Bad Credit Motorcycle Loans Are Still Possible

If you’re someone with bad credit, motorcycle loans may seem as if they are out of reach for you. And this can be devastating for the bike enthusiast, who may be able to save up a few dollars for a beloved bike but still need a bit of help with the purchase price. However, you’re not out of luck completely. You can still plan those weekend races around the track or that trip across country with your touring rider. You just need to know where to get bad credit motorcycle loans, and online is a good place to start.

Interest Rates for Bad Credit Motorcycle Loans

Obviously the worse your credit, the more interest you’re going to pay for any type of loan, whether it’s a mortgage, vehicle, or credit card. This of course is a good reason why you need to stay on top of your credit rating in the first place, but many people get in over their heads with debt or go through circumstances such as divorce or job loss that negatively affect their credit, through no fault of their own. If this happens to you and you still have your heart set on that bike, you can still be eligible for bad credit motorcycle loans, and there are ways around those higher interest rates.

For one thing, build up as much savings as you can for a down payment; this will make your actual loan amount that much less. If you finance a smaller amount, you can do so for a shorter period of time. By financing for 36 months rather than 48, for example, your bad credit motorcycle loan may come in 9.29% as opposed to 9.69%. That half percent may not seem like much, but over time, it means the difference of hundreds, may be even more than a thousand, dollars.

It may be difficult to keep saving for that bike, after all, when you want a bike you want a bike, and you don’t want to wait. But in the long run, it can be the best thing for you. One trick that many people do is set aside the amount that would be their payment, say $300 or so, for four, five, or six months toward their down payment. Since you would be paying that amount anyway in the loan payment, you’re not hurting your budget, and those few months will go by rather quickly.

Major Sites for Bad Credit Motorcycle Loans

There are many major websites that advertise their specialty for bad credit loans, whether they’re for motorcycles, automobiles, or anything else. You can obviously take your chances with any of these. One thing that you will notice however is that your interest rate with poor credit is still going to be astronomical.

When applying for bad credit motorcycle loans, it may be a good idea to try some of the smaller and lesser-known institutions. Some of these places have fewer restrictions placed upon them when it comes to negotiating with their customers. And because they are smaller, they are more eager for your business.

The Dealership as a Place for a Bad Credit Motorcycle Loan

Don’t forget to see about financing from the place where you’re considering buying your motorcycle. Many dealerships, even those who only sell used bikes, allow you to apply even with bad credit. Motorcycle loans may not be their specialty, but they still make money from the finance charge and application fees, so they too are eager for your loan business.

And if you absolutely must have that bike but can’t quite juggle the high payment you’re offered with your bad credit, motorcycle loans too can go up to 60 months just like automobiles. This can lower your monthly payment, but remember, you will be paying more in interest rate for the life of your loan.

The bottom line is that if you must have that bike, and if you have bad credit, motorcycle loans are not out of your reach if you take the time to do your homework and work with the loan representative. Do that, and you’ll be on that bike in no time.

Visit for all of your credit needs. Whether you need a bad credit motorcycle loan, bad credit car loan, or a bad credit truck loan we can help, even if you’ve had a recent bankruptcy or repossession!

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