Time to get a new motorcycle! Time to open that wallet, gather a down payment and get a loan (with bd credit?).

Getting a 650 credit score motorcycle loan is possible, but do you want to pay the interest fees? No worries, we are here for our fellow motorcyclists. 

Bad credit cycle loans and the unsecured personal loan will cost you more, but they are available from online lenders, credit unions, and banks.

In generals, these few steps will get you going:

  1. Talk To A Dealer 
  2. Find A Lender (see recommendations below)  
  3. Get A Cosigner
  4. Show Past Payments (if possible)
  5. Make A Larger Down Payment  

And, make sure to get all the information you can about the value of the motorcycle


What are the interest rates on a 650 credit score motorcycle loan?

Motorcycle loan rates from commercial lenders ranged from 4.69% to 12.74%. 

The lowest APR we found was 3.99% on a new motorcycle financed through Harley Davidson Financial Services if you meet requirements.

Depending on the lender, your loan amount may have to fall within a minimum and a maximum. 

The lowest minimum amount required for a motorcycle loan was $1,000. Terms ranged from 24 months (2 years) to 84 months (7 years).


Dealership finance vs. outside lenders

The main benefit of financing through Harley Davidson opens you up to deals that you might not get from other lenders, like low introductory rates and rebates. 

And you might not even get the best deal that you’re eligible for.

To cover all your bases, consider prequalifying for a personal or motorcycle loan elsewhere and using that as leverage when you go to the dealership. 

You might be able to get a few points shaved off your rate.

Improve Your Credit For Lower Interest Rates/Monthly Bills

If your credit score is below the threshold for a bad credit motorcycle loan, you may need to take some time to clean it up a bit. 

Check your credit report carefully for errors. Initiate the dispute process online (or by mail) with the appropriate credit bureau if you find incorrect information in your credit reports.

The best way to build credit is to lower your credit-to-debt ratio (credit utilization) while continuing to make payments on time. 

You can boost your score 100 points by: 

  • Removing errors OR hiring a credit repair service to do it for you
  • Becoming an Authorized User on someone’s credit lines
  • Getting a credit increase (without spending the increase)
  • Continue Reading…

Related: Raise Your Credit Score by 50 Points with These Tips

They specialize id removing inaccuracies and disputing items from your credit reposts. At the very least, you can call for a free consultation, tell them your situation and see how they can assist.

Here are 3 legitimate credit repair companies that can get the job done:

  1. Ovation Credit Services 
  2. Lexington Law
  3. CreditRepair.com

Collections and late payments have a hugely negative effect on your FICO credit score. 

Good payment history will help increase your score as older negative items age and eventually fall off your reports.

Related: Does getting a credit limit increase affect your score?


Moving Forward

Good luck getting your 650 credit score motorcycle loan. We hope this information and resources gets you closer to your new motorcycle.  

You definitely can get a motorcycle loan with a 650 credit score but, if you can, hold off until you improve your credit score by 100 points.

Finding the best auto interest rates can save you thousands. It just takes some planning, a bit of persistence, and compromise. 

James Willaims
 

Hey There, James here. I am the co-founder and editor of this site. I have over 10 years experience in business and 5 in the credit repair world

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