When it comes to buying a motorcycle with bad credit, there are a few standard options. While some may choose buy here pay here finance, there are other options to consider, as well.  Each option has its advantages and disadvantages, however that’s a decision for you to make.  To help you make an educated decision, here is an outline of their major benefits and “not so” benefits.

Buy Here Pay Here Financing

This type of program is also called “in house motorcycle financing”.  When you want a motorcycle and have bad credit, you have two goals.  Your primary goal is to get approved for a loan to purchase a nice bike, which you can enjoy.  The second goal is to rebuild your credit, which is where buy here pay here motorcycle financing fails to do you any good.  In-house financing works like a rent-to-own place. You know those types of places.  You do get a loan for a bike, but it cannot help you rebuild your credit.  Since motorcycle dealerships that offer in house finance are not real financial institutions that report to the credit bureaus, they won’t be helping your FICO (credit score) out at all.

Local Credit Unions

IF you are a member of a local credit union through civil service or your job, this may be the best approach to getting approved. Of course, how beneficial to you this option will be depends largely on the severity of your credit issues. Many credit unions can approve loans that even finance companies at dealerships won’t approve. Your having a good standing checking or savings account at the credit union can make a difference. Also, if you’re a member of the military that can make a difference also, especially if it’s a military CU.

Local Banks

This is one of the most difficult ways to buy a motorcycle with bad credit.  It could also be easy. Sometimes it is not what you know but who you know as the saying goes. If you have a relationship with a local banker, or maybe you’ve had a checking account with a bank for some time, you may want to approach them for finance, before pursuing other options.

Online Lenders and Matching Services

An unorthodox approach to obtaining approval for a motorcycle loan is through online lenders and loan services.  In addition to traditional lending services, some places are able to match you with the appropriate lending service based on the credit information you enter.  Some lending companies only require a small down payment while others require more down.  Others require no money down at all!  This option gives you a realistic idea of what you are likely to qualify for and help you repair your damaged credit history.  Best of all, you can find all this information from the convenience of any computer with access to the internet right here at MotorcycleBadCredit.com.