How Can You Get Approved for Motorcycle Financing?

Posted by David Bryan on December 6th, 2017

Many people are of the view that motorcycle financing is really easy and they can get it without going through much hassle. It is true indeed that as compared to a car or home financing, qualifying for motorcycle financing is convenient despite bad credit. Harley-Davidson financing provides its customers a number of ways to own their motorcycles even if they are not doing well financially or have a bad credit history. Here are some of the things which you must be considerate of if you want to get approved for the loan without any delay:

Set A Good Budget
Before going to a dealership, you need to decide how much can you exactly spend on buying a motorcycle. Calculate the monthly cost, the premium you will be paying for the insurance, and the maintenance costs of the bike. You can only qualify for a loan if your income to debt ratio is reasonable, so keep a realistic budget so your chances of getting a loan are hiked.

Credit History
Different lenders have different requirements when it comes to credit score so you must come in contact with the one you want to make a deal with. Checking your credit before making a purchase can get you a reasonable interest rate and you can use it to get everything fixed. If there are any glitches in your credit history then get rid of them to improve your report card and easily qualify for the loan.

Solid Down Payment
The amount of down payment will have an effect on the overall financing and will help a person in getting a good deal. For example, Harley-Davidson requires at least 10 to 15 percent of down payment depending on the kind of bike you want to purchase. If you have a shaky credit, go for at least 30 percent down payment as this will help you in getting a good financing plan despite bad credit. Harley-Davidson financing will also facilitate the interest rate if a large down payment is made up front.

Different Financing Options
Despite the fact that fewer financing companies offer motorcycle loans as compared to car loans, there are still a number of options available in the market. Your credit history plays a major role in your approval and you can even get it through your credit card if you have a high limit on it. The motorcycle manufacturers like Harley-Davidson also provide financing on their own product, given that you have a good credit history and strong finances.

Creditors will also see if you are shopping around for a loan and the inquiries which are made within 30 days of securing a loan will not have any effects on your ability to get a loan. There are minimal effects if the inquiry falls out of the 30-day range. Although the conditions to get approved for motorcycle financing are easier than those for car financing, still one needs to have a strong credit history.

Source: Buying A Harley Davidson With Bad Credit In Pennsylvania