Loan Advice

Does Bad Credit Effect Motorcycle Loans?

by Jim Hughes   June 19, 2019

A low credit score can make it harder to find fast cash to purchase a motorcycle. Here is everything you need to know to find the money.

Get a bad credit motorcycle loan.

Bad credit can be a debilitating part of the lives of many adults. Individuals are constantly worried about their interest payments and if they can meet all of their obligations. These problems may seem prohibitive for borrowers wanting to purchase items such as motorcycles. But in reality, bad credit is not an insurmountable obstacle for those who want to buy a motorbike. Individuals simply have to work harder and go through more of an effort to find a bad credit motorcycle loan that works for them.

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The Effects of Bad Credit

Bad credit has a wide variety of negative effects on one's ability to acquire financing. This status results from an individual having problems paying off their debts on time. Anything from a few missed payments to bankruptcy proceedings can lead to bad credit. They have shown to earlier creditors that they were unable to meet all their obligations. While there is no minimum credit score for a motorcycle loan, future creditors will be wary of offering them any credit at all.

Those who receive a motorcycle loan offer with bad credit should look out for:

  • unaffordable interest rates
  • damaging loan terms
  • extra, hidden fees

The effects of bad credit may push certain motorcycles well outside of a borrower's price range. It is important for the applicant to realize this and choose a bike that makes sense for their situation. There are many used vehicles that have a lot of life left in them.

Factors to Consider

One of the most important factors to consider when looking at a bad credit payday loan is the set of terms associated with that loan.

Interest rates is an important factor when borrowing any type of loan. Those with bad credit will have a high interest rate. However, borrowers should avoid particularly extravagant interest rates.

Consumers need to watch out for late fees and ballooning interest. These loans should have reasonable fees as well as reasonable monthly payments and low fee payments. Borrowers do not want to have interest payments increase by 100 percent to 1,000 percent just because they missed a payment by one day.

Another factor to consider is the history and makeup of the company. For most loans, an individual simply needs to make sure that the bank or lending institution they are working with is known and openly reliable. But for bad credit loans, the individual should do more research on their institution's past, reviews, and overall mission. They need to make sure that the institution has at least a general track record of working well with borrowers who have poor credit.

A borrower would be wise to work with a company that employs virtuous core values, such as helping the borrower and not taking advantage of them. A large number of institutions will view a person with poor credit as a borrower that will accept higher fees – especially when the borrower has no cosigner.

A final factor to consider is a person's own finances. Individuals who have a history of bad credit get that way for many different reasons. They need to consider what aspects of their lives led to that situation.

In many cases, borrowers with bad credit should be thrifty when choosing a motorcycle. They should spend as little money as possible in order to purchase a machine that fits their needs. Borrowers certainly should not make a maximum purchase on a vehicle.

Best Motorcycle Financing

The most effective motorcycle financing deals will come from companies that have experience loaning to borrowers with bad credit. Many of these institutions are nonprofits.

If one cannot access such an institution, they should look for other reputable companies, including payday loan lenders and credit unions. These groups will be able to provide a loan within as little as one business day and will set up mechanisms for an individual to pay that loan back.

What to Do

Anyone who is interested in getting a motorcycle loan with bad credit should consider the following points.

  • Start out by doing a considerable amount of research.
  • Look at the companies that offer loans and the specialties of those companies.
  • Be flexible.
  • Consider a personal loan instead.
  • Talk to and cultivate a relationship with a lender

Once a borrower has closely researched motorcycle financing companies, they should review their finances and obtain a copy of their credit report. In many situations, a lender will ask them directly about the pitfalls of their report. An individual should have an honest narrative prepared for how they acquired their poor credit and how they will not make the same credit mistakes in the future.

The loan officer will hear their pleas and will make a decision. Borrowers have to decide whether or not they will take the offer. If they take it and then receive the motorcycle, they should take precautions to drive and store it safely. They do not want to go through the trouble and hassle of having it stolen or wrecked in an accident.


Anyone looking to buy a motorcycle with bad credit needs to be prudent and patient. They cannot obtain cheap loans and buy overpriced vehicles like they may have been able to in the past.

Instead, borrowers need to be careful and studious. They need to work with companies that understand their plight and will work with them as partners. Finally, they have to craft their loans and expenditures so that their motorcycle will not drive them further into debt. This effort will help ensure that they can enjoy cruising on their motorcycle without worrying about the finances that made such a purchase possible.

Jim Hughes   OpenCashAdvance Marketing Manager
Personal Finance
Jim Hughes remembers checking his first email on the original BlackBerry 850 nearly 20 years ago. It was spam, and he fell for it. Even so, he’s been on the beat every day since, following the ebbs and flows of financial technology. Look to Jim for insider exclusives on shorter-duration loans, installment loans, and other popular products in fintech today.
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