Motorcycle Loan
Anyone know exactly where I can get a loan for a motorcycle with bad credit. Not a bum, just had some bad luck and am operating on acquiring it cleaned up, but now I can afford the payments if I can locate a loan. Thanks in advance for the information.
Answer by Hollow
numerous dealerships have there own loan programs. harley has 1 but there greatest rate for a loan with very good credit is like 10.09 percent. i shopped around and found 1 from a place that gave me 6.00 percent. had to open a savings account with them, but it was worth it seeing how a lot funds i saved over the course of the loan. 1 thing to do is get the loan by way of the dealership, make the payments for a although and then go by means of your bank and ask for a lower rate. if it works they will basically pay off your loan and start off you a new 1. actually builds credit fast.
The dealer. But if your credit’s bad then be prepared to pay a high interest rate.
Unfortunately, many uneducated people associate poor credit with not paying your bills. They don’t consider that a person may have had extenuating circumstances beyond their control which have put them behind in their bills. They also don’t look at what you are doing now to get yourself back on track before they answer your question. I myself had gone through divorce, prior to this I had almost perfect credit, in fact was able to finance a new truck with a 3% interest. A special offer that was available for people with excellent credit, I didn’t think I would get it but to my surprise was approved. Since the divorce ruined my credit, I too was faced with difficulties. My suggestion is to go to a car dealership that also sells motorcycles. They have more options to choose from and are more flexible in their prices and down payment options. I did this, not really expecting to get approved, to my surprise they called me to tell me that my loan has been approved. Financing companies for Motorcycle Dealerships look at motorcycles as a non-essential means of transportation so their financing is more stringent. A good down payment will help and patience.
Source(s):
25 years motorcycling, owner of Goldwing and Harley Sportster, member of “HOG” and Christian Motorcyclist Association
The company I’m most familiar with that extends vehicle financing offers to people with bad credit is:
http://www.mortgageous.com/noriskcredit
They specialize in working with people who have less than perfect credit, and although they offer many types of loans, their focus is auto loans so I think they’re a good place to start.