Bad Credit Motorcycle

Posted by admin on July 16th, 2009 at 12:00am

Question:
Bad credit motorcycle financing help?
My experian credit score is currently 520. I just obtained a auto loan for $16 thousand and a unsecured mastercard credit card. I have been attempting to improve my credit rating. Is there any possibility I can get a loan for $2000 to $3000 for a used bad credit motorcycle? And would I possibly get financed through either suzuki or kawasaki?

Answers:
520 is a pretty bad credit score. I have to assume that the interest rates on your auto loan as well as your credit card are pretty high.
You do not require a motorcycle if you already have a car.
The best method to improve your credit rating is to pay your credit card balances in full each and every month. This way you are able to avoid paying interest, and you will accumulate a good payment history and to make your regular car payment on time each month.
Until you have paid off your car, and increased your credit score to the high 600s to 700s you should probably not finance a bad credit motorcycle.
If you really need one, save up for it and pay with cash. But your existing debt takes priority over saving up for any motorcycle.

It seems like you are able to get credit so there should not really be any trouble in getting any more. Perhaps you should look at increasing either the loan or credit card limit to purchase the bike. Be wary though and have a steady debt management process in place. My profile has more regarding debt and resources to bad credit motorcycle loans.

Prosper.com is one option to go with, but many people have found that trying to get people to bid cash on your listing with a credit rating that low is next to impossible.
I would go to E-loan or credit.com, as they both have bad credit motorcycle loans and are probably your best option.

Under Cars and Bad Credit