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Bad Credit Or No Credit Motorcycle Loans


Bad Credit Motorcycles loans are a risky business, but some motorcycle dealers see these types of motorcycles loans as a big sale. When ever you apply for a bad credit or no credit motorcycle loan it is important to go straight to the loan lender. Never apply from the dealership that your are trying to purchase your motorcycle from if you have bad credit.

Are bad credit motorcycle loans possible? The answer is yes, bad credit motorcycle loans are possible, even if you have bankruptcy on your credit report. There are a few things you should consider before looking for a bad credit cycle loan, since you can be taken advantage of from your poor credit. Why you ask? Because the motorcycle dealers can receive anywhere from 0.5% to 3.0% of the motorcycle loan balance, that's nothing but more money out of your pocket.

First, you should understand that most motorcycle buyers with poor credit that focus on desperation to get approved motorcycle financing, instead of making a real decision for their financial future. As a consequence, when the average motorcycle buyer with poor credit is approved, they are left to pay large fees and forces to buy back-end products, in the end, they are paying much more for their bike than they should.

Let’s look at these basic loan examples:

If you had good credit and borrowed $10,000.00 dollars at 9.9% that would be a good rate that person with good credit could get. Your monthly payment would be $211.98 over 5 years you will pay $12,718.80 for that $10,000.00 dollar loan.

Now with bad credit that same $10,000.00 dollar loan lets say at 18.0% interest rate your payment would be $253.93 a month that’s $2,400.00 MORE that you are paying for your motorcycle and you will have paid 15,235.80 for that $10,000.00 dollar loan.

So lets say you let the dealer get you that bad credit loan, Now lets throw in that extra 3% on the loan that the dealer will make and now your payments are $270.53 a month NOW your paying 16,232.00 For that $10,000.00 dollar loan. In short these monthly payments don't look so bad but when you add up the totals you will be surprised.


Suzuki GSXR 1000 From MotorcycleCredit.com

The reasons above are why it is important to go straight to the lender and find someone that will finance for your bad credit and give you a loan, although it's not as easy as it sounds, you will have to work hard to find someone that will be willing to aid you with bad credit. If you need a motorcycle loan because of bad credit, the best thing you can do is to not let someone tell you that you have to pay document fees or any other add-on products for you to get approved for the loan.

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