Bad Credit Motorcycle Loans – 4 Ways to Get a Loan For a Motorcycle

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Bad credit motorcycle loans are totally possible no matter what your credit score is.

One of the most important things to remember is that people who want bad credit motorcycle loans are often hard up and this can result in high interest rates.

I am not going to tell you that it is easy to get approved as if you had great credit but if you work a bit you can find motorcycle lenders specializing in bad credit. If you apply to several companies and get denied this in turn can decrease your credit score.

Here are 4 selections for Bad Credit Motorcycle Loans

1. Motorcycle Loans Online – By applying online you are able to get immediate quotes and approval without leaving your home, and you do not have to speak to anyone who will try to convince you to buy more than you need.  Going directly to the lender for bad credit motorcycle loans is always easier in my opinion because the lender does not want to place you in a loan you will default on. Using a service online to find an auto loan for you can be an excellent way to shop around for the best possible interest rate, since they do all the work for you when you complete the quote.

2.Credit Unions in Your Community – Sometimes if you visit your local credit union you can get a loan, but it is more tough since many of these are smaller than banks and do not have a lot of funding for bad credit buyers. The reason these places are a little more difficult to get loans from with poor credit is that they have other things to  finance  rather than bikes.  

3. Dealer Loan – If you have poor credit you may be able to a personal loan from the dealer of your motorcycle.  Be very careful with dealer loans for motorbikes because I have seen some people end up paying up to %30 for their personal loans.

4. Local Banks – You can sometimes get a loan from your own bank if you have been there long enough, but it is more tough than getting quotes online and going to credit unions. Many people use this option as a last resort and try the free online quotes and services first since they do not affect their credit scores.  Like credit unions, banks do not reserve a lot of their funds for auto loans.  Sometimes it is more tough to get a motrocycle loan than it is to get a car loan because the bank sees this as something that is not essential.

As you can see from above there are places to go to get bad credit motorcycle loans.  The easiest option for people with bad credit is online service because they are fast and do the research for you. If you have great credit you do not need to do nearly as much research.  The best thing for you to consider is not getting frustrated if one lender turns you down, because there is definitely a bad credit motorcycle loan out there waiting for you.

Source by John G. Smith

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