Motorcycle Loan And Financing Help Bad Credit Ok - 4:07 PM, February 18, 2008

If you are in the market for a new or used motorcycle, chances are you will be looking to get a motorcycle loan.

This can be a very difficult experience because lenders offering motorcycle financing are ALOT stricter than lenders in other areas like cars and mortgages.  And recently lenders have tightened their credit standards significantly for motorcycle loans so getting a good interest rate or even approved sometime is very challenging.

I have interviewed many motorcycle dealer finance managers and based on their feedback this is the process they recommend you follow to ensure you get approved for the lowest interest rate even if you have bad credit.

1. Get your free credit report. -  If you have had any credit problems in the past, be sure you get your free credit report.  Lenders will ask you about items on your credit report and you need to be prepared to talk about them.  Also it is a good idea even if you have good to fair credit to check for errors on your credit report.  Every year 1000s of people find that a creditor or two has inadvertently placed blatant errors on their credit report.

Click her for your free credit report.

2. Submit a loan application online before visiting a dealer. 

Here are some cycle lenders that specialize in applicants with good and bad credit.
 

Credit.com -  Credit.com is a national lender that offers good and bad credit personal loans for recreational products.  They have great low interest rates on installment loans for up to 60 months.

Credit Axis-  If Credit.com declines your application DO NOT even waste your time visiting a dealer for a loan, you need to find a lender that specializes in poor credit.  Credit Axis is definitely that lender.  They offer bad credit motorcycle loans up to $25,000 and will be your last hope if you are declined by Credit.com. Credit Axis works with over 80 little known banks that specialize in bad credit.

3. Government Repossession Auctions provide a great way to buy your motorcycle for a very low price –
   
   One finance manager told me this, but he probably should not have done that.  Every day the Government has auctions and sell tons of motorcycle, atvs and even cars for pennies on the dollar.  This is a great way to purchase a barley used motorcycle.  If you are interested you can find an auction in your area at the below site:

Government Motorcycle Auctions

Remember motorcycles loans are more difficult to get because motorcycles are often crashed easier and a younger less mature buyer normally purchases a bike.  This creates higher losses for motorcycle lenders and as a result impacts your interest rate whether you have good or bad credit. 

So do not get frustrated if you get declined just keep trying and use the above resources to help you get a good hassle free start with your bike purchase.