Getting Financing for a Motorcycle With Poor Credit

Having poor credit can limit your ability to get financing for anything, including a motorcycle. Positioning yourself to be able to obtain financing will require work to improve your credit situation. A potential lender is willing to accept poor credit history if you can show your situation has improved--perhaps you can prove that you've been making credit card payments on time, or you've paid off a good chunk of what you owe recently--and you are able and willing to handle your debt responsibly.

Instructions

1

Review your credit report. Look for debt that is older than seven years. Look for any inaccurate item. Make note of every account on your credit report that is in positive standing and note any positive account that is actively reporting and open.

2

Count the number of accounts you have that are open and current. If you do not have at least two accounts reporting, open a credit card account. If you are unable to qualify for an unsecured credit card, open a secured credit card. Your credit score will not go up without positive items reporting. The credit line on the credit card does not need to be high, but it must report to all three credit bureaus.

3

Write letters to the credit bureau to dispute any negative accounts older than seven years and any incorrect information on negative accounts. Provide your name and list the items one by one, and ask each item be either corrected to report accurate information or removed from your credit report. You do not need to explain what information is incorrect.

4

Save money for a down payment. Having poor credit will require a down payment to finance your motorcycle.

5

Visit your local bank or dealership after you have completed the previous steps. Bring proof of income and have your down payment ready. If possible, meet with the loan officer and explain what caused your poor credit and explain how your credit situation has changed and that you know you will not have any problems paying the monthly payment. If you are unable to qualify for financing, allow your positive accounts to continue to report and try again in six to 12 months.