How can someone get a motorcycle loan with a not so great credit history?

Answer 1

You'll have to clean it up, or get someone to co-sign. If someone co-signs, that means the bank doesn't think you can handle it and will go after them if you don't make payments.

This brings up something interesting - if someone ever wants you to co-sign for them, don't! It means the bank doesn't think they're going to pay back on time, so to think you'd get your money back would be a reach too!

Here's some info from the FTC about what to AVOID when repairing your credit:

http://www.ftc.gov/bcp/conline/pubs/credit/repair.htm

Here's some tips I learned at my last job at a credit union:

0. Settle any outstanding debts, especially if you're late.
1. Get rid of any store brand credit cards.
2. Get rid of all but 2 of your major credit cards.
3. Debit cards do not count as credit cards, so you can have as many or few of these as you want.
4. Time, time, time - you have to wait for your score to go up.
5. Defer non-essential purchases (maybe you can clean it up by next spring when the weather for the bike is nicer - maybe they'll even lend you more and you can get a better bike by then!).

Most importantly ...

Pay all bills on time.

Good luck!

Answer 2

i've always viewed a motorcycle as a luxury, in the US...


save up and pay cash!

Answer 3

Probably had a co-signer.

Answer 4

You can get it from anywhere but it will be high !
allstate...statefarm