Arranging a Motorcycle Loan with Bad Credit

Comment Off 32 Views

In the last year we have been getting used to doing things in a different way. Many people have had to make lifestyle changes. But change is not always a bad thing. Changing the way, you get around could save you a lot of money and be more enjoyable too. Getting a motorcycle instead of a car could be just the thing to keep you getting to work on time, without the higher costs of a four-wheeled vehicle. Buying a motorcycle in times of bad economics is smarter than getting a car, because they are much less expensive, and they use less fuel, and have lower insurance. Even if you have bad credit, motorcycles are easier to obtain. Here are some tactics you could apply to getting back on the road with your own wheels.

  • Research Lenders: There are many finance companies that go the extra mile when it comes to arranging motorcycle finance. Even the dealerships have various plans and ways to qualify for financing. Searching for Yamaha motor finance in Australia, is a great place to start. The dealerships have the infrastructure and connections to not only get you a fair rate, but they also have the bikes available and are therefore motivated to get you on a bike.
  • Down Payment: Putting money down towards the purchase is a strong move in your favour. It shows you are willing to risk your own capital. Having 10 to 20% of the purchase price will help a lot.
  • Co-signer: One of the tried and tested methods of arranging financing is to have a friend or family member become a co-signer. Finance companies don’t like risk and having someone with better credit assume the liability for the loan makes them much more likely to do business. Having a co-signer also signals to the lender that at least one person believes that you will act in good faith with regards to the loan.
  • Collateral: If the first three items aren’t working out, one more thing you can try is to see if you have some assets that will be accepted as collateral. High value items such as jewellery and other vehicles could be considered. Even insurance policies are potential assets. You never know until you try.

It might take several tries, if your credit is in really bad shape, but getting a motorcycle is something within most people’s reach. If you need that bike to get back on the road and back into the workforce. It will be worth it to keep trying. Just make sure to make those payments. When the bike is paid off, you will have achieved better credit.

In : Automotive

About the author