Where To Find Motorcycle Loans For People With Bad Credit
Even if you have bad credit, you can still buy a motorcycle as long as you get financing from the right lenders. So if you have stopped yourself from trying to get the new Harley-Davidson, Kawasaki, Honda or BMW motorcycle you have always wanted, there is no need to do so unless you seriously cannot afford it. Otherwise, you can approach the bad credit motorcycle loans lenders for a quote and see whether you can help you buy the motorcycle despite having poor FICO credit.
If you have tried a few times at the banks to get financing for buying a motorcycle for bad credit, its no wonder you think it is impossible. However, there are other places and lenders that will give loans to people with damaged credit history. They can repossess your vehicle if you default and stop paying, that is why it is possible to get a legit motorcycle loan despite poor credit ratings.
There are some basic requirements you need to satisfy, such as above 18 years old, have a stable income of $1200 minimum per month over the past 6 months. These are really easy approval motorcycle loans for bad credit, so if you cannot meet these requirements maybe you really need to do something about your income. Even if you have previously filed bankruptcy, it is ok to buy a motorcycle loan with bad credit after three years as long as you make a good down payment.
Do not try to lie to your lenders thinking they will not check your credit history. You must give them your name, Social Security number and proof of ID which will be used for credit check. Just tell the truth and you can still get a guaranteed motorcycle loan even with very bad credit.
There are a few places you can try for getting a poor credit loan to buy a motorcycle such as credit unions, small local banks, and dealers with in-house financing, etc. However, the best way to get cheap motorcycle loan rates for bad credit is to compare quotes from online lenders that are BBB accredited. There are hundreds of legitimate loan websites that are willing to help you finance a new motorcycle with bad credit.
It is easy to get free quotes from these companies and then compare which lender is the cheapest. After that, do a search on that company’s registered name and check for consumer complaints. If everything looks legit and safe, you can proceed to get a pre-approved blank check mailed to your address and go shopping for your dream motorcycle whether its a 2010 Yamaha FJR 1300A or a 2010 Honda Gold Wing depending on your preferences.
As you can see, it is very convenient to shop for the best bad credit motorcycle loans online and you do not face any hard selling pressure from the dealers. You can get immediate approval loans to buy a Harley-Davidson Sportser even with low FICO credit.
Try to avoid the buy here pay here motorcycle dealers with in house loans because they tend to be very expensive and dishonest. Some dealerships may try to trick or cheat you by claiming your FICO score is really horrible and no one else will let you buy a new motorcycle except them. Just run a check on BBB website to make sure they provide good customer satisfaction.
If you really cannot get legitimate financing for a new motorcycle, try to save up for a bigger down payment or to improve your credit for easier approval and cheaper rates as well. Just because you have bad credit does not mean you cannot do what you want freely. Just plan your finances carefully and make sure you do have the ability to pay your motorcycle loan installments every month.