Can I Buy a Motorcycle With a Low Credit Score?
Berts Mega Mall | Powersports Hub
We understand it can be frustrating or discouraging to make a purchase with a low or “challenging” credit score. At times people would rather not make a purchase because they are afraid they will get turned down right away. Unfortunately, some of those consumers do not realize there are other options to purchase what you desire. There is always hope that a bank or lender will approve your application.
There are a few tips we can share through experience with you on how to increase your chances of being approved to finance your future motorcycle, UTV, ATV, Boat, Skis, or whatever your adventurous heart desires!
Basic Information:
As we’ve mentioned before, it is going to be a little troublesome to get approved so you want to make sure to have all of your paperwork in order. When we say paperwork we mean, having a government-issued ID like a driver’s license or identification card that is not expired. Next, you may be asked to have some sort of pay stub or proof of income. Sometimes you will be asked for a proof of address so bring along a lease agreement or utility bill. Having all of these things ready to go may help you increase your chance of being approved, you will be prepared and not have to come back another time because you forgot something.
Check Your Credit Report for Errors:
Before trying to apply anywhere you can always review your credit reports and check for discrepancies. If you have any issues with what the reports show like an account you did not open, charges you do not recognize, unexpected account balances, or unexpected hard credit inquiries you can always file the proper paperwork to Federal Trade Commission. Or if you find records that say you’ve missed payments or other issues that you believe are inaccurate have the credit bureaus investigate and possibly fix these errors. Then that will possibly increase your chances of being approved through come bank.
Proper Proof of Employment:
When asked to bring in a proof of income it is crucial to bring the right documents. Handwritten check stubs or handwritten receipts are usually and most likely not acceptable. Sometimes you can also use a 3-month bank statement. Either way, you will need some type of official paperwork and the longer you have had a job, the better. If you have just started working somewhere and think you can wait a little longer to purchase your bike, which can help you.
Consider Using a Co-Signer:
If you do not have the best credit the next best option is to have a co-signer. A co-signer is someone who will assume full responsibility for the payments in the case that you cannot make the payments. Having someone who has a much higher and better credit score than you will greatly increase your chances of being approved for financing. Just make sure your co-signer is also someone who is reliable and also willing to take and know what the responsibilities are in the case that you cannot.
Large-Down Payment:
The last and final thing you can do to try and get approved for financing is to have a large down payment. The larger your down payment is then the less money you will have to borrow. Now, this doesn’t mean that you are guaranteed to be approved but it does mean it will significantly increase your chances. Lenders still look into your credit history and credit score, regardless of how much money you put down.
Don't Lose Hope!
Bad credit does not always mean that you cannot purchase something because you think you don’t have a chance. Everyone has an option to apply for financing. Although these tips do not guarantee approval, following or trying to achieve one or more of these tips will help you reach what you want. If you cannot get approved right now, don't stress it, give yourself more time to improve your credit score and in no time you will be in the toy that you desire! Remember to stay positive and hope for the best!
Related:
-Why You Need a Motorcycle In Your Life
-5 Things to Know Before You Buy a Motorcycle
-What Motorcycle is Right for You?
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