choice for financing your home purchase because of the benefits this type of loan provides. The United States government designed this mortgage program to help active service members, military veterans, and certain surviving spouses purchase a home. 
Hero Home Loans at SCCU | Comparing Your Options Guide
March 4, 2022 By Space Coast Credit Union
In this article, we discuss our Hero Home Loan options in depth, such as their features, requirements, eligibility, and examples of each option in action, to help heroes choose the one that best fits their financial needs.
Unleash the Hidden Benefits of Digital Wallet
February 23, 2022 By Space Coast Credit Union
You’re walking along the beach and begin to feel thirsty. Your heart sinks once you realize your wallet is over a mile away. But then you realize that you have your phone with you, which means you can still access all of your cards through your digital wallet app! Learn more about all of its benefits here.
Which Credit Card Benefits are Better: Cash Back or Points?
February 15, 2022 By Space Coast Credit Union
Credit cards offer several benefits from covering emergencies to earning rewards. But with so many card options available (and vying for your attention) with cash back or points, it can be overwhelming to choose a rewards program that’s best for you. In this article, we’ll discuss the pros and cons of each type to help you score rewards in no time! 
How to Get a Conventional Mortgage: A Guide Through the Loan Process
February 7, 2022 By Space Coast Credit Union
This post will guide you through the process of getting a conventional home loan, from its options to its requirements. 
A Beginner’s Guide to Free Checking (What It Is & Why You Need It)
January 28, 2022 By Space Coast Credit Union
Checking accounts are like a Grand Central Station for your money—flowing in and out with deposits and withdrawals. Many banks and credit unions offer free checking accounts, but what exactly is a free checking account and why should you get one?
The Full List of Florida FHA Loan Requirements: Important FHA Guidelines for Borrowers
January 24, 2022 By Space Coast Credit Union
FHA loans offer a more accessible avenue to homeownership for many people thanks to its low down payment and credit score requirements. Not sure if you meet the qualifications, or if it’s a good fit for you?
60-month vs 72-month Auto Loan Comparison (+ the Pros and Cons of Each)
January 14, 2022 By Space Coast Credit Union
If you feel like you’ve come to a fork in the road while deciding between a 60- or 72-month auto loan, you’ve come to the right place. We're covering the pros and cons of both in this post to help you make a final decision.
The Beginner's Guide to a Good Credit Score (& How to Get One)
January 7, 2022 By Space Coast Credit Union
When you want to borrow money—perhaps for a mortgage or a car loan—or to get approved for a credit card, lenders typically require a decent credit score. But, what is a good credit score, and how can you make sure you have one?
The 11 Most Popular Fraud Scams
December 31, 2021 By Space Coast Credit Union
There are many types of fraud out there, but there are also measures you can take to protect yourself against them.
No Closing Costs Mortgages vs. Other Home Loan Options
December 29, 2021 By Space Coast Credit Union
If you’ve been thinking about applying for a home loan or refinancing, but you’re unsure you can afford closing costs and a down payment, a no closing costs mortgage may be right for you.
Visa® Platinum Benefits: A Guide to Receiving Credit Card Rewards
December 21, 2021 By Space Coast Credit Union
Today, strategically selecting whether or not to use a credit card and which one to use can be part of savvy financial management. We're taking a look at why the Visa® Platinum credit card at SCCU may be the one for you.
10 Creative Ways to Save Money
December 10, 2021 By Space Coast Credit Union
Saving money can be challenging. But after the holiday season, it’s often a top New Year’s resolution. From joining special savings accounts to making some daily item switches, we’ve rounded up 10 ways that could save you thousands of dollars a year! 
We ReMember—70 Years of Member Service
December 7, 2021 By Space Coast Credit Union
This past year, we commemorated our 70th anniversary with a focus on kindness, giving away over $30,000 to our members and communities throughout our service area along Florida's east coast.
Is it Hard to Get a Construction Loan? Your Questions Answered
December 1, 2021 By Space Coast Credit Union
You may have lots of questions when it comes to getting a construction loan, and we’d like to help lessen your stress. With some knowledge under your belt, you’ll be well on your way to breaking ground.
Is it a Good Idea to Refinance Your Car Loan?
