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It is no secret that thin or no credit can hurt just like bad
credit when shopping for motorcycle loans. The main reason for
this is that lenders all have a variety of strategies on how to
approach motorcycle loans in their loan portfolios. Some lenders
see motorcycles loans as a risky but feasible business
investment, while other lenders label motorcycles loans as a
high risk money losing investment. Overall, the general
perception of most lenders is that a motorcycle is a “toy” and
therefore motorcycle loans are much more risky than other types
of loans. This “toy” labeled perception from lenders is a
critical component which makes shopping for a motorcycle loan
much more difficult for motorcycle buyers with thin or no credit.
The first step to get approved for limited or no credit
motorcycle loans, is to look online. The reason for this is that
many online lenders are very competitive with offering
motorcycle loans and some of them specialize in limited or no
credit motorcycle loans.
If you have searched online and are still having trouble getting
approved due to limited or no credit, it is critical that you
begin to understand the impact of your FICO credit score.
Essentially, a FICO credit score is the number one variable most
lenders use in approving you for a motorcycle loan. The FICO
credit score is a computer generated score which is comprised of
your credit payment history, amount owed, length of credit,
amount of new credit and types of credit.
Since many people with limited or no credit do not even have a
FICO credit score associated with their credit file their
motorcycle loan applications are sometimes automatically
declined by lenders. Therefore, the first step to getting
approved for a limited or no credit motorcycle loan is to start
building credit history. In order to get a computer generated
FICO credit score with your credit file you must have at least
one credit account that has been open for at least 6 months and
has been updated at least once in the previous 6 months.
This requirement can make it tough for young motorcycle buyers
or immigrants who wish to establish a credit score since some
lenders will not extend credit to people with a thin file.
However in today’s age, there are credit card companies willing
to give newcomers a credit card with a small $500 limit to get
started.
As a result, if all else has failed and you have limited or no
credit a great way for you to begin building your FICO credit
score is to get a low credit limit credit card and begin using
it regularly for small everyday purchases. The key to this
strategy is keeping your purchases small and frequent and paying
off the balance every month on time. Always try to avoid maxing
out the credit cards or even using more than 30% of the
available credit limit. To make this easy some small purchases
can even become automatic by putting things like monthly cable
or telephone bills on automatic credit card payment.
The bottom-line is that finding a limited or no credit
motorcycle loan can be challenging, but working smarter by
shopping for a motorcycle loan online and also beginning to
build a credit history can take a lot of pain out of the
process.
About the author:
Jay Fran is a successful author and publisher at
Motorcycle-Financing-Guide.com, a national guide to compare
motorcycle lenders. http://www.motorcycle-financing-guide.com/no-credit
-motorcycle-loans.html