Buying a motorcycle is cheaper compared to a car or truck, but still, you may need to get financing for it. However, it can be difficult to get a $10,000 motorcycle loan with no credit history, which is a common problem faced by young adults and students.
That is why some lenders are giving no credit motorcycle loan offers. Most young motorcycle buyers have a very limited budget, whether they wanted to buy a Harley Davidson Roadster or just a Yamaha V Star 250 2011. It will still up nearly $10,000 to buy a new motorcycle and these young buyers do not have the money to pay in full.
A common problem is having no credit history, and possibly no stable income as well. For such buyers, most lenders will consider them as having a low credit score and deny them motorcycle financing. However, the only way you can build up credit is to get approved for a loan first, or use a credit card for a few months. By progressively increasing your credit score, you can get better motorcycle loan offers and this can help to save money.
Remember you need to buy motorcycle insurance coverage to protect yourself from both theft and accidents. It is very common to find your motorcycle stolen and the insurance can pay for a new bike. You are also covered against repairs when your motorcycle is damaged or totaled in a road accident. You may not have the cash to buy a new bike after having used up all your savings, so it is better to have motorcycle insurance. Finally, the insurance can also pay for any medical expenses if you are injured or another party is hurt in the accident where you are established as the at fault driver. Do not end up having to borrow money unsecured with bad credit just for such bills.
There is no point in buying a motorcycle if you cannot pay for the gas. Remember that gas prices are rising and not likely to drop, so you will find yourself paying more and more to continue using your motorcycle. Even though bikes are very fuel efficient compared to trucks and cars, you still need to budget for it from your monthly income.
Finding a cheap no credit motorcycle loan can help you save some money but you need to make sure your personal finances are stable and ready to buy a bike. Use the above running costs for driving a motorcycle to plan your expenses. you may want to postpone the purchase if you do not have enough savings or your income is not expected to be able to pay for motorcycle insurance, gas and maintenance. Meanwhile, you can build your credit so that you can get cheap $10000 motorcycle loans from banks in a few months time.