Do you know you can buy your favorite bike with used motorcycle financing or Harley Davidson financing? You can also check for bad credit motorcycle financing if your credit score is not up to the mark.
Let us understand the different aspects of obtaining a loan to buy a motorbike.
Term Lengths For Motorcycle Financing
The term lengths will depend on the model of bike you choose, whether pre-owned or brand new, your payment capacity, and affordability. The average loan tenure is between 5 to 8 years. The lender may extend the term to 10 years for new models and be shortened it to 2 years if it’s a used bike.
Credit Score Required For Motorcycle Financing
Lenders don’t give much importance to the credit score for lending you funds to buy your favorite bike. They will also look for your previous loan history, how long you have been working with your current employer company, debt service ratio, etc., and evaluate your credibility.
Getting a motorcycle loan with bad credit isn’t impossible. Though many companies may reject your proposal for motorcycle financing, a few lenders will consider your proposal and help you to get the funds you require.
Interest Rates For Motorcycle Financing
For an individual with excellent credit records, the offer starts at approximately 5.9{0bb115492de426f6440987b5708b50b71a12b0a32b9473dbf84088e7dc063e81}. Those individuals with a good credit score may obtain the loan at an interest rate of 5.9{0bb115492de426f6440987b5708b50b71a12b0a32b9473dbf84088e7dc063e81} to 9.9{0bb115492de426f6440987b5708b50b71a12b0a32b9473dbf84088e7dc063e81}.
A fair credit scorer may get the loan at an interest rate between 12.9{0bb115492de426f6440987b5708b50b71a12b0a32b9473dbf84088e7dc063e81} to 17.9{0bb115492de426f6440987b5708b50b71a12b0a32b9473dbf84088e7dc063e81}, while bad creditors may be offered loans at an interest rate starting from 19.9{0bb115492de426f6440987b5708b50b71a12b0a32b9473dbf84088e7dc063e81}.
You Can Build Credit With Motorcycle Finance.
Motorcycle finance is an opportunity to set your credit scores up. When you pay the scheduled installments in time, the lender sends your payment report to the credit bureau, which improves your credibility.
Conclusion
Motorbike financing is a reasonable way to buy your favorite bike. Don’t wait till you save the funds or wait for a miracle to get you some extra cash.
Apply for motorcycle financing despite bad credit and bring home your favorite bike today. With long tenures of the loans, you can effortlessly pay the installments and have fun riding the bike.
If the cost of a brand-new bike doesn’t fit your budget, you can check for used bikes. Used motorcycle financing is also available. You may also try to win over a Harley Davidson with Harley Davidson financing.