Bad Credit Motorcycle Financing
Finding the right loan for any rider can be challenging, but bad credit motorcycle financing can be extra frustrating. According to Datamonitor estimations, approx 9.1 million people of working age in the UK would have been refused credit by mainstream lenders in 2005. For whatever reason that you may have bad credit, DON'T DESPAIR! – there are hundreds of online lenders competing for your business. So much so that the internet is becoming the home for many lenders that specialise in helping riders with a poor credit history.
The more serious and well informed you appear to be about your purchase, the more attractive you will seem to the lender. The bad credit motorcycle financing tips at the bottom of this section will help.
There are two parts to this section:
Bad Credit Loan Specialists
| Recommended Secured Loan Providers | |||||
|---|---|---|---|---|---|
| Provider | Typical APR | Min | Max | Why | |
| Shakespeare Finance | 10.9% | £500 | £100,000 | Over 200 loan plans to choose from, repay between 12 months to 25 years, no obvious restrictions |
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| Promise Finance | 15.3% | £5000 | - | ***Promise Finance have a great offer on at the moment*** If you apply for a loan or mortgage you receive a £100 holiday voucher when they receive the application form and if you complete the loan you will receive an additional £850 worth of travel and leisure vouchers and a free DVD player. To apply for a loan you need to be a homeowner, over the age of 25 years, earning min £15K. |
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| Regal Finance | 12.5% | £5000 | £100,000 | Regal finance welcome any circumstances, including those that do not have proof of income, those with CCJ's or Defaults, new home owners or discharged Bankrupts. They have access to over 2,00 facilities and will find the best one to suit your personal circumstances |
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| Accepted.co.uk | 9.9% | £7,500 | £250,000 | Compares over 200 personal loan plans offered by 12 of the leading finance house subsidiaries of major UK banks such as Lloyds TSB, Barclays & HSBC. They welcome those with adverse credit, mortgage arrears, cCJs, no proof of income and Self Cert. There are no search fees, no credit checks and no obligation. |
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| Easy-Loans.co.uk | 14.5% | - | - | Easy Loans offer mortgages, loans and remortgages to UK homeowers and consider all circumstances including CCJ's, mortgage arrears, self employed with no proof of income and zero / negative equity. Even if you have been turned down for any kind of credit in the past, have defaults, arrears, or even County Court Judgements, as long as you are a home owner, they can give you a financial fresh start |
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| E-Loans.co.uk | 10.9% | £3,000 | £250,000 | E-loans welcome the self employed – no accounts are necessary, as well as those with defaults, CCJ’s, mortgage arrears, IVA’s and discharged bankrupts. If you have little or no equity, don’t worry! |
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| Recommended Unsecured Loan Providers | |||||
|---|---|---|---|---|---|
| Provider | Typical APR | Min | Max | Why | |
| Shakespeare Finance | 19.9% | £500 | £100,000 | Over 200 loan plans to choose from, repay between 12 months to 25 years, no obvious restrictions. Unsecured tenants are also welcome to apply. |
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Bad Credit Motorcycle Financing Tips
- Be aware of your credit status. Complete this bad credit motorcycle financing tips free credit report to clarify your current credit rating. Also check out these credit report myths
- Shop around extensively. Scoring credit is very subjective which is why one lender may give you a completely different quote than another, so shop around for multiple quotes
- Be very clear and avoid any hidden high fees included in the loan. Most online lenders do not have extra fees
- Reduce your outstanding credit card balances as much as you can. High balances on credit cards are a sign of higher risk to lenders looking for bad credit motorcycle financing
- Place your entire income on the application including investment income. For example, if your income is £1000 and your total interest on saving is $50 put your monthly income at £1050 a month
- If you have money for a down payment let the motorcycle lenders know
- An extended warranty will make you more attractive to the lender when finding bad credit motorcycle financing
- Purchasing full coverage insurance with theft protection will make you more attractive to the lender
- Taking out GAP insurance will make you look serious about your purchase
- Stick with lenders that specialise in bad credit
- If you are selling in your old motorcycle, be sure to let the lender know if you are willing to use the cash for a down payment
- Make sure the address on your credit report matches the address you are currently living at
- Never give up, especially if the first lender turns you down. Getting bad credit motorcycle financing is possible, it is just a matter of time and research
Be sure to read my motorcycle financing tips to save you money as these will also apply all riders looking for bad credit motorcycle financing.
Don't miss my information about online motorcycle financing as you will generally find the best deals online.