Tips for Financing Your New Motorcycle

If you’re in the market for a new motorcycle but a bit short on funds, we encourage you to check out our helpful tips below! Then, when you’re ready come on over to our dealership in Grandview, Missouri and take a look at our impressive inventory.

Credit Score

Your credit score has a lot of influence over your loan rates and acceptance. Before you apply with any lending institutions we encourage you to check your credit and be sure that it’s above 650. While there are loans out there for buyers with bad credit they often come with a lot of stipulations. Thankfully, it’s pretty easy to raise your credit by paying bills on time, paying off old debt, and spending a reasonable amount on your credit card each month.

Budget

Although you’re applying for a loan, it’s still important that you budget your upcoming purchase. To do this you’ll need to add up your total monthly income, as well as all of your expenses. Subtract these two numbers and what’s left can be put toward your monthly loan payment. Just don’t forget to contribute to your savings and leave yourself a little spending money.

Applying

When applying for a motorcycle loan you’ll want to submit your information with multiple lending institutions. This way you can compare rates and be sure you’re getting the best loan available. However, each application will result in a hard check on your credit which will temporarily lower your score. Be sure not to submit more than 5 applications at a time.

Now that you know how to get a great motorcycle loan we’re sure you’re excited to start browsing models. If you’re located near Kansas City, Missouri, or Overland Park, Kansas we hope you’ll visit Freedom Cycles for all of your motorcycle and motorcycle financing, needs!