The Best Tips for Financing Your Motorcycle

Financing your motorcycle is a great way to get the bike you love without breaking the bank! However, before you start applying for loans, you’ll want to read some of our helpful tips on how to get the best rates available. Afterward, you can stop by our dealership in Dunmore, Alberta, and speak with a sales rep, or apply for financing on our website, here.

Check Your Credit Score

You can check your credit score for free once a year with a number of different reporting agencies. While there are solid loan rates out there for people with bad credit, it doesn’t take much to build your score! Paying bills on time, reimbursing old debts, and having several lines of credit open are all strategies that will have your credit rising in no time. If you can, we advise waiting to apply for loans till your score is around 700.

Budget Your Income

It’s important to sit down and take a close look at your income, savings, and expenses before applying for loans. Without a budget to rely on, you could easily end up taking on expensive payments that could push you into debt. Avoid this scenario by calculating what you can afford monthly for your motorcycle. 

It’s also wise to save up a bit before buying your motorcycle. Dealerships tend to ask for a 20% down payment, but the larger it is the better your loan rates will be. As you’re budgeting your income we advise also setting some savings goals. These should keep you on track as you save over time!

Pick a Model

We advise not selecting a motorcycle till after you’ve budgeted your income. More often than not buyers will fall in love with a model they simply can’t afford. Instead, after you’ve created your budget, write a short list of features you’d like your bike to have. This list should help you walk off the lot with a motorcycle that’s in your budget and has everything you need. As an added bonus, you’ll also avoid overpaying for features that might not be very useful to you.

Apply For Loans

We encourage you to research multiple lenders and submit applications with multiple institutions. While this might seem like extra and even unnecessary work, there’s a huge benefit in being able to compare your loan rates across lenders. However, be sure to keep in mind that each application can temporarily lower your credit score for a short period of time. While you want to apply with multiple institutions, it’s advised to keep your number of applications less than 6. 

We hope these tips have been helpful in preparing you to finance your motorcycle. We here at Badlands Harley Davidson have a great financing department and a number of high-quality motorcycles! If you live in the nearby cities of Lethbridge and Medicine Hat, Alberta, we encourage you to stop by our dealership and speak with one of our friendly sales staff.