While many lenders are hesitant to hand out loans to those with bad credit or a bad credit history, this is not the case with all lenders. Some lenders are granting motorcycle loans to those with bad credit because they are not as focused on your past history. They use other ways to decide if your credit is worthy of a loan, such as looking at your job history and debt-to-income ratio.
Military personnel with poor credit hoping to get a motorcycle loan need not worry because it’s possible. Here is what you need to know in trying to get the loan.
Why have motorcycles become so popular?
Military personnel can appreciate the sense of freedom a motorcycle allows when driving making them feel less restricted. The market for motorcycles has increased over the last few decades because they are less expensive than cars.
They are more popular than cars with many military men and women because they are cheaper to run, they look great and they are exciting to ride. They are easier to repair and park, they can stop anywhere and they are more flexible in traffic.
While motorcycles are less expensive, motorcycles are still considered a large purchase, so military personnel are usually still in need of a military motorcycle loan. The loan allows them to make monthly payments on the motorcycle rather than providing the cash upfront for the large purchase.
Buying New or Used
Military personnel that have decided to try to get a motorcycle must first decide if they want something used or new. It’s going to cost more to get something new and the price is on average $12,000. With a military loan, you are only going to get up to $4,000 so you’d have to be prepared to pay the rest in cash up front or have them take the rest out of your monthly military pay. https://slickcashloan.com/
Another option for military is to get something used with your motorcycle loan. Bikes in great condition are on sale all of the time for a great deal where the loan may cover the whole bike or most of it.
What does the Installation Loan Cover?
The great news about installation loans is that the military personnel decide what it will cover. Some choose to use it as a partial payment on a new bike, some choose to buy a used bike with it, and others use it for bike repairs. Repairs can add up on bikes because they sometimes need new tires, break pad replacements, and engine oil changes.