How to Get a Motorcycle Loan
So you've found the ride of your dreams, but your wallet is a little light and your credit is not that great. Don't worry, you can still get a motorcycle loan even if you have bad credit. Here is the How To on motorcycle credit and how you can quit dreaming and start riding.
- Difficulty:
- Moderately Easy
Instructions
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1
Determine how much you need to borrow to finance the purchase of your motorcycle. Be sure to borrow only as much as you need because you'll be paying interest on the loan.
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2
Decide what type of loan you want or need. You can get a fixed payment loan or a line of credit depending on your credit rating.
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3
Research the current interest rates. Search the newspaper, call local banks and look online at sites such as bankrate.com to find current interest rates.
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4
Consider using a credit card to finance the purchase of your motorcycle. Look at using a low, fixed-rate credit card. But be sure to calculate a fixed monthly payment and pay that every month to avoid additional finance charges or late fees.
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5
Check out dealer financing. If you are buying from a private individual, asking for a payment plan will be your least expensive way to finance your motorcycle. If you are getting a motorcycle loan from a dealer, this will likely cost you the most in finance charges unless they have promotional financing available at reduced interest rates.
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1
Tips & Warnings
Do not finance more than you can afford to pay. In most cases your bike will be repossessed, and nobody wants to see that happen.
Be careful of lenders advertising they take anybody with bad credit. These lenders are generally trying to take advantage of a bad situation.
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Comments
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lrvman
Jan 11, 2008
If you have less than stellar credit, you WILL NOT be financed by the dealer. Motorcycle loans are difficult if not nearly impossible to get for purchases of new motorcycles, if you credit is less than good. The steps in this article is for people with a good credit history, ONLY.
