Motorcycle Financing Tips

Figuring out how to finance a new motorcycle can be rather tricky. While there are plenty of guides online on how to complete the process, these rarely include any sort of helpful advice or useful tips on how to ensure you get approved for a loan. Thankfully, we’ve written up the helpful article below to make sure you’re prepared to get the best loan possible so you can walk off the lot with the motorcycle of your dreams!

Save Up For a Down Payment 

While a motorcycle loan will cover the majority of your new model’s price tag, you’ll still be expected to put down at least 10 to 20 percent of the sticker price as a deposit. Unfortunately, your loan won’t cover this expense, so you’ll need to be sure to have the money on hand when you arrive at the dealership lot. 

Take the Time to Raise Your Credit 

Your credit has an enormous amount of influence over the types of loans you receive, their term lengths, and your interest rates. As a result, we strongly recommend taking the time to raise your score to at least 650 before you begin applying for financing. Fortunately, there are a number of easy ways to raise your score quickly, such as paying off credit cards on time, reimbursing old debts, and having old penalties removed from your credit history once they’ve been paid off. 

Set a Budget

Loans can be hard to budget for, as there are a number of factors you need to consider in order to set an accurate budget. Term lengths, interest rates, and monthly income and expenses will all need to be configured into your plans before you agree to sign on the dotted line. To get a general estimate of what you can afford month to month, subtract your monthly income from your regular expenses. What’s left over can then be budgeted toward your loan payments, savings deposits, and monthly spending money. 

Having trouble finding convenient motorcycle financing near the San Francisco Bay Area of California? Then you’ll want to be sure to visit us here at East Bay Motorsports! Conveniently located just nearby in Hayward, California, we offer a number of helpful services for you to take advantage of, including convenient financing opportunities and a wide array of high-quality motorcycle models for sale.