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UPDATED: Jan 13, 2012
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Have that craving to bypass traffic by riding between lanes, or tour through the city hitting upwards of 70 miles per gallon, or maybe just the desire to feel the wind lap up against your skin as you cruise at a nice pace through winding mountain roads? It just might be time for a motorcycle.
[loansform]When financing a motorcycle, borrowers can’t go the route of obtaining a traditional car loan.
Rather, lenders are more hesitant when issuing motorcycle loans. This is due to the fact that motorcyclists are seen as higher risks, and since the bike itself serves as a lender’s collateral, they are wary when granting money for a purchase that has the potential to be damaged.
While the motorcycle loan itself is very similar to financing used for automobiles, the difference lies in the fact there fewer financial institutions are willing to offer them. Instead, many motorcycle purchasers are forced to use dealer financing.
But the problem with dealer financing is that dealers realize borrowers have limited options when it comes to obtaining a new motorcycle loan. Consequently, dealers may try to gouge borrowers when it comes to interest rates offered. However, by using the online form above, borrowers can receive multiple offers from willing lenders. This tool is essential to finding the best deal out there, as borrowers can now empower themselves to negotiate with dealers based on the actual price of the desired bike—without factoring the offered financing into the equation.
Lenders will want to check borrowers’ credit ratings, income, and outstanding debts. Like other forms of financing, motorcycle loans can be given at lower interest rates if a borrower has a co-signer willing to take on dual responsibility for the loan.