Qualifying for the Best Motorcycle Loan Rates

The best motorcycle loan rates are available to people who search for the loan first and the bike second. Many people make the mistake of doing this the opposite way, and they end up with a loan they cannot truly afford. To get the best possible loan, shop for the financing first using these techniques.

Prepare Your Credit First

When you are seeking any new loan, prepare your credit far in advance. This typically means at least two years of good payment history. Work with your lenders to correct any erroneous information. 

Determine Your Budget

Set your budget before shopping to avoid taking on a large mortgage and don't forget to include insurance costs in your budget because it can be costly.

Bundle Your Loans

Keep in mind that bundling your loans can mean great savings. If you have an existing loan on a car, consider using this same lender because you may get better financing if you have a good record of payment with one lender.

Avoid Revolving Loans

Some manufacturers will offer you the opportunity to finance your motorcycles with a credit card. The problem with a credit card is that the debt is revolving and the rates adjust after an introductory period expires. These loan options can take longer than the standard five year contracts offered with regular financing options, be sure to read the fine print.

 

 


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