Bad Credit Motorcycle Loan

Posted by admin on September 29th, 2009 at 12:00am

Question:
I’m searching for help trying to get a bad credit motorcycle loan. Could someone assist me?
I need help with a bad credit motorcycle loan. Please help me.

Answers:
In my opinion, you would have better luck paying cash for a less costly used bike and riding it until your credit has increased. A bad credit motorcycle loan is going to get you some very high interest rates, well over 10 percent and maybe even as steep as 25 percent. That’s as steep as, or steeper than, most credit cards.

You can get a good, mechanically stable used bike for four thousand or less. I have purchased all my bikes used and have never been let down by them. With the money you keep on payments, you can pay for for a down payment on your future bike.

My first question is, why do you require a motorcycle? But besides that, why don’t you take out a home equity loan against your home to purchase the motorcycle? Then you may even be able to write off the interest you pay in the taxes.
Another alternative is to save up and purchase a used motorcycle with cash. You do not require credit. A more beneficial use of your time and money could be to purchase a copy of “Total Money Makeover” by Dave Ramsey and start reading it.
To be serious, it’s one of the greatest books I have read in a long while.

If you have an issue with credit, you might want to look at the price of the insurance before you even search for the loan. Many places are using credit reports to determine insurance costs, interest on loans, and even employment. I am sure if you consulted with a motorcycle dealer they could get you a bad credit motorcycle loan, but at very high interest like car dealers can do with vehicles. Beware: between the cost of the motorcycle and insurance, you might return to debt with even worse credit, for your information. Good luck.

Under Cars and Bad Credit