The dream of owning a shiny new or used motorcycle is shared by many people, but only a fortunate few are able to afford a good one. The motorcycle is a symbol of freedom, passion, and independence in our post-industrial age. Whether you are looking for the classic look (like a Harley), a touring bike, or a superfast sport bike, the thought of owning your own bike can be tantalizing. Also, in today's world where gas can cost more than $4/gallon and commute times are getting longer, buying a fuel-efficient motorcycle can be a smart financial move as well. All this is true, of course, if you can get the financing you need!
If you happen to have a low credit score due to past unpaid bills, bankruptcies, or just a lack of sufficient credit history, securing financing for a motorcycle can be tricky. Fortunately, being what banks call a "bad credit individual" does not mean that you cannot be a "bad boy (or girl) of the road" with your own motorcycle. It is my belief that everyone should have the opportunity to ride a two-wheeler, regardless of their credit rating.
Here are 5 tips for securing a motorcycle loan for bad credit individuals:
1. Try to boost your credit score as quickly as possible:
If your time horizon for buying a new bike is at least 30-60 days out, do what you can in the short term to boost your credit score. There are a number of common-knowledge ways to do so, like contacting creditors to remove past credit glitches from your credit report. There are also a number of other tried-and-true methods for raising your score hundreds of points in as little as a couple of months. Try these techniques to get that extra boost in your score, which could mean hundreds less in annual loan payments if you do decide to get a nicer bike that requires you to finance the deal.
2. Check out an in-house dealer financing program:
If you are considering financing your motorcycle, it is wise to ask your local dealer about financing options. You might be surprised that they just may approve your loan application - and many have special financing programs for people with less-than-perfect credit histories.
3. Consider a personal loan:
If you are not interested in raising your credit score or just want to avoid trying to qualify for a motorcycle loan (which can be considered high-risk by many lenders), consider getting a personal loan to finance your purchase. Many lenders have special personal loan programs for bad credit individuals. The great thing about these loans is that you do not have to report how you will using the money - you can use it however you want, including to buy a new motorcycle.
4. Expect higher interest rates:
By now it should be obvious that lenders willing to lend money to people with poor credit are going to ask them to pay higher interest rates during loan payback. Suggestion: find an online loan calculator and plug in different interest rates with different loan principle combinations and payment horizons to see how your monthly payments will vary. Remember than even increasing your credit score by 50-100 points can mean a significant monthly savings for you (see above).
5. Find lenders and apply online:
If you are looking to go personal loan route, on the other hand, you can find many lenders online willing to extend you a personal loan without major collateral commitments. Rather than initially requesting quotes from individual lenders, I suggest you visit a lending aggregator Web site that give you the information for multiple bad credit lenders all in one place so that you can pick and choose the right one for you.
With all of the loan options available to you, it is wise to do your homework and look at all of the possibilities before settling on one in particular. Once you do get that bike of your dreams, please be safe out there and I hope to see you out on the road!
Securing Motorcycle Loans For Bad Credit Individuals - 5 Tips by Susan Willis
Securing Motorcycle Loans For Bad Credit Individuals - 5 Tips
Top 5 Wintertime Motorcycle Tours
Just because winter is right around the corner doesn't mean that you need to lock your bike in the garage. There are plenty of places where the sun is warm, the air is cool, and the scenery will take your breath away. Winter provides the perfect excuse to get out of your local environment and take your chopper on new and exciting adventures. In this article, we'll take a look at five of the most beloved bikers choice locations for a wintertime motorcycle ride.
Southwest: Las Vegas, NV to San Diego, CA – 333 miles
Bikers Choice! It doesn't matter what time of year it is, Las Vegas and San Diego are always nice and warm, and so is the path between these two interesting cities. On this trip, you'll ride through beautiful Lake Havasu, Lake Gregory, the infamous Death Valley, and Palm Springs. Make sure to budget extra time in San Diego and in Vegas, both of which are ideal to tour from the seat of a motorcycle.
Pacific Ocean: Big Sur, CA to Ensenada Mexico – 500 miles
Bikers Choice! Coast Highway is one of the most scenic views in all of America and the view continues down the coast road into Mexico. On this tour you'll experience a wide range of scenery from the natural rocky coast of Big Sur, through the beaches filled with sunbathers in Los Angeles and San Diego, and down into Mexico where the food is delectable and the manana attitude promotes relaxation.
Arizona: Cottonwood, AZ to Eager, AZ – 210 miles
If you're seeking a relaxing tour with little traffic and lots of scenery, this motorcycle ride through Arizona's state route 260 is ideal. High deserts and dense forests paint the backdrop as you cruise through some of the United State's most interesting landscapes.
Florida: Orlando to Key West – 393 miles
Bikers Choice! This trip takes you from the home of Disneyland, to the tip of the Florida mainland, and across the gorgeous blue waters as you ride through the Florida Keys. If you're looking for a shorter ride, start your trip in Fort Lauderdale or Miami, but don't miss out on the amazing cruise over the long bridges that connect the keys.
Baja Mexico: San Diego to Cabo San Lucas – 1059 miles
Bikers Choice! This is a trip for the serious rider. It will take you approximately 15 days to cruise from San Diego down to the southern tip of Baja Mexico. Make sure to set aside some cash to pay the tolls along the way. Once in Cabo, there is no lack of relaxing ways to occupy your time like fishing, golfing, snorkeling, and scuba diving.
Before you set out, be sure to gear up with all of the proper safety equipment and any custom motorcycle parts that will make your trip more enjoyable. If you don't want to worry about towing your motorcycle to your starting destination, find a place to rent one in the area. Whatever you do, don't set aside your passion for riding during the winter months-consider the season a reason to have an adventure!
Top 5 Wintertime Motorcycle Tours : Christine Harrell