The Finance Blogger

Questions about Bad Credit Motorcycle Loans

Bad Credit Motorcycle LoansWe received a question about bad credit motorcycle loans and information from a reader and will answer his questions in our next post. His credit rating is not so good and he is finding it difficult to obtain a loan for a motorcycle that he would like to purchase. He needs $25,000 which is going to be a tough proposition given his credit rating.

Bad Credit Motorcycle Loans

Question to Debt Counselor:: I am trying to find a lender that will lend me enough money to by a motorcycle. I have a bad credit rating and I am having a tough time getting a loan.  I have a small amount to put down as a down payment, so I need enough to cover registration, insurance and of course the motorcycle.

This is a brand new machine with all of the chrome and features that any enthusiast could ever want. I am really excited about buying this motorcycle and just need someone to lend me the money for the loan.

Do you currently have a loan? :: No

Home/Motorcycle Loan Amount:: $25,000

Other Loans, Including Credit Cards: About $4,500 on credit cards

Are you employed and for how long:: Yes and I work in an auto shop as a mechanic

Your credit rating to be – excellent, fair, or bad? : Bad due to nonpayment of a loan that I have since repaid and I am now working on my credit card debt which will be fully paid in 8 months.

Gross Amount Per Paycheck : $500 a week

Do you agree to have this information published online, without your PRIVATE information of course? :: Sure what do I care

Extra information here please (some detail)::

I really need wheels to get back and forth to work. Right now I am riding a bicycle to work which is not cool at all. The guys at the shop laugh at me when they see me riding up to the shop on a two-wheel bicycle.  I am not sure they are laughing at me because of the bicycle or what happened to me on my old motorcycle.

The motorcycle that I did have, blew a cylinder and will cost too much to repair. I even tried to find a new engine to fit on the frame. But could not find any that would match the frame and pass a safety. It was pretty old anyway. The one that I would like to purchase is a used machine with only a thousand miles on it.

All I need to do is find financing for it since the dealer does not have any financing plans that would fit my situation. What can I do to find a lender to loan me a motorcycle loan. This deal is not going to last forever. I would really like to be on a bike again, motorized version that is.

If you have a question about debt, loans , mortgages or other financial situations, please feel free to leave a comment with as much detail about your situation as you can. We will try to answer your question in our next post.

For more posts about bad credit situations and what to do about it, click here.

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One Response to “Questions about Bad Credit Motorcycle Loans”

  1. we all have debt problems from time to time no matter what walk of life of how rich we are. even motorcycle riders have debt problems too

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