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No Credit Check Motorcycle Loans

You want to save money. You like saving fuel. And you'd like to waste no time climbing aboard that free-spirited, fast moving and oh-so-responsive two wheeled machine. The catch is that you're having trouble finding a finance company that shares the same qualities.

If a loan officer starts dragging his heels once he's taken a look at your credit report, you're not alone. Experts estimate that up to 1/3 of the people in the U.S. who apply for a loan have questionable credit histories. This puts them--and you--in the sub-prime loan category, which means you will be paying a higher premium for the financing you attain.

The positive result of so much bad credit history is the increase in the past few years of finance firms willing to extend credit to people who have defaulted in the past. These firms have found that there is enough money to be made in the sub-prime financing industry to offset the higher risk of non-repayment associated with bad or no credit loans.

Why Are So Many in the Same Boat?

No Credit Check Motorcycle LoansA variety of common situations have the potential to damage an individual's credit report. Whether due to factors such as inexperience, bad judgment, karma, or a combination of the three, many otherwise responsible citizens find their credit scores plummeting. These factors can include:

• Repossession of a car, furniture, or appliances
• Child support payments in arrears
• Recent bankruptcy
• Late mortgage payments
• Home foreclosure
• Charge-offs
• Large credit card balances
• Liens on wages or property
• Delinquent taxes
• No down payment
Even factors over which you really have little control can affect your ability to get a motorcycle loan, such as:
• New job
• No bank account
• No credit yet established
• Disability

With the number of factors affecting your credit history, it is easy to see how so many people are finding difficulty obtaining financing. However, thanks to the growth of the sub-prime financing industry, you do have some options for a source of motorcycle financing.

Cash Advance

This is a viable option for you if you have a large down payment at hand and only need about $1500 or less to cinch the deal. These outfits typically do not check credit; they are prepared to take on high-risk accounts.

If you seek out this type of loan--also known as a payday loan--you should have a solid plan to pay it back quickly, because the interest rate and late fees associated with a cash advance loan add up quickly.

To apply for a cash advance at any of the number of online websites or a physical location, have the following information available:

• Photo ID
• Proof of being over 18
• Proof of US citizenship
• Bank account number (on an account you’ve used more than 3 months)
• Permanent address
• Phone number
• Pay stub or other verification of income (at a job you have had for over 3 months)

Be forewarned that you will pay a premium for your cash advance--interest up to 785% annual percentage rate (APR). If you do not pay the money back as agreed, usually within a matter of weeks, you will also become responsible for some hefty fees.

If this loan is simply a stopgap measure until you get your next paycheck or two, it may be for you, but be sure you read the fine print prior to signing on the dotted line.

Loan with a Cosigner

Another option in no credit check financing is to ask a co-signer to help you with your loan approval. This way, while a bank or finance company may or may not check your credit history, they will be more interested in the credit worthiness of your co-signer, who will be ultimately responsible for repaying your loan if you default on payments.

Because there is an element of trust involved when a person with good credit agrees to vouch for someone with flawed credit, you may find that a relative or close friend is the best person to ask to co-sign a motorcycle loan.

If you choose to seek this type of loan, be absolutely certain beforehand that you have the resources to responsibly pay your monthly installments. Non-payment will cause your co-signer to be responsible for the payments, and this could seriously damage a familial relationship or friendship.

No Credit Check Installment Loan

One final option for obtaining a no credit check motorcycle loan is to go with a network-type finance system which takes your application and shops its network of high-risk lenders to find the one which is willing to extend credit to you.

Because network lenders typically do not use your credit history as assurance that you are a good lending risk, they will charge high rates of interest and high loan fees.

If you agree to their terms after carefully reading through the loan offer, and if you make good on your loan by faithfully paying what is due each month, you can actually improve your credit history by demonstrating that you are now trustworthy. You will put yourself in a better position for qualifying in the future for better financing terms.

One drawback of going through a lending network is that your personal information on the loan application will be shared with potentially a number of lenders, so if you value confidentiality, it may not be the route for you.

Be Aware

When you are shopping for a no credit check motorcycle loan, be aware that along with the proliferation of sub-prime lending institutions, there has also been an increase in people who offer loan scams. The primary warning sign that the company with which you are dealing may not be legitimate is that they ask for an "application fee," or other fees before they will fund your loan. Many people have been duped into making initial deposits into scam accounts only to find that there in no loan forthcoming.

If you are a savvy loan shopper, stick with a realistic budget, and always understand the terms of any loan you are considering, you will be able to obtain the financing you need for your dream ride.

See also:

How to Buy a Car with No Credit

How to Get a Loan with Bad Credit

How to Get a Personal Loan with No Credit

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