subject: Get one's hands on a Poor Credit Motorbike Loan [print this page] Get one's hands on a Poor 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 look upon, which we will detail here. As motorcycling is seen as a dicey pastime, lenders see a loan for a motorcycle as riskier than a loan for a motorcar. This is irrespective of your credit rating.
Alongside the pastime of motorbike riding getting ever more widespread and a lot of inept 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 get back your bike, the value will beyond doubt be affected. This is one of the chief reasons why motorbike loans are to some degree harder to get than a loan for an auto. Furthermore the rates of interest tends to be a little higher.
Motorbikes depreciate even more rapidly than automobiles and are more easily cosmetically impaired. I in person have known friends buy a hog using a loan, crash the bike and not ever pay the loan company. In one specific 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 bits in the shed. He then ceased his repayments which caused an agent from the banking company to call at his home to repossess 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 limited case shows the bigger risk in lending capital to someone to pay for a motorcycle, which of course explains why it can be somewhat more difficult to attain a loan and why the rate of interest on said loan can be a bit higher. Of course when you factor in the individual wanting the loan has a poor credit record this does not help one bit. But having pronounced that, it is still doable to get a loan for a motorcycle even with a bad credit record. It just could cost you a bit more in interest and prove slightly more difficult to locate.
