Can You Get A Motorcycle Loan With Horrible Credit 2015?

 Can You Get A Motorcycle Loan With Horrible Credit 2015?

Getting a motorcycle can be an excellent investment. They use less gas, they allow you to enjoy the fresh air, and they don’t take up much space. It’s a favorite pastime in America and many people have decided to get one for their home.

While cars are great for transporting your family, for bad weather conditions or for needing to be able to talk to your passenger during the trip, motorcycles are a great way to save on gas, have an enjoyable ride and you’ll even be more focused since you won’t be tempted to text and drive.

For those that would like to invest in a motorcycle, but realize their credit is not in good shape, they may be wondering how they could get their motorcycle loan. Although motorcycles can be expensive, there are ways for those with horrible credit to get a motorcycle loan.

Where to Begin

If you are looking to get a motorcycle with horrible credit, you are not out of luck. The first thing you want to do is start saving up money because you’re going to need a big down payment. This way, you don’t have to pay cash for a bike, but you’re more likely to get a loan because you can put down a large chunk of it. This will also decrease the amount of money you’d pay over the life of the loan.

Try to get a Co-Signer

While this is not possible for everyone, you could try to get a co-signer. It doesn’t have to be a relative. It just needs to be someone who is willing to sign their name on the loan saying they will pay the loan if you don’t. As long as you pay your loan, your co-signer won’t need to do anything, but having a co-signer increases your chances of getting approved for a loan.

Try to Improve your Credit Score

Practicing better financial decisions and strategies can help to improve your credit score. Getting in good standing on any past due debts and lower credit card balances can also help. Over time, your credit will start to improve and you will be more likely to get approved for a loan.

If you don’t have Luck with the Bank

If you’ve tried to get a loan through a bank lender, there are other options. Look online for lenders that may give you a personal loan. Another way you could go is to try borrowing from someone you know on a loan basis. If a relative or friend lends you the money, you could have a type of contract typed up with this person on when you agree to make payments and if they’ve asked you to pay them any interest.


Another way to get a loan is through a process of micro-lending, a practice in which small investors put money into your loan and get some of the interest instead of it all going to the lender. This is helpful for bad credit borrowers who are looking for someone to help put money down on their loan, but will also benefit through getting interest. It’s a good investment for both lenders and borrowers.

Bad Credit Loans

If you are able to get a loan, it’s probably a bad credit loan. This is still a loan so you could still get the motorcycle. The only downside to bad credit loans they come with higher interest, but regardless, it still gets you the motorcycle. Beware, bad credit loans typically come with higher penalties if you don’t follow the terms of the loan.

What to bring when trying to get a loan

Make sure you bring with you a few items including:

  1. A valid driver’s license or ID
  2. Your social security number
  3. Proof of your income, usually several months of consistent paystubs
  4. Proof of your residence, the bank needs to know you have a permanent address
  5. Make sure you are at least 18 years old if you want a loan

Getting a motorcycle loan with horrible credit isn’t impossible. Take these steps when trying to get a loan and remember that you can always improve your credit, save up a large down payment, and try again later.