November 18, 2021 By Space Coast Credit Union
In many cases, people save more money in the long run after refinancing and end up with a better monthly auto loan payment. However, many other factors play a part in determining if it’s a good idea to refinance your car loan.
Holiday Shopping with Credit Cards Do’s and Don’ts
November 12, 2021 By Space Coast Credit Union
Here are our top do’s and don’ts to keep in mind while holiday shopping with credit cards. 
30-year Fixed-rate vs. 15-year Fixed-rate (+ How to Decide Between the Two)
November 4, 2021 By Space Coast Credit Union
Today in the ring: 30-year fixed-rate mortgage vs. 15-year fixed-rate mortgage. In this article, we’re going to cover the pros and cons of each mortgage term to help you make a more informed decision. And along the way, we’ll provide some helpful tips to keep in mind.
Tips for Applying for a Used Car Loan
October 26, 2021 By Space Coast Credit Union
Once you’ve decided to purchase a used car, here are seven steps you can take to streamline the process and help you get the best deal.
How to Protect Your Digital Home
October 19, 2021 By Space Coast Credit Union
It’s a haunting notion to think about the chilling consequences of identity theft, yet with the holidays around the corner, it’s important to protect your digital home. With the spikes in online shopping and email activity this time of year, scammers make more attempts to capture financial information. But with a dash of caution and a sprinkle of reviewing settings, you can fortify your defenses against cybersecurity threats.
HELOC Loan vs. Cash-Out Refinancing: Everything You Need to Know
October 12, 2021 By Space Coast Credit Union
Whether you’re looking to transform your home renovation dreams into reality, plant seeds for investments, or cover unforeseen expenses, you have a variety of options when it comes to how you can tap into your wellspring of home equity. But which option is best for you? In this article, we’ll explore the pros and cons of HELOC loans vs cash-out refinancing.
The Florida Financing Guide to New and Used Boat Loans
October 5, 2021 By Space Coast Credit Union
If you dream of enjoying the Florida waterways in a sailboat, powerboat, motorboat, cabin cruiser, or other boat type of choice, here’s what you should know about financing and the boat loan process. Fortunately, the purchase process is easier than you might think. We’ll take you through the entire process to help you find the best boat loan for you. 
What are Secured Credit Cards?
September 28, 2021 By Space Coast Credit Union
Maybe you’ve run into the following paradox: How do I get a credit card with less-than-perfect credit (or no credit) if I need a credit card to build my credit? You’re in luck because secured credit cards break this cycle!
7 Savvy Skills Teens Gain from a Student Checking Account
September 21, 2021 By Carmen Tapanes
While teens can watch hundreds of videos on the Internet about finances, experience is often the best teacher when it comes to managing money. But it can feel overwhelming for them to know where to start learning the fiscal ropes. Opening a checking account gives them a learner’s permit to handling financial matters with the peace of mind of having an adult as the co-owner. 
How to Choose the Best Free Checking Account
September 14, 2021 By Space Coast Credit Union
When searching for the right checking account, most people would prefer one that’s “free” — and rightly so. But it can be hard to know what exactly “free” means today when we know that fees and terms are often the name of the game. The reality is that financial institutions will define "free" in different ways.
How to Refinance a Car (+ When to Do It)
September 2, 2021 By Space Coast Credit Union
Refinancing a car involves replacing the current loan on your vehicle with a new loan that typically has more agreeable terms. This can take place with your current lender or with a different one. To help you navigate this process, we’re sharing the pros and cons of refinancing a vehicle, the steps involved in refinancing, and when it makes sense to do so.
The Ultimate Guide to FHA Loans
August 27, 2021 By Space Coast Credit Union
Home loans are the key to turning a house you love into a home that belongs to you. As you’re exploring your options, you may stumble across FHA loans and wonder what they entail and if one’s right for you. FHA loans have many different benefits and are targeted at helping both new home buyers achieve the dream of home ownership and those looking to refinance. 
Hummingbird Pantry Wins $5,000 in “Small Business. Big Love. Contest"
August 20, 2021 By SCCU's Business Services
Space Coast Credit Union (SCCU) is pleased to announce the winner of its “Small Business. Big Love. Contest" and the grand prize of $5,000. Hummingbird Pantry, a non-profit organization and SCCU member since 2017, won the contest with more than 11% of the votes cast.
Is it Better to Buy a New or Used Car?
