Qualifying for Bad Credit Motorcycle Loans

Motorcycle loans for bad credit individuals can allow people with poor credit scores to acquire brand new or used motorcycles. You can easily find online companies that offer motorcycle loans for people with poor credit standing. It also pays to visit local banks and other financial institutions to ask if they are offering this loan. The hard part actually lies on how you can qualify for this kind of loan.  

First, you need to understand that this loan has higher interest rates, bigger monthly premiums and a shorter payment period compared to regular auto or motorcycle loans. The reason for the higher rates and stricter payment schedule is the fact that people with bad credit can expose the banks to greater risks. If you want to increase your chances of getting approved for this loan, you can always put in a bigger down payment.

Here are the common requirements that you need to meet in order to qualify for motorcycle loans for bad credit individuals:

  • Should be 18 years old and above;
  • Must be employed in the same job for at least 6 to 12 months;
  • Must be earning at least $1,200 a month;
  • Should not have filed for bankruptcy protection within the past 36 to 48 months;
  • Must present valid IDs;
  • Must have a valid Social Security number.
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