Are bad credit motorcycle loans possible? This is a question I am asked over and over again, whether it is just meeting a person on the street or though e-mail from a person that found my motorcycle financing website. Well the short answer is yes bad credit motorcycle loans are totally possible even if you have a bankruptcy on your credit report. However, there are certain things you need to consider before looking for a bad credit cycle loans because you can be taken advantage of just because you have poor credit.
First off understand that over and over again in the world of motorcycle loans, I see cycle buyers with bad credit tend to focus more on desperation for getting approved for motorcycle financing rather than making a good decision for there financial future. As a result, when the typical motorcycle buyer with poor credit is approved they are often stuck with hefty fees, and backend products that leave them paying much more for their motorcycle than they should.
If you have bad credit and need a motorcycle loan, the best advice I can give you is do not let someone tell you that you have to pay document fees, extended protection, Gap insurance or other add on products to get approved. Sure you may have to sacrifice for a higher interest rate on your bad credit motorcycle loan, but you do not have to get taken to the cleaners with a bunch of other fees.
It is the above reasons that it is important to try to sometimes go straight to the lender and find a lender that will finance bad credit motorcycle loans I am not going to tell you that it is easy to get approved like if you had good credit but if you work a bit you can find motorcycle lenders specializing in bad credit. Here are some options you may want to consider.
1. Online Motorcycle Lenders: The nice thing about working with online motorcycle lenders is that you are going directly to the lender and there is no middle man involved with placing you in a loan that may put you in a bad situation. Going directly to the lender for bad credit motorcycle loans is always better in my opinion because the lender does not want to place you in a loan you will default on. On the other hand, going through a middle man you will find the middle man will want to place you in a situation where they will make the most money which could be a very bad loan for you.
2. Credit Union: Your local credit union may buy bad credit motorcycle loan more often than the average loan at a dealer because the credit union only has a small percentage of its overall loan portfolio in bad credit motorcycle loans. This allows them to control losses a bit better than a dealer because they have other thinks finance not just motorcycles. So they may approve bad credit motorcycle loans a dealer will not touch.
3. Personal Loans: Many people with poor credit tend to many times go for personal loans. I only recommend this option as a last resort, but I would much rather a bad credit applicant get the credit straight before getting a personal loan. The reason being is personal loans typically have very negative terms for motorcycle buyers and they can sometimes have interest rates in the 30% range. This is not a good situation for a motorcycle buyer.
4. Local Banks: Sometimes local banks can be an option for finding bad credit motorcycle loans, but typically they are stricter than Credit Unions. So check with your online motorcycle lender or credit union before going to a local bank. But similar to a credit union, local banks probably do not have a ton of their loans in motorcycles so this helps you chances of getting approved sometimes. Many times the less experience a bank has with motorcycle loans the better for you because they can sometimes evaluate bad credit motorcycle loans the same way as a car loan which typically is much more lenient.
So in a nutshell, if you are looking for bad credit motorcycle financing it is totally possible. It will require you to do a little more research than the typical person with good credit, but your efforts will be well worth it when you are riding your new motorcycle. The best thing for you to consider is not getting frustrated if one lender turns you down, because there is definitely a bad credit motorcycle loan out there waiting for you. You just have to start online or at your local credit union to get going in the right direction to financing your motorcycle.
By: Jay Fran
Posts Tagged ‘Poor Credit’
Are Bad Credit Motorcycle Loans Possible
March 11th, 2010How Government Contractors Finance Their Deals With the US Government
March 5th, 2010
Many Americans who fully understand that the Federal Government spends billions of dollars each year to run the country, do not fully understand that any “Government Ready” Business can bid on contracts with the Federal Government with very little working capital.
So the question is, how did they start out with very little investment and in some cases, poor credit?
The biggest factor in using someone else’s money to finance your deal with the federal government has to do with the Assignment of Claims Act that Congress passed in 1986 (31 U.S.C.3727) This act states that a “Contractor, or its assignee may assign its rights to receive payment due as a result of performance” to a financing institution. This is what we call the assignment of invoices., known as factoring or accounts receivable financing.
What the government did, was encouraged government contractors to acquire working capital through factoring. Factoring is the selling of your invoices for immediate working capital, rather then waiting 30, 60 or 90 days for the customer to pay you.
Financing companies who handle government contracts are familiar with the procedures to have invoices assigned to them and therefore they are comfortable with providing up 80 – 90 percent of the invoice to the contractor, immediately, once the paperwork is completed.
The Assignment of Claims Act enables government contractors, small business owners, minorities, women and veteran owned businesses to bid on project after project with full confidence that they could handle the cash flow, because of factoring.
Factoring is not available on all government contracts. For instance, it is difficult, but not impossible to find a Factor for construction factoring. And some Factors don’t like to finance contracts until after the work is completed and the government has been invoiced. In other words, there is a difference between financing invoices and financing a job that is not yet completed.
The secret to allowing someone else to finance your deal has a lot to do with what service you are providing for Uncle Sam. Example: Lets say you are providing 100,000 widgets to the Department of Defense. You locate a US company that makes the widgets and ask them for their lowest bid. You may or may not include them as a partner in the deal, but rather as a vendor for you. You bid on the job, you win the bid. Because you don’t have adequate working capital, you have already contacted an Accounts Receivable Specialist who has located, at no cost to you, Purchase Order Financing (PO Funding) and Accounts Receivable Financing. And once you complete the paper work, both of the Financing Institutions agreed that the deal is a go.
The PO Financing pays the manufacture, and the Accounts Receivable Financing provides you with up to 92 percent of the total invoice that the US Government owes you. Both of these transactions must coincide with each other.
Small business and large businesses are bidding on jobs, winning the contracts and repeating the process until their experience enables them to be the lowest bidder, and still show a profit.
In fact some companies open up entirely different division of their company just to accommodate government contracts that no one else is bidding on!
The answer is yes, Uncle Sam is contributing to the profit margin of small businesses owners throughout the US.
By: Cassandra Ingraham
Mortgage Loans After Foreclosure – How to Do Get Finance
February 7th, 2010
Mortgage loans after foreclosure can seem like an impossible dream if you are not long away from losing your home to foreclosure. Many people believe they are somehow not able to ever own their own home again and will never be able to enter the real estate market again. The truth however could not be more different.
Many lenders seem to now be taking a view that people do learn from their mistakes and that someone who has previously lost their home will have learnt from their mistakes and will be less likely to get into the same situation again. This is a key point. If you want to get a mortgage loan after foreclosure you must learn from your prior mistakes and put right what went wrong the first time round.
Instead of heading to the mainstream mortgage loan providers you should instead head to a specialist lender that focuses on providing finance for those with poor credit scores. By doing so you will greatly increase your chances of obtaining finance that will enable you to buy your home.
Most important of all is to take action. So many people fail to realize their real estate dreams because they feel sorry for themselves and sit back and d nothing. By taking action every single day you will dramatically improve your chances of success. Aim to set aside at least 30 minutes each day to further your research, improve you credit score or research finance companies. The more work you put into it the more you will understand what you need to do in order to succeed.
By: James McKerr
