If you have bad credit but are interested in buying a motorcycle you may be wondering if bad credit motorcycle loans exist.  The answer is yes, just like car loans for people with bad credit.  Even if your credit is not the greatest there are motorcycle loan for people with bad credit, so getting your dream bike may still be possible.  It will be easier than getting bad credit mortgage loans, because the purchase price of a motorcycle is significantly lower than that of a home.

The bottom line is lenders, whether it is for a motorcycle, car, house or anything else, will provide you with a loan based on the probability of you paying the loan back.  The lender needs to cover their risk and so high risk personal loans or giving out auto loans with bad credit aren’t the best deals for them.  They will look at your credit history and income above all else, but also look at stability such as how long you have been at your job and what your most recent credit history is like.  In other words, if you have some stable income and you have been making payments on time for your bills and loans, you stand a better chance of getting a bad credit motorcycle loan than you would if you do not have a stable form of income or you just recently went through a bankruptcy or are currently behind on your bills.  If your credit situation is very poor you may have to look for very bad credit motorcycle loans which will come with very high interest rates.

One big mistake people make is shopping for a motorcycle before they have any financing lined up.  When you do this you may end up either buying a motorcycle you really can’t afford or possibly not getting the best deal.  So where do you find motorcycle loans for bad credit?  One of your best options is to go online and do a search for lenders who specialize in bad credit motorcycles loans and see if you can pre-qualify for a loan before you start shopping for your bike.  These lenders will let you know what their requirements are and you can often get a quote or decision on whether you qualify or not fairly quickly.

Other places where you may be able to get motorcycle loans with bad credit include local credit unions and banks or as a last resort getting a personal loan from someone you know.  Oftentimes a local credit union or local bank may have lower interest rates and be willing to work with you. While motorcycle loans and auto loans for people with bad credit are possible, you may have to jump through some hoops and end up paying more than you would with better credit.

The best thing you can do to better your chances of getting approved for bad credit motorcycle loans, or even just a regular motorcycle loan, is try to clean up your credit as best you can before looking to buy a motorcycle.  Do your best to make all your bill and loan payments on time and pay down on credit cards or other debts.  If you can establish a good track record and show you are attempting to improve your credit, that will increase your chances of getting approved for a motorcycle loan.