how to get a motorcycle loan

How to Get a Motorcycle Loan.
If you’ve been eyeing a motorcycle for a while now and you’re ready to get it, you’re probably going to need a loan to finance it. Getting a good loan with a low interest rate from a bank or credit union usually requires you to have pretty good credit. However, if your credit is less than stellar, you can also finance your motorcycle with the dealership, an online lender, or through a personal loan, albeit at higher interest rates.

Method 1 Applying for a Loan with a Bank or Credit Union.
1. Make sure you know your credit score before applying for a loan. You can check your credit score either by going to a free credit report website, checking with your credit card provider, or buying your score from 1 of the major credit reporting agencies. You’ll want to make sure your credit score is good enough for banks and credit unions to offer you loans at competitive rates, since lending requirements are generally more strict with motorcycles than they are with cars.
This is because lenders tend to see motorcycles as inherently risky, since the bikes are more frequently stolen or crashed.
At minimum, your credit score should be at least 620. If it’s any lower than this, you’ll probably have to look for other ways to get a motorcycle loan with bad credit.
If you have one slight blip on your credit report, you may get declined. It’s best to study your credit report before submitting an application to make sure it doesn’t contain any inaccurate information.
If you can wait a few months before buying your motorcycle, it may be worthwhile to spend some time improving your credit score by doing things like paying off high credit card debt and building up healthy lines of credit.
2. Look for banks or credit unions that specifically offer motorcycle loans. Banks and credit unions will probably give you the best rate on a motorcycle loan, provided you have good credit. However, this will only be the case for loans you get specifically for motorcycles; if you have to take out a personal loan instead, the interest rate will be significantly higher.
If possible, try to get a loan from a bank that you already do business with. They not only have your information on file already, but depending on the size of the bank, they may have a more personal relationship with you.
Working with banks and credit unions also has the added benefit of being able to work with representatives in brick-and-mortar locations instead of solely online or over the phone.
3. Submit applications to no more than 2 or 3 of the best lenders. Applying for loans usually results in a hard inquiry on your credit score, which unfortunately can knock it down a few points. Thus, unless your credit score is very high, it’s not worth lowering your credit score in order to send out more than 3 applications for a loan.
Many banks will allow you to submit your application online or over the phone, though some may require you to come to a physical location and apply in person.
The required paperwork for loan applications varies between lenders, but you will probably have to provide your most recent paycheck stub, proof of residence (e.g., an apartment lease), and a valid driver’s license.
If you’re not sure which options are the best, call the bank or credit union and ask about the specifics of the loan. Find out which loans have the lowest interest rates, the most affordable minimum payments, and so on.
4. Go with the offer that has the best terms for you. Once you’ve received loan offers in response to the applications you sent out, choose the offer that gives you the lowest interest rate for the longest time. Then, use that loan to buy your new motorcycle!
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