Using this guide, you will learn the steps you need to take to successfully get a bad credit motorcycle loan if your credit is less than optimal.
1. If you have bad credit, the first step is to find out exactly what your credit history and credit score is. Once you have your credit history, review it carefully to see if there are any mistakes, or items that you can get removed. Make every effort to get negative or incorrect entries on your credit history corrected or removed prior to shopping for you bad credit motorcycle loan.
2. Once you know what your credit rating is, this will help you determine which type of lenders you will have the best chance of dealing with. Not all lenders deal with bad credit motorcycle loans.
3. Since you don’t want to make your bad credit any worse than it already is, before shopping for a bad credit motorcycle loan, figure out your monthly income and monthly expenses carefully, to see what you can realistically afford. See if there are any monthly expenses you can cut, and then figure out how much money each month you can afford to pay for your motorcycle loan. It will also help you get a loan if you are able to make a down payment on the motorcycle.
4. After doing some research to find lenders that specialize in bad credit motorcycle loans, make an appointment and submit a loan application. Before meeting with the lender, have all of your financial and personal information in order and easily accessible.
5. If one lender turns you down for a bad credit motorcycle loan, you will then repeat the process with another lender. Once you find a lender that will approve you, before deciding on a loan, make sure you thoroughly understand the rates and fees.
6. After being approved, you will know how much money have to deal with, and can go to the motorcycle dealer to negotiate a deal. Make sure you take into consideration what the true “out the door” price will be, including any accessories, warranties, freight or other expenses, and make sure these are all itemized and documented on the final bill of sale. Make sure the final amount of your bad credit motorcycle loan is enough to cover all the associated expenses.