A good credit history that demonstrates an applicant's ability to repay loans on time and in full is necessary to secure a motorcycle loan. Applicants with poor credit typically do not qualify for motorcycle loans.
- Obtain an updated credit report
Obtain a free credit report from each of the three recognized credit reporting agencies: TransUnion, Equifax and Experian. Review these reports to make sure all of the information provided is accurate. Contact the agencies to report and correct any errors.
- Contact dealerships or manufacturers
Contact motorcycle dealerships or manufactures to request motorcycle loan applications from finance departments. Ask about the qualifications for motorcycle loans. These qualifications may include average to high credit score, minimum salary requirements and a low debt-to-earnings ratio.
- Contact local banks to apply for a personal loan
Contact local banks to apply for a personal loan if the dealership or manufacturer doesn't approve the loan. Personal loans may be easier to obtain if an applicant already has a mortgage or personal loan through the bank and is in good standing concerning repayment.
- Review loan repayment terms
Review all loan repayment terms including down payment, monthly payment, interest and the amount of time given to repay the loan. Average to low credit scores and a less-than-perfect credit history can increase interest rates and may require a larger down payment.