How To Get Approved For High Risk Motorcycle Loans And Financing

Are you in the motorcycle market but have a poor credit rating and need a high risk motorcycle loan? Don’t worry, the goal of this article is to provide you with everything you need to know about getting a high-risk motorcycle loan.

First of all, you need to understand how motorcycle lenders operate to classify you as a high risk. If a motorcycle lender wants to approve motorcycle finance, on average, they have a much higher credit score cut-off than a car lender. This applies regardless of whether you have a good or bad credit rating.

There are two reasons

There are two reasons

1. Motorcycles are much harder to get back in good condition than an automobile. As a result of this simple fact, if you are in arrears with your motorcycle loan than for a car lender, the risk to the motorcycle lender is higher because it is much more difficult to recapture a motorcycle in good condition than a car.

With all of the new motorcyclists entering the industry, many motorcycles suffer large or small damage, which translates into a lesser unit amount that a lender receives when he gives a motorcycle to a customer who wants it returns bad credit on paying their motorcycle loan. The damage could be caused by the take-back agency or the actual owner, but the simple fact is that fewer take-back auctions pick up motorcycles than cars.

This simple fact is one of the reasons why motorcycle loans with good and bad credit are offered at much higher interest rates than a car and have lower approval rates overall than cars.

2. The average motorcycle tends to deteriorate very quickly. Since motorcycles have higher accident rates and many people no longer pay back their loans after an accident, this leads to higher defaults for motorcycle rental companies. This is another reason why motorcycle lending rates are higher and motorcycles are difficult to approve.

Now that you have a background on how a motorcycle lender rates a motorcycle loan, let’s look at how you can get that loan approved for a high-risk motorcycle loan.

Step one is to really understand your credit report and credit score

Step one is to really understand your credit report and credit score

Sure, if you’re looking for high-risk motorcycle finance, you’ve probably had some credit problems in the past. However, you won’t know how these credit problems affected your credit report until you get a copy of it.

Take a look and make sure that everything in your credit report is actually true. Every year, see how thousands of people, like you, find creditors who have made mistakes in their credit reports that have had a negative impact on their creditworthiness. If your Credit Checker score is 610 but your credit report contains 1 error, you can easily increase your Credit Checker score to 625 or higher by fixing the error. Always have mistakes fixed in your credit report before submitting a loan application for a high-risk motorcycle.

Step two is to clean up your credit card debt. I know you probably think I can’t, but it can make a big difference when it comes to approving you for high-risk motorcycle funding. You see, motorcycle lenders don’t like it when your personal credit cards are used up.

Before you apply for motorcycle finance


You should try to pay off your credit card debt. Even if you need to do it on short notice, it can help you tremendously to get approval.

For example, if you have a 610 Credit Checker score, you are likely to be denied when you have exhausted all of your credit cards. However, if you are able to reduce your credit card debt by 50%, you have a much better chance of getting a high-risk motorcycle loan approval. This is a simple concept, but you’ll be surprised at how many motorcycle buyers don’t and never get approval.

Step three and the last step is to finally submit your motorcycle loan application. There are many lenders that specialize in high-risk motorcycle loans. I recommend tying up about 2 or 3 online motorcycle rental companies and then switching to your local credit unions or financing through car dealerships such as Suzuki Finance, Honda Financing, Kawasaki Credit Card.

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