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How to Get Pre-Approval for a Motorcycle Loan

June 20, 2017

Rider traveling down the road on a motorcycle they financed

Learn what you need to know about pre-approval

Once you have all your information in place and are ready to apply for your motorcycle loan, how do you go about getting pre-approved? Is it worth the effort? You may even be asking, “What exactly is pre-approval?” We’re here to answer your questions.

How Do You Apply for Pre-Approval?

You start by submitting a preliminary application for your loan. After we review your credit standing and other factors discussed above, if you qualify, we can recommend a loan. We’ll tell you how much you can borrow, the interest rate, and what the terms of the loan will be.

Is There a Commitment?

When you get pre-approved, you don’t have to make any commitment to get the loan. It’s just ammunition to help you negotiate your motorcycle purchase with the dealer. You can always change your mind. To pre-approve you, we would make sure that your financial standing details are confirmed. Then once you choose a bike, we will need to make sure the loan is worth the value of your purchase before final approval. 

Why Get Pre-approval?

First, you’ll know exactly how much you can borrow. (You can get a rough idea by viewing our motorcycle loan rate page or using our motorcycle loan calculator.) This way you save yourself time and trouble by focusing on the type of bikes you can reasonably afford. 

You can also go into negotiations with the confidence of someone who has cash in hand; you know you can obtain the amount needed, which can also make pricing clearer from a dealer who might otherwise try to sell you on financing options.

Living Smarter

We make it easier for you to apply for loan pre-approval. See what a Motorcycle Loan includes, then make an appointment with one of our representatives for your financing.

 


 

How to Finance a Motorcycle

June 20, 2017

Man about to ride a motorcycle he financed
Getting ready to apply for a Motorcycle Loan

1. Find Out if You Qualify

You’ve dreamed about this bike for some time, but you can’t rush in blindly when it comes to financing. We’re here to breakdown the process and answer your questions.

In many ways, financing a motorcycle is a lot like financing any other road-worthy vehicle. There are just a few key factors to consider if you want to know if you can qualify for a new or used motorcycle loan:

  • Your credit standing
  • Your debt to income ratio (cash flow)
  • Your cash in hand

Secondary issues will affect if and how you can pay back your loan, such as the length, interest rate, and other terms of your loan.

Learn more about our Motorcycle Loans here.

2. Check Your Credit Standing

This includes your credit history and credit-worthiness. You can check your own credit ahead of time and we’ll take a look during the loan approval or pre-approval process. Have you always made loan payments on time? Do you keep your credit within practical limits (avoid over-extending yourself)? Do you have a limited number of loans you are currently paying? Do you have high balances on your credit cards? These and other factors can affect your credit standing.

Talking with a loan representative can help you discover the details about your situation, and if your credit needs improvement, we can suggest some great moves to help.

3. Decide How Much You Can Afford

Before you apply for motorcycle financing, figure out your budget and get a rough idea of how much you can afford. You don’t want to stretch yourself thin so that you can’t make your loan payments for any reason. Consider how much you have left over each week or month, how much you have saved for a down payment, and how long you can reasonably expect to pay off a loan. We can sit with you and determine what you can afford.

4. Narrow Your Loan Choices

Ask any questions you have before finalizing the loan. We’re here to help, and make it as clear and simple as possible. 

Living Smarter

We want to do everything we can to help you get out on the open road sooner. Learn more, and schedule an appointment with one of our representatives for a Motorcycle Loan.


 

 

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