Next to the purchase of a new home or car, buying your next joy ride motorcycle presents one of the biggest financial commitments you’ll make in a lifetime. Most people purchase a motorcycle as a way to celebrate life and have a little fun, so settling for something you don’t really love is a bad idea. When you’re in the market for a new motorcycle, you want to shop around and put your hard-earned dollars into something you’ll enjoy for years to come!
That said, there is no need to be hasty. Look at the numbers before plunging into a big purchase. You don’t want to find yourself in a situation where you’ve drained your bank account just to make a motorcycle payment. Instead, it’s better to find a cruiser that fits within your budget. It’s also important to iron out a loan that benefits your financial situation. Current financial obligations, future goals, and the type of ride you need for the day-to-day are all considerations as you navigate the various loan offerings.
If your head is spinning, don’t panic! Getting a loan is easier than it seems on the surface. You simply need to understand your options. Visiting a third-party financial institution is the most common way to gain access to financing. However, this process can be time-consuming and often requires a lot of paperwork and cash on hand. A better option (especially if your credit isn’t the best) is obtaining motorcycle in-house financing from a dealership like MotoMax in Raleigh, North Carolina. There are several advantages to obtaining in-house financing for your motorcycle versus getting a loan from a traditional lender. Here are five reasons to go this route.
Traditional lenders want to see a good credit score before they’ll consider lending you money. Having bad credit or no credit presents a huge roadblock when trying to purchase a new set of wheels. Banks and larger third-party institutions scrutinize your assets, work and credit history, and other financial resources before extending credit. Risky business may be the norm in some industries, but banks frown on it, so if you don’t have the best credit, you may be disappointed.
In-house financing dealerships can be more lenient with loan candidates who have bad credit, and they often work with you to determine how much motorcycle you can afford. Qualifying for a loan with an in-house financing dealership is much easier than with a traditional loan because they focus on your future earning potential, not on bad credit of the past. The approval process is streamlined, and the turnaround time is quick. In most instances, you can apply online and have an answer within minutes!
No one wants to jump through a million hoops to get a loan, and you’re probably excited to get on the road sporting your new ride! That said, the loan process with traditional financial institutions can be a huge headache requiring tons of paperwork and proof of all kinds of things before they’ll even begin to process the loan application. The pre-approval process with a motorcycle in-house financing dealer is much more seamless. These dealers receive a ton of applications every day, and they have a team of lending experts that will handle all the paperwork for you. Simple!
Dealerships specializing in in-house financing are generally able to offer pretty flexible terms to consumers. This not only gives you the biggest bang for your buck, but it also gets you into a motorcycle that fits within your budget. It’s always good to be proactive when it comes to your financial future, so read through all the fine print before signing the contract. Ask about any special incentives they have in store; they might have a special deal going that will save you even more.
When you apply for in-house financing for your motorcycle, you’ll find that the actual application process is easy. Generally, you just need to prove how much you earn and who you are. Here’s an example of the types of information required:
You may also be asked for a personal reference list. And you’ll want to be prepared with cash for a down payment if needed.
Last, but not least, working with motorcycle in-house financing dealerships is a great opportunity to repair a damaged credit score. This is because many in-house financing motorcycle dealerships report good payment history to Equifax, one of the leading consumer credit reporting agencies in the country. Consistent, on-time payments prove that you’re a responsible manager of your money. With a history of these payments under your belt, you’ll be well on your way to a higher credit score.
With a wealth of knowledge at your fingertips, it’s time to start shopping for your new ride! MotoMax is the largest motorcycle in-house financing dealership in North Carolina. We’ve been helping people just like you buy the motorcycle of their dreams since 2008. We’re located in Raleigh, North Carolina, and also serve the cities of Durham, Youngsville, Henderson, Cary, Chapel Hill, Garner, Knightdale, Oxford, and Wake Forest. We offer motorcycle in-house financing that can make your dream of owning a motorcycle a reality. Stop in or give us a call today and let our sales team at MotoMax answer all your motorcycle financing questions. We’ll get you rolling on your motorcycle loan – and then on down the road – in no time.
