Poor Credit Financing

Posted by admin on October 21st, 2009 at 12:00am

Question:
How can I obtain poor credit financing for a motorcycle?
I have bad credit but I can afford motorcycle payments with my income. Would anyone know where I could obtain poor credit financing to purchase a motorcycle?

Answers:
If it is a brand new motorcycle, your dealer will get some sub-par lenders he could set you up with. Be ready to pay about ten to twenty percent down, and you’ll get slammed with an interest rate somewhere between 15 to 20 percent.
However, the good news is that you will have a motorcycle.
By the way, do not forget your insurance. You’ll need to secure full coverage if you’re financing the motorcycle. Your best chances are with Progressive, Dairyland, or Geico for insurance.

You do not, you pay in cash.
If you are a poor credit risk, why is anyone going to want to finance you for a motorcycle, that you could possibly get killed on and never repay the debt?
The one way you would get a finance company to purchase the bike, is to get an insurance plan that will pay for the loan if you are killed.

Apply for a bank loan to pay for the motorcycle. It will save you on your insurance too.

Let me teach you how to get poor credit financing.
The down payment is extremely important. You know about the ads: no credit required, we’ll finance anyone.
Well, just as long as the down payment is large, anybody will finance you.

Get a loan shark. Actually I mean company that focus on securing loans for vehicles. These are generally higher interest rates, but once you get a foot on the ladder you might be able to switch to a company charging less interest.

Find somebody with decent credit to co-sign with you. Somebody with good credit.

Under Poor Credit Questions