GETTING APPROVED FOR MOTORCYCLE LOANS WITH NO CREDIT
Consumers with poor credit run a higher chance of
denial when applying for a motorcycle loan. If approval is
achieved, one can anticipate higher interest rates. However, bad
credit is not the sole variable getting in the way of obtaining
financing for a motorcycle purchase. Not having any credit also
makes it hard. In fact, it is very common for lenders to put no
credit applicants into the same classification as bad credit
people.
**We specialize in helping people with
no credit achieve motorcycle financing.
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If you don't have a credit history, you
have not had any sort of opportunity of proving your credit
value. Prior to granting a loan, lenders will review your
credit history. If you have been late or even worse, missed
payments, you are considered a high risk candidate.
Furthermore, if you
do not have any credit accounts, lenders are not going to be
able to judge your capability of repaying loans. Achieving
approval for a motorcycle with no credit is possible;
however, be prepared to pay higher interest rates and fees.
You can help yourself by having someone with a positive,
established credit history co-sign your loan for you. Or,
you can utilize the tips outline below.
Using a Down Payment will Help if You
Have No Credit
When purchasing a new or used motorcycle with no history
of credit, it will help to have a down payment. Down
payments are going to vary. However, the more you have, the
better off you will be. Try and come up with at least 5-10%
for your down payment. If you are really looking for the
lowest interest rate possible, which will equate to low
monthly payments, consider a minimum of 20% as your down
payment. Read more about
getting the best rates.
Bad Credit Lenders for a No Credit
Motorcycle Loan
Traditional motorcycle lenders may be hesitant to loan
money to people with no credit history. However, sub-prime
lenders are usually willing to help consumers build credit. These lenders
work with dealerships that participate in “pay here, buy here”
programs. Utilizing the MotorcycleLoanCenter.com for your
no credit financing is beneficial because we work with
multiple sub-prime lenders and will be able to provide you
with multiple offers. You will be able to compare
rates and terms, and choose the loan that is right for your
needs and budget.
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Establishing Some Credit Quick
You can establish some credit fast by opening up a bank
account, putting some utility bills in your name and/or
applying for a credit card. Get more info about
building credit.
How
Credit Scores Effects Motorcycle Loans
Tips
to Obtaining and Maintaining a Good Credit Score
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