Indian Motorcycle Financing Credit Score

Some lenders may charge higher interest rates for motorcycle loans.

Indian motorcycle financing credit score.

One example of a popular motorcycle lending option is the lightstream loan from suntrust bank. Motorcycle price this figure represents the motorcycle s sticker price or negotiated price this is the price that the seller and buyer have agreed upon for purchase of the motorcycle. In general a higher credit score will lead to a lower interest rate on your loan and therefore less spent on interest charges over the life of the loan. If your credit isn t where you want it to be don t worry.

I would not advise applying for a motorcycle loan with a fico 8 score under 650 unless you want 15 interest on a 36 month payment plan. Motorcycle lending is more strict as they are not considered a necessity vehicle they fall under luxory loans just like rv s boats etc. This is why unsecured loans typically come with higher interest rates and may require higher credit scores for approval. Offer available to well qualified applicants only.

Unsecured loans may be a better option for someone with a high credit score while secured loans may be viable for someone who has a less than perfect credit score and history. Your actual terms may vary max term once payments begin are 60 months. While the minimum credit score will vary by lender the higher your score the better interest rate you ll receive. Financing offer available through performance finance and is subject to credit approval by performance finance.

A credit card with a relatively high unused limit is another option for motorcycle financing. Not all buyers will qualify and if approved may receive a higher rate depending on credit score. Using a credit card could be your best option if you have a card with a lower interest rate than the rates you re offered for other types of financing. If you shop around for motorcycle financing you may notice that lenders usually classify motorcycle loans and auto loans differently.

There s no minimum credit score required for a motorcycle loan but the better your score the easier it may be to qualify for better rates and terms. Performance finance is a national powersports lending company providing retail loans exclusively through authorized indian victory and slingshot dealers.