How to qualify for a motorcycle loan

If you’re looking at motorcycle loans, you might be wondering what you will need to qualify. Generally, you will need to supply your lender with details of your income, assets and debts in order to prove that you will be able to make your loan repayments on time. Your lender may also want to see details of your overall expenses, and may also check your credit history and credit file to determine what kind of loan they can offer you.

Read on below to find out more about how to qualify for a motorcycle loan.

How to qualify for a motorcycle loan

Motorcycle loans generally come as secured and unsecured, and knowing which will suit you is important.

The most common type of loan you’ll come across once you start to compare motorbike loans is a secured loan. Similar to a secured car loan, a secured motorcycle loan requires your motorbike to be used as collateral. Generally, this means that your lender can repossess your bike to cover the remaining costs if you ever default on your loan.

An unsecured motorcycle loan means that your motorbike is not used as security, although, this loan may come with different loan terms depending on your lender. Depending on your situation and the amount of the loan, your lender may have additional loan types to offer you.

When gathering documents for your application, your lender may need to see:

Your current income – These could include your payslips, or bank statements to show that you currently have a steady income. This is so your lender can understand how much you can afford to repay, and how often you can afford to repay it. If you are submitting a joint application with a spouse, your lender will usually ask for the combined income of both applicants.
List of assets – Your lender may wish to see details of any assets that you have, including a vehicle or if you own your own home.

A list of any debts – You may also need to provide details of any debts that you have, such as other loans or credit cards in your name. These could potentially impact your ability to repay your loan, so you should provide your lender with details of them.
Overall expenses – Your lender will usually need to know the details of your other expenses, such as rent and utilities, as part of your application.
Credit history – Most lenders will check both your credit record and credit score to understand your financial history. A lender may check for any previous loans you have defaulted on, or any missed payments you have listed.

Different lenders may have different criteria lists that they follow and may need to see different documents. It might be best to check with your lender ahead of time to find out what you will need to supply them with to avoid delays with your loan.

Where does Tiger Finance come in?

We have helped countless Australians with both good and bad credit ratings to be funded for their dream motorcycle. The lending criteria from other lenders can be far too strict when you have bad credit.

With Tiger Finance, we can help to get you a loan in four easy steps. You will have a free consultation with one of our specialists, and we will tailor-make you a loan. We will negotiate with lenders on your behalf before you are approved. You won’t find an easier way to get approved for a bad credit motorcycle loan.

How we can help

Tiger Finance is here to help you to get your dream motorcycle regardless of your credit score. We can make the process simple and pain-free. With our quick application process, we can have you approved on the same day that you apply if you’re able to meet our criteria. Our loan specialists will make the entire process stress-free.

If you’re ready to drive away in your new motorcycle, call us today for your free initial consultation with one of our loan specialists.