Motorcycle financing is not something that we consider hard to do. Motorcycle financing with us is really a pretty simple process with high loan approval rates. If you have bad credit or no credit, most new or used motorcycle dealers will mae it seem nearly impossible to get you approved for financing.
Additionally, can I finance a motorcycle with a 600 credit score?
Most borrowers who are approved for a loan through Avant have credit scores between 600 and 700, so you are more likely to qualify for a loan from Avant than from other lenders.
Just so, does refinancing hurt your credit?
Taking on new debt typically causes your credit score to dip, but because refinancing replaces an existing loan with another of roughly the same amount, its impact on your credit score is minimal.
How can I get a loan for a motorcycle?
If you’re purchasing a motorcycle from a dealership, you might be able to get financing directly through the dealer. With dealership financing, you can apply for a loan for the exact amount of the bike you select and get an approval decision on the spot. Keep in mind that dealership loans might require a down payment.
A bike loan usually only takes a few hours to be approved, however complex or difficult applications can take a few days. Once approved original finance documents must be signed and the supplier will be paid directly, usually within 1-2 days.
Generally, high mileage on a motorcycle is anywhere from 20,000 to 50,000 miles. For sport bikes, the high mileage number will be on the low end (usually around 25,000), while cruisers and touring bikes typically become high mileage in the 40,000- to the 50,000-mile range.
Step 2. Apply for motorcycle refinance
|Motorcycle loan rates|
|Lender||Starting APR||Terms (Months)|
|Digital Federal Credit Union (DCU)||3.50%||Up to 60 months|
|LightStream||4.29%||Up to 84 months|
|USAA Bank||5.49%||Up to 72 months|
Harley Davidson doesn’t publish credit score requirements. But you’ll have more options if you have a credit score above 670 — what most lenders consider to be a good credit score.
This means that if you are buying a $10,000 motorcycle you should plan on putting $1,000-$2,000 down.
Experian defines “very poor” credit as a FICO® Score below 580; a “fair” score is between 580 and 669.
|Lender / Marketplace||Starting APR||Terms (Months)|
|Motorcycle Lender||6.99%||36 to 60 months|
What is a motorcycle loan? Motorcycle loans are often secured loans, meaning you must back them up with collateral — in this case, the collateral is usually the motorcycle itself. When you get a secured loan, your property can be repossessed by the lender if you fail to make your payments.
They require more maintenance and depreciate more quickly than most cars. Motorcycle crash rates are also higher than regular car crash rates. All of this makes motorcycle loans riskier for lenders, and the greater the risk, the higher the APR.
Like an auto loan, repaying a used-motorcycle loan can also help you build your credit. As long as you make your payments as scheduled, your used-motorcycle loan can help you build a positive payment history and a fuller credit profile, both of which can help boost your credit health.