My credit score is 646 with just one late payment could I get approved for a motorcycle?

Answer 1

I would finance you. That's "A" credit.

Answer 2

Probally not. Most finance companies need at least A 680 or higher and depends what credit report you have received your score. If it's with experian they start at 501 and 646 would be very low. If its with the other 2 you are right in the middle considering they start at 350. They are ways to raise your score and remove your 1 late payment but it is time consuming but worth it. Also getting a credit card even if it's asecured will raise your score just after 2 payments.

Answer 3

Below is an overview of what you can anticipate when buying a car (or motorcycle) if you have bad credit. I think you'll be surprised by a few of the findings...

The Preparation Process

•Getting a loan for a used car is harder than getting a loan for a new car.
•New cars have incentives or cash back deals that can lower or totally erase the down payment required to purchase a new car. You simply utilize the rebate as the down payment. So, when shopping for a new car, it's may be in your best interest to purchase the one with the highest rebate.
•If your personal credit reports indicate that you had a car repossession in the past, it will hurt you. Even if you willingly turned the car back in...it still has the same negative effect on your FICO scores. So if you've had an auto repossessed, know that you may have to work on your auto credit with a finance company first.
•If the agreement is negotiated correctly, it's possible to buy a new automobile at a rate as low as 0% with no money down through a mainstream financer—if you work with good dealer.
•There's certainly no need to put $2000 down to lease or buy a new car. The most cash you should need, even with bad credit is $500 to $1,000—and that's if you do nothing right! You are at the wrong dealer, or are looking at the wrong car with anything above that amount.
Edmunds.com is a great resource. Not only can you find out what rates and rebates are offered from all the manufacturers...they also provide all the used car pricing and certified rate programs. Don’t forget that there are many auto dealerships that will compete for your business; this means there are a lot of chances for you to negotiate a respectable deal.


Financing the Deal

•The majority of auto financers use FICO Auto Industry Option scores instead of standard FICO scores.
•The worst place to finance a car when you have bad credit is usually your local bank. They have no incentive to finance you.
•The best place to get a car loan when you have bad credit is usually the car manufacturer. The car manufacturer has more incentive to offer you a good deal than a bank does.
•Do your research and talk to as many auto dealerships as you can. When interviewing car dealers do not allow them to look at your credit reports until you are ready to buy. You don’t want any unnecessary credit inquiries because they can lower your credit scores.
•If you are in a hurry, a subprime lender could be your only alternative. In most cases, you should avoid subprime lenders. However, if you made a few late payments on your car or had it repossessed, subprime may be your only alternative.
•Make sure all the dealers you work with are looking at your credit within the same 14-day period to minimize damage to your credit scores. Don’t forget that all credit inquiries for cars (and mortgages) count as only 1 inquiry if they're made within a 14-day time frame.
•If you have bad credit, you should start small and slowly graduate to your dream car. Everyone has a dream car. In some cases though, that's just not realistic if you have bad credit. You can make it your goal to eventually get your dream car. But, in the meantime, you're going to have to go with a more economical one.
•A decent interest rate on a new automobile will range from 0% to 12.9%. Credit unions and the car manufacturers usually have the best deals.
•It's vital you use a financer that uses your highest FICO credit score to make their decision. Most lenders use the score from only one credit bureau. Ask them whether they use the scores from Equifax, Experian or TransUnion.


Closing the Deal

•You don't really need the options and upgrades the car dealer tries to push on you prior to signing the dotted line. Rust proofing, leather finishing, etc. They're all just throwing money away. Talk to the finance manager prior to signing the final papers to discuss over every option that will be offered. Then review all options and decide which ones you want.
•Be sure floor mats are a part of your deal before you sign the paperwork.
•Spell out how much out of pocket cash is actually necessary to close on the car. Don't fall prey to the old TT&L trick (that's tax, title and license fees). The finance manager will tell you, "Sorry, we forgot to inform you about this fee you must pay in cash." That's a lie...almost every financer will add the taxes into the loan.
•You should be able to work out all the loan details before you even go to the car dealership. The dealer will try to get you into the car and take a test drive first. They know how our will power fades when we feel the power of a turbo engine or drop the top and feel the wind blowing through our hair.
•Never give out your Social Security or driver's license numbers to the dealerships until you have made a decision. Once the have one of those numbers, they'll have all they need to pull your credit scores and reports, which will initiate a credit inquiry. Be very stern with them that you do NOT want them pulling your credit scores and reports yet. If they persist on making a copy of your driver's license for "insurance purposes," request that they put in writing that they will not pull your credit scores.
•Before you sign the paperwork, negotiate for a free loaner car whenever your new car needs service. Most dealerships have a fleet of loaners. But even if they don’t there are very cheap "loaner insurance policies" that you can work into the deal.
Although this isn’t everything you need to know, there are a few helpful tidbits to think about prior purchasing your next car.