You are not the first person to have a bad credit history and, certainly, you won’t be the last one. Truth be told, it’s not easy to get a motorcycle loan when you have a bad credit report. It’s even harder to get financing when you don’t have a cosigner. What do you do when you are looking for a motorcycle loan and hopes of getting one are dimmed by a bad credit score and having no guarantor? The good news is that all hope is not lost. With a diligent search, you can get a motorcycle loan with bad credit. Here is how this is possible:
Make a Search for Lenders Who Can Finance You
Yes, many lenders will only finance people with a good credit record. However, that doesn’t mean that you can’t get a lender who can finance you in spite of your bad credit loan and having no cosigner. You may need to intensify your search so that you get a lender who is willing to work with you. Begin by asking around to see whether you can get one. Better still, go online. Search for online loan lenders who finance people with bad credit. Some lenders willSome lenders will overlook your bad credit score and focus on your current ability to pay. Expand your search till you get potential lenders for your motorcycle loan.
Persuade Your Potential Lenders
Make your case before your potential lenders. Once you get potential lenders, the next thing is to persuade them that you can payback. Don’t be afraid of proving to them that despite the bad credit score and having no cosigner, you have what it takes to repay the loan in a good time. For example, if you have had a loan in the recent past and you were able to pay back, let them know. Moreover, show them your current income status and make your case and capacity to pay the loan strong. Simply put, you are taking away any doubts that your potential lender might have towards giving you a motorcycle loan with bad credit.
Pay a Larger Down Payment
If you commit to paying a larger down payment, you are increasing your chances of getting your motorcycle loan serviced. Even with no guarantor, this will entice your prospective lender to finance you. If you can make a 20% down payment or more, you will reduce the loan amount significantly. This is a big plus for you. In the eyes of lenders, they will see this as a risk worth taking because you have already shown your capacity and commitment to paying back the full loan amount. Thus, make sure that you have a larger down payment amount to increase the chances of your motorcycle loan being approved.
NowLoan offers a fast, safe and secure way of being connected with the right lenders to give you a loan. Now that you need a down payment to facilitate your motorcycle loan, you can rest assured that NowLoan will help you get a short term loan for bad credit to boost your chances of buying your motorcycle. With no guarantor required, you will get the money you need faster. All you need to do to get a short term bad credit loan processed within the shortest time possible is to make an online application to NowLoan. Certainly, NowLoan will match you to a lender who will be ready to finance you