Motorcycle Loans for Bad Credit

Motorcycles are quite handy as they make moving from one place to another easier. Whether you have a car or not, getting a motorcycle is never a bad idea. However, if you have bad credit, this might limit you from securing a loan to finance your vehicle. Luckily, we will guide you on how you can get a loan and buy your motorcycle even with poor credit ratings.

$2,500
Want to borrow more than $5,000? Click here!

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

default imgWhy Trust CocoLoan?
How much can you get?$50 to $35,000Zero upfront charges
What are the loan terms?1 - 36 monthsEasy repayment
Are credit checks needed?YesMostly soft pulls
Are bad credit accepted?YesAll credit considered
How to apply?Totally onlineSimple and straightforward
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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.

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What 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.

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Getting Motorcycle Loans for Bad Credit Is Easy Through CocoLoan!

CocoLoan can help you find trustworthy lenders to finance your motorcycle online through one simple form. Get started with us today!

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