August 20, 2021 By Jodie Kinley-Smith & Duane Daski
We’re in a strange economic time right now with many dealers having an extreme shortage of inventory due to a chip shortage. Chips, or semiconductors, play an essential role in managing vehicles’ safety devices, engine functions, and more. Because of the pandemic, U.S. automakers had to close factories to slow the spread of the virus and cancelled chip orders, expecting fewer people to buy. 
How Mortgage Refinancing Works (+The Best Time to Do It)
August 12, 2021 By Space Coast Credit Union
Refinancing your mortgage can help you save money with a lower interest rate and get you to the home ownership finish line faster than your current one. Or, it could be a good way for you to cash out on some of your home’s equity for other projects. To determine if it’s the right path for your goals, it’s best to understand how mortgage refinancing works more in depth.
What are Common Car Loan Terms?
August 5, 2021 By Space Coast Credit Union
Do you feel like your brain’s dissolving into Jell-O as you’re exploring car loan repayment periods? It can feel overwhelming as you’re weighing the pros and cons between short-term and long-term loans. Common car loan terms usually range between 24 and 84 months—but which one is right for you?
5 Top Tips to Getting the Best HELOC Rates
July 29, 2021 By Space Coast Credit Union
Whether you’re getting your feet wet or diving in the world of loans, a HELOC is often a prime choice for borrowers. And the crown molding on top? You can often get a lower interest rate with a HELOC than with other types of loans and credit cards! See our 5 top tips to getting the best HELOC rates...
Choosing the Best Credit Card to Fit Your Needs (+ Where to Get It)
July 23, 2021 By Space Coast Credit Union
Credit cards can be an excellent tool for building credit when you’re financing purchases both big and small. Most credit cards today deliver some form of benefit with membership—accumulating points, cash back, airline miles, or other deals, consumers have a wealth of choices.
How to Prevent Identity Theft While Traveling
July 15, 2021 By Space Coast Credit Union
Traveling involves a lot of planning to have a memorable time with loved ones. The last thing you want is a fraudster ruining your vacation. These tips will help you prevent identity theft before, during, and after your vacation.
How Does a Home Equity Line of Credit Work? A Guide to HELOC Loans
July 9, 2021 By Space Coast Credit Union
Most people have heard of a Home Equity Line of Credit (HELOC), but you may not be as familiar with how they work. In today’s deep dive, we’re going to explore all the ins and outs of this fantastic loan vehicle for homeowners to get the cash they need to do repairs, renovations, and more—all based on the equity they already have in their home.
FHA Loans: What to Know Before You Apply
July 7, 2021 By Space Coast Credit Union
It’s not always easy to save up for the large down payments that some types of mortgages require. The good news? There are other loan options that can help you reach your homeownership goals.
How to Make Your Loan Payment
April 1, 2021 By Space Coast Credit Union
SCCU’s loan payment process is designed to be as quick and convenient as possible, saving you two of the things you care about most – time and money.
Five Tips to Building Your Dream Home
April 1, 2021 By Space Coast Credit Union
Here are 5 tips to building your dream home, from creating a prioritized list of wants and needs to choosing the best lender for your home construction loan.
Financial Peace: Pay Your Dues & Your Debts + Restore Hope in 5 Simple Steps
February 3, 2021 By Space Coast Credit Union
Discover how to obtain financial peace in 5 simple steps. Learn how to pay off your debts the right way and educate yourself on how to live financially free.
The Definitive Guide to Achieving Financial Freedom
January 29, 2021 By Space Coast Credit Union
This guide offers steps that you can put into practice immediately as you work towards financial freedom.
6 Things to Consider when Starting a New Business
August 26, 2020 By SCCU's Business Services
At SCCU, our Business Advisors meet with small business owners daily, as a free service offered to our business members. We’ve found that these six steps help business owners think through some of the important considerations when starting a new business- allay their fear of the unknown and growing their confidence.
7 Steps to Hire Employees while Reducing Risk
August 26, 2020 By SCCU's Business Services
These practices will not only reduce your risks and stress but save you time and money in the future. Here are seven steps to hiring, while reducing your business’s risk.
Branch Out with SCCU's Digital Banking
August 3, 2020 By Greg DeRoy
SCCU has several convenient services that can help you save time and keep you up-to-date on your accounts while on the go and from the comfort of home.
