Any motorcycle riders here? I need an advice on motorcycle loan.

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  • #40327
    Philip D
    Participant

    Any motorcycle riders here? I need an advice on motorcycle loan. What is it and how to take it successfully?

    #40331
    Michelle4y
    Participant

    Hey there! I can tell you more about a motorcycle loan based on my personal experience. Several years ago I purchased my Suzuki with the help of a loan. So, motorcycle loan is a simple financial operation, which helps you to make a purchase of the vehicle immediately. You do not need nowadays to seek the opportunities of make savings as well as the dream a lot about the motorbike.

    Today this type of vehicle can be affordable for anyone. If to compare this kind of financial loan with other credits and money borrowing deals, when you decide to take a loan to purchase a motorcycle, you are required to provide your credit history as well as score and analyze the best options on the local financial market.

    #40347
    Philip D
    Participant

    Thanks for reaching me here!

    Stories based on a personal experience are always better and easier to believe in. What are the main questions I should keep in mind? Maybe some cons or disadvantages? And answering, I suppose, the future comments which may appear here about “Use internet!”, – yes, but I want to hear stories from real people.

    And then read articles and websites on the internet.

    #40364
    Michelle4y
    Participant

    That’s great idea =) But remember – I am not a financial consultant, so my thoughts below may not be kind of professional. It is just my own experience. The first step in preparation for your motorcycle loan is getting your credit report. There are three privately held financial agencies, which can offer you a credit report for free.

    You can easily get all data from your previous financial operations; get information about regular payments and their details as well as other relevant facts. Any lender, which offers motorcycle loans, has a list of strict requirements. The reason for it is the high risk of a vehicle to be stolen. That is why when you have a problem with your previous credit operations as well as low credit score; you have fewer chances to be approved for the motorcycle loan. And that’s serious.

    Also, as far as I know, financial analysts and lenders advice to revise your credit history accurately, before submitting an application for taking a motorcycle loan. My financial consultant did.

    The other important step in reviewing your credit history is taking into consideration current debts you have on your credit card. Lenders will go to your account and measure the risks of giving credit to you. Try to close all debts you have to proceed with your credit application further.

    When you are planning to take credit or loan in the financial institution, you should always know how much money do you have and how much you can spend on the deal. Well, you should have a personal budget even if you do not plan taking credit.

    A personal budget helps you to know how much money do you earn every month as well as how much money do you spend on different categories and things. In this particular case, you will understand how much can you spend on the credit and how much you can afford on regular payments and interest rates.

    #40400
    Bambale
    Participant

    I would say that the first step is reviewing your personal budget and your ability to spend more money for interest rates and other additional payments (for a financial consultancy services, for example).

    Personal budget and what is more important – you future income and stability of your current job.

    #40405
    Michelle4y
    Participant

    Philip D is totally right. Have you also taken a motorcycle loan?

    #40407
    Bambale
    Participant

    Not me – my father. So that I know pros, cons and different questions to analyze. An important thing: there are official representatives of motorcycle brands that have opportunities to provide loans and credits for individuals with different conditions and terms. In this particular situation interest rates will be based on your previous loans as well as other financial statements. So for example, if you want to purchase Suzuki – why not to ask them?

    #40408
    Michelle4y
    Participant

    Agree on that!

    #40411
    Philip D
    Participant

    Great! Thanks for your answers everyone! Answering your question Bambale – not Suzuki, but Honda =) And yes, I’ll ask them as well. They are talking about a bank credit but I am sure they have something more interesting and reliable in terms of interest rates. Anyway, I got super needed information from you, guys. Thanks!

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