Common Places to Get Motorcycle Loans
Some of the lending options that you can turn to for financial assistance include:
Banks
Banks are a good option for individuals with exceptional credit ratings. These lending institutions offer competitive interest rates, meaning you can get a cheap loan to buy your motorcycle. Unfortunately, banks might take weeks or months to process your loan.
Credit Union
Credit unions offer low APRs. Some unions might consider your poor credit and offer you financial assistance. However, credit unions usually require individuals to sign up as members for several months before taking a loan. This could be an issue if you need quick funding.
Online Lender
Online lenders provide quick loans and are a great option if you don’t want to go through the long loaning process of brick-and-mortar institutions. These lenders require you to submit your loan details over the internet, and money is processed within minutes or hours.
Manufacturing Financing
You can also get your motorcycle from the manufacturer using their in-house financing option. High-end manufacturers have this option, and they could offer you a motorcycle on credit. Check with your ideal manufacturer to determine their APRs.
Dealership Lending Network
Dealership lending networks are basically brokers. They don’t offer motorcycle loans. However, they can simplify the process for you by connecting you to reliable lenders you can trust. CocoLoan is a broker, and we can link you up with industry-leading bad credit lenders.
How Does CocoLoan Compare
 | Why Trust CocoLoan? | |
|---|---|---|
| How much can you get? | $50 to $35,000 | Zero upfront charges |
| What are the loan terms? | 1 - 36 months | Easy repayment |
| Are credit checks needed? | Yes | Mostly soft pulls |
| Are bad credit accepted? | Yes | All credit considered |
| How to apply? | Totally online | Simple and straightforward |
How Can I Get Motorcycle Loans for Bad Credit?
You can secure a motorcycle loan even with bad credit at CocoLoan. Here’s what you need to do when taking a motorcycle loan with bad or poor credit history.
Assess Your Credit Score
You must assess your credit score before submitting your details to any lender. Knowing your credit score will give you an overall picture of how much you should expect to get. Moreover, you can take the necessary measures to improve your score before taking any loan.
Check Your Debt-To-Income Ratio
Getting a motorcycle loan might be easy, but can you afford it? Check your debt-to-income ratio and determine whether you can meet the regular payments to cover the loan.
Compare Offers
While there are many online lenders, comparing offers is advisable before choosing any. Read their fine prints to ensure that you settle for the best offer. Vital things to consider include fees, interest rates, and repayment terms.
Lookout for the Red Flags
Some unscrupulous online lenders will want to take advantage of your situation. Therefore, you must be on the look for the following red flags:
- A requirement to pay upfront
- No Federal Trade Commission registration
- No physical premises or address
- Running an unsecured website
Build Your Credit
If you can wait to buy the motorcycle later when your credit score is good, wait! Use this time to rebuild your credit. It will take time, but you will access better loan terms.
Can CocoLoan Find Me a Guaranteed Bad Credit Motorcycle Loan?
Cocoloan is a broker. Therefore, we can help you find reliable online lenders who can finance you to get your motorcycle. It should be noted that we don’t guarantee you that our partner lenders will offer you the loan.
To get a loan from our lenders, follow these steps:
Submit Your Details
Fill out a loan form through our platform. The process quick and simple process should take you a few minutes to complete.
Compare Offers
Once you provide us with your details, lenders will review your information and send you offers. Compare the options based on lending rates, fees, and repayment terms.
Sign an Agreement
You will then sign an agreement for the loan to be processed. Ensure you read through the loan terms and conditions before signing anything.
Get Your Money
After everything has been confirmed, money will be credited to your ideal bank account. Usually, lenders process the loan within the same business day, or you may have to wait until the next business day.
Fast and Easy Loans You'll Need
Apply NowWhat to Consider When Taking Motorcycle Loans for Bad Credit?
To get the best motorcycle loan offers, consider the following factors:
Lender Requirements
What are the lender requirements? Most lenders will want to check your debt-to-income and credit score before approving your loan. Some are lenient and will offer loans even with bad credit. Check with your lender to ensure you can meet their requirements before submitting your information.
Annual Percentage Rates
The annual percentage rates (APRs) refer to the interest plus any fees you might be charged. For unsecured loans, APRs normally range between 6-36%, but the rate might be lower for motorcycle loans.
Repayment Terms
Review the repayment terms because this will determine whether you can afford the motorcycle loan. Depending on the lender, the repayment period could range between 2-7 years. Longer repayment terms have lower monthly payments than shorter repayment terms. However, a shorter term is cheaper because you will pay lower interest.
Other Loan Features
There are specific loan features that could also influence your decision. For instance, some lenders have mobile apps and could offer next-day funding. These aspects might not make your motorcycle loan cheaper, but they could simplify the process of getting and repaying your loan.
