The world of used motorcycle loans is traditionally confusing to many motorcycle buyers involved with purchasing a used motorcycle but it does not have to be if you are equipped with a bit of knowledge.
When looking for used motorcycle financing, you should first consider where you will purchase the motorcycle from. For instance, will you purchase from a dealer, an individual or a vehicle auctions?
This could highly affect your used motorcycle loan decision and the direction you will choose to focus your energy with getting your loan worked out.
Here are some things to consider with each option:
1. Auction Purchase: If you are thinking of purchasing your used motorcycle at an auction it is highly recommend that you have your cash ready to buy ahead of time. Therefore, if you are going to finance the used motorcycle from the auction you will need to line up the financing first as most auctions do not offer financing.
There are several online motorcycle lenders offer used motorcycle loans, so this is a good option. Basically these motorcycle lenders will approve you online and then send you a check for the amount you are approved for to purchase your motorcycle.
Another option for your auction purchase may be to get check your local credit union for used motorcycle loans. Sometime the credit union may offer it under a personal loan but it is all the same.
2. Individual Purchase: An individual purchase will work similar to an auction purchase.
You will need cash in hand to make the purchase so you will have to line up your used motorcycle financing first before the actual purchase. Online motorcycle lenders or your local bank and credit union can help you with this and send you a cashier’s check.
Most individuals prefer a cashiers check or money order so be sure to ask them before you drive all the way to their house to make the purchase.
3. Dealer Purchase: With a dealer purchase you will have a variety of options for used motorcycle loans.
You can still choose to use online motorcycle lenders as they tend to have highly competitive motorcycle loan rates or you can use the dealerships financing. They can get you approved fast and money in your hand in 24 hours typically so making the purchase is simple. You will not have to go to the dealer and wait an hour while they do all the paperwork.
Dealers normally offer consumer financing through GE Capital (AKA GE Money) or HSBC Retail Services which is an option as well. These offers could be on a credit card or a standard installment loan and you motorcycle loan rate will be based on your credit history.
Don’t forget about your credit union and local banks as they can handle dealer purchased as well.
In the end financing a used motorcycle does not have to be difficult, you can easily use online motorcycle lenders for used motorcycle loans at competitive rates or even choose a dealer or local credit union. Online motorcycle lenders may prove to be the best option because you can arrange them in the comfort of your own home without waiting hours in a bank or dealer.
