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By researching motorcycle financing options in
advance can lead to significant savings in the long run.
There are a number of factors that must be considered when
determining what kinds of loans are available to you. Obviously,
the type of motorcycle you are buying will affect the amount
of money you'll need. Usually, the more you can pay up front,
the better off you'll be. Past credit history will have
a big effect on who is willing to finance your purchase
as well as what kind of interest rate you will receive.
You may even be able to finance the purchase of less expensive
motorcycles using a credit card, however, credit cards usually
have very high interest rates. When looking for motorcycles,
it is important to shop within your means. Even if you think
you can afford the bike itself, it is important to consider
the cost of insurance, gear & maintenance. If you purchase
a motorcycle outside your price range chances are you will
regret it. The financial burden will take its toll and enjoying
a bike you can afford is better than watching your dream
bike being hauled away because you couldn't keep up with
the payments.
Many motorcycle manufactures
offer their own financing options if you are looking to
purchase a new bike. Often these programs will offer the
best terms on the loan but can be harder to qualify for
and more restrictions may apply. You can get more details
at each manufacturer's website:
Personal loans give you the
flexibility to buy any make of motorcycle you want, new
or used. If you have a decent credit history, Capital
One Auto Finance
can provide loans specifically for financing the purchase
of a motorcycle. If you credit history puts you in the "high
risk loan" category, you still may be able to finance
your bike with one of the companies below. Chances are good
that these loans will come with pretty steep interest rates:
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