5 Tips for Buying a House During the Pandemic
June 30, 2020 By Space Coast Credit Union
Although you should move forward carefully in the homebuying journey, you do not have to put your dream home on hold.
SCCU’s Five-Minute Guide to Buying a Boat
March 12, 2020 By Gary Prager
Summer is here and there’s no better time to enjoy Florida’s great outdoors.
A Message from the President
January 29, 2020 By Timothy M. Antonition
As we enter a new year, I want to say thank you to our loyal membership and wish you all a prosperous year ahead.
Learn More About Our New Online Banking
August 14, 2019 By Space Coast Credit Union
Space Coast Credit Union is proud to announce an updated online and mobile banking experience with additional features is now available! Our new website, online banking, and mobile app feature a modernized layout, improved navigation, and upgraded design to improve your SCCU banking experience.
A Message From the President
January 3, 2019 By Timothy M. Antonition
As we start another year, I wanted to share with you my insights on what we accomplished as a team in 2018.
Protect Yourself from Identity Theft This Holiday Season
December 17, 2018 By Space Coast Credit Union
Here’s what you need to know to stay safe from identity theft this holiday season. 
Protect Yourself From the Grandparents Scam
September 7, 2018 By Space Coast Credit Union
While elder abuse often is targeted in the form of financial mistreatment, there are many other forms to be aware of.
How to Protect Your Smartphone
August 2, 2018 By Space Coast Credit Union
In this day and age, our smartphones play an integral part in our daily lives.
Beware of Overpayment Scams
May 2, 2018 By Space Coast Credit Union
Overpayment scams pose a threat to online shoppers and those who frequently do business online.
How to Manage and Protect Your Passwords
May 2, 2018 By Space Coast Credit Union
Consumers are more aware than ever about the risk of data breaches, but weak passwords are still prevalent. World Password Day, celebrated the first Thursday in May, was established to promote good password habits.
Roaming Mantis Malware Making Attacks on Android Devices
May 2, 2018 By Nicole Williams
Never install applications outside of the Google Play store.
The 5 Most Common Phishing Attacks
May 2, 2018 By Space Coast Credit Union
Phishing attacks rank among the most complex out there. 
How to Prevent Wire Fraud
April 5, 2018 By Space Coast Credit Union
Wire frauds are similar to mail frauds except that they occur strictly through communications transmitted by wire.
Mobile Deposit Fraud Issues
April 5, 2018 By Kim Lynn
SCCU’s  Loss Prevention department works hard to reduce membership losses and protect  members from fraud.
Stay Alert for Imposters
April 5, 2018 By Space Coast Credit Union
Usernames and passwords are among the most sought after pieces of information impersonators look for.
Mortgage Rates are Rising, is it Better to Buy or Wait?
April 5, 2018 By Gary Prager
If you’ve been on the fence, now might be the time to act.
SCCU’s Five-Minute Guide to Buying an RV
May 11, 2017 By Space Coast Credit Union
There’s a lot to know before you set foot on a lot. The more you research now, the better things will go.
4 Perfect Times to Consider a Personal Loan
February 16, 2017 By Space Coast Credit Union
Virtually everything costs money, and it’s often more than you’d expect it to be.
Leasing Vs. Buying a Car
February 8, 2017 By Space Coast Credit Union
The decision to lease or buy a car is a personal one. Don't let the dealer make it for you.
Common Mistakes During Open Enrollment
November 3, 2016 By Space Coast Credit Union
Be sure to watch out for these three common pitfalls when enrolling in workplace benefits.
7 Things to Do Before Your Next Road Trip
July 1, 2016 By Tim Alexander
One of life's greatest pleasures can be a summer road trip to your favorite vacation destination.
How Interest Rates Affect Your Mortgage
May 13, 2016 By Space Coast Credit Union
The interest rate on your mortgage can affect your monthly payment by thousands of dollars each month.
How to Protect Your Online Banking Account
April 30, 2015 By Nicole Williams
Life in today's connected world inevitably comes with plenty of passwords to remember.
The SCCU HomeAdvantage
March 1, 2015 By Gary Prager
Space Coast Credit Union aims to be the one-stop-shop for members purchasing a home.
Was this helpful?
Thank you for your feedback!