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bad credit motorcycle loans
16 Aug 2018

How to Get a Motorcycle Loan with No Credit Check

Maybe you’re drawn to the freedom of hitting the open road.

Maybe you’re attracted by the economic benefits.

Maybe it just seems cool.

Regardless of the reason, you’re ready to invest in a new (or gently used) motorcycle.

If you’ve had a few dings in your credit, you’re not alone. Lots of people experienced financial challenges. If your credit is less than spectacular, you may need to work a bit harder to find the right loan for you. You definitely have options, though.

Review the information below for information on bad credit motorcycle loans and finding the right loan for you. You may even be able to avoid a credit check!

Find a Lender that Specializes in Bad Credit Motorcycle Loans

Many traditional lenders only work with people with good credit.

This is a disadvantage for people who have experienced financial challenges. An unexpected medical can make paying your monthly bills a challenge.

Even if you’ve overcome your financial challenges, the impact on your credit can continue for years.

Some lenders specialize in working with people who have experienced financial difficulties. Rather than basing their decision on your credit score or history, they look at your current financial picture.

They will need to know your present income so they can make sure you can repay your bills. If you can make payments, you may be able to obtain a bad credit motorcycle loan.

Improve Your Credit

If you have concerns about buying a motorcycle with bad credit, you may want to work on improving your credit before you apply.

Before you work on your credit, you should make sure that your credit history is accurate. You can do this by getting a free credit report from each of the three major credit reporting agencies. You are entitled to a free report once per year, if you’re looking for employment, and if you’ve been turned down for credit.

Once you have copies of your credit reports, read through them carefully. Look for account entries that aren’t accurate and accounts that are on the report that you didn’t open. If you find errors, report them to the credit reporting agency in writing. Keep a copy of anything you send for your records.

Credit reporting agencies have to investigate any errors that you report.

You can also improve your credit by working with your creditors. Some may allow you to change your repayment terms, for example. This can help you get caught up on payments and improve your credit score.

Consider a Co-Signer

Another approach to getting bad credit motorcycle financing is asking a friend or family member to co-sign the loan. Ideally, the person who co-signs will be in a better financial situation.

When you add a co-signer, the lender looks at their financial picture as well as yours. This can help you get more favorable terms, like a lower interest rate.

Co-signing is a big commitment, though. The person who co-signs becomes responsible for the loan. If you can’t make payments, the lender will ask for payment from your co-signer.

Make a Larger Down Payment

You can help entice potential lenders by offering to make a larger down payment. If you can pay 20 percent or more up front, this lowers the loan amount. This means there is less risk for your lenders, which makes it more likely for them to approve you for the loan.

It also shows lenders that you are serious about your purchase. You’ve already made an investment in your motorcycle, which makes you more likely to make payments.

Make Your Case to Potential Lenders

Once you’re talking to potential lenders who work with motorcycle loans for bad credit, don’t be afraid to make a case for yourself.

If you had an unexpected medical bill, for example, explain to the lender what happened and the steps you’re taking to pay it off.

If you’ve had a motorcycle loan in the past that you’ve paid off, make sure the lender knows about it.

Provide proof of your current income and make a case for your ability to pay.

If your lender is debating about whether or not to approve you, you may be able to persuade them.

The Application Process

The first step in the application is deciding on the motorcycle you want to buy. You should also decide how much you can pay up front and what you can afford in terms of a monthly payment.

Next, you will need to contact lenders. You can contact them individually or use our site, Bonsai Financial, which connects you with multiple lenders.

Get quotes from multiple lenders. Each company has its own criteria for approving loans, so don’t assume that all your offers will be similar.

Read through each quote carefully. Look at the interest rate, the monthly payment amount, and how long the loan will last. Check for any hidden fees, like a penalty for paying off the loan early.

Once you’ve decided on a lender, complete any needed paperwork. They may need you to provide proof of income or proof of your identity.

After receiving your paperwork and processing your loan, the lender will release the funds. They may send it directly to the dealer or send you a check, depending on the type of loan.

From there, you’re ready to hit the road with your new motorcycle.

Let Us Help

Don’t let a challenging financial history keep you from your dreams.

Bad credit motorcycle loans are within reach for most consumers. You may need to spend a little more time looking for the right offer, but they’re out there.

One of the best ways to find a great solution for your situation is by visiting our website. All you need to do is fill out a simple form, and we will help you find a lender.

If you’re concerned about a credit check, don’t be. Many of our lenders do a soft credit check, which doesn’t have a negative impact on your credit.

Visit us today so we can get you on the road!