Obtain Yourself a Bad Credit Motorbike Loan
If you are in need of a loan to buy a motorcycle and you have a less than perfect line of credit there are a few points to analyze, which we will write up here. As motorcycling is seen as a hairy pastime, lenders see a loan for a hog as riskier than a loan for an automobile. This is irrespective of your credit rating.
With motorcycling becoming ever more prevalent and a lot of undisciplined riders appearing , minor or major damage to motorcycles is common. This of course devalues the motorbike and if some reason you don’t keep up with your payments and the loan company needs to take back your bike, the value will indeed be affected. This is one of the main reasons why motorcycle loans are kind of harder to arrange than a loan for an auto. Besides the rates of interest tends to be a bit greater.
Motorbikes lose value even quicker than cars and are more easily cosmetically marred. I personally have known friends buy a chopper utilizing a loan, crash the bike and not ever pay the loan company. In one particular case a friend of mine purchased a Suzuki GT 380 on hire purchase and blew the motor up. He then stripped it down and left it in pieces in the shed. He then stopped his repayments which caused an agent from the loan company to call at his house to recover the bike. He showed him the bike in bits in the shed and, needless to announce the finance company agent was not interested in reposessing it.
This one small instance demonstrates the more advanced risk in lending funds to someone to pay for a motorcycle, which of course explains why it could be somewhat more difficult to attain a loan and why the rate of interest on said loan may be a bit greater. Of course when you factor in the person wanting the loan has an inferior credit record this does not help one bit. But having pronounced that, it is still feasible to obtain a loan for a motorcycle even with a dodgy credit record. It just can cost you a bit more in interest charges and prove a little more difficult to find.
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