Those motorcycle magazines in your mailbox often have readers panting for a trip to their nearest dealer. Odd as it may seem, though, the first thing to decide isn't which bike to buy, but what kind of motorcycle financing to line up.

For most people, buying a motorcycle is a big deal (unless you happen to have between $10,000 and $20,000 in cash just lying around). As with any other major purchase, getting a good motorcycle loan requires solid preparation. In fact, many motorcycle financing experts say that 75 percent of the preparation time around buying a bike should be spent in researching loan options.

That's why one of the key guidelines for buying a motorcycle is: Don't step into the dealership until you've shopped around for a loan. Without knowing how much you can afford to borrow, there's no way to know which of your motorcycle models is available to you. With an amount in mind before visiting the showroom, it's possible to resist the lure of gleaming bikes that are much too expensive for your bank account.

To find the loan that's right for you, it's necessary to understand some terms. Even if you do a good bit of research on the Internet, you'll still need to understand financial language in order to get the best deal. This means asking lots of questions about what your financial obligation will be for your motorcycle loan. One way to sift through the many financing options is to make a checklist, or even a spreadsheet if you're computer savvy. Get solid answers to these questions before selecting a loan:

• What's the length of time on the loan, known as the "term?"
• How much of a down payment must you have to get the loan?
• What fees are involved with securing and registering the loan, and will those fees be included in the amount you're borrowing? (If fees are included in the borrowed amount, this leaves you less money with which to purchase your bike).
• Will the lender require full-coverage insurance on the loan?
• Is the interest rate fixed or variable. If it's fixed, how long does the term run? If it's variable, to what financial indicator is the variance tied, and how often can the rate be changed?
• Is there a "grace period" for late payments? Will the interest rate go up if a payment is late?

In general, look for these options for motorcycle financing:

Dealer Financing can be obtained through the motorcycle dealers, but be careful. Interest rates vary depending on the borrower's credit rating.

OEM Financing can seem the simplest way to finance a purchase, but again, the interest on the loan can vary depending on the applicant's credit score. Watch out for manufacturer's offers of credit card loans with low interest rates. Typically that low rate lasts only for a short period of time, usually 12 to 24 months, after which the interest rate goes up faster than Trinity's Speed Triple in "The Matrix."

Credit Card purchases are possible if you have a large enough available balance, but the key here is to check the interest rate. Make sure there are no other loans available that would save you money before whipping out the plastic.

A Personal Loan often can be obtained through a local bank or credit union if you're already a customer. What's more, since the loan will be secured (meaning that the bank can repossess your motorcycle if you default) and you're a current customer, you may get the best interest rates anywhere on this type of loan.

Finally, remember what was said earlier about cash. If your rich uncle left you a pile, paying cash for a new motorcycle relieves you of finance charges and payments. Keep in mind, though, that new motorcycles depreciate rapidly during the first years of ownership, so you'll never get back everything you put into that beautiful road machine.