Getting a Motorcycle Loan Credit Score 642

Anonymous · ‎06-08-2008

Hello, I am going to apply for a motorcycle loan and my credit score is 642. I am only going to be financing $1900 for the motorcycle (I have $1000 for down payment), and I was wondering how likely it is for me to be approved for the loan. I have another car payment which will be paid off next month as well and everyone has told me that it will actually help my chances of getting a motorcycle loan by having my car loan. Can someone please tell me if my chances are good or bad at being approved? Thanks!

Schoolbuskid · ‎06-08-2008

You will be absolutely fine...you have good credit score and with the money down they will more than glad to help you! Enjoy that motorcycle and let us know how it goes!

Rebuilding and Reducing Debt, is my game plan.

Anonymous · ‎06-09-2008

They denied me because they said I didn't make enough money, although I bring home quite a bit. Would I have a better chance trying to add my fiance to the loan?

Schoolbuskid · ‎06-09-2008

renegade5678 wrote:
They denied me because they said I didn't make enough money, although I bring home quite a bit. Would I have a better chance trying to add my fiance to the loan?

Wow are you serious? They arent even lending that much money, i mean you are putting down a 1000 right? Then that would leave a balance of 1900 to be financed right? Who are they using for financing? You may want to try a credit union for a loan amount for motorcycle!

Does your fiance make more money? If so then i would say yes, it his scores any better than yours?

I am really surprised you werent approved! Sorry!

Rebuilding and Reducing Debt, is my game plan.

Anonymous · ‎04-24-2010

They denied you because a $1,900 loan isn't worth much to them. You're very unlikely to find a motorcycle loan for that amount from anyone other than a credit union to which you belong. Buy a pricier machine, or pay cash.

(Yes, I realize this is an older thread -- but it helps everyone if people realize that lending money is a legitimate business, and the lender expects and deserves to make a profit that outstrips its costs in administering it.)

Anonymous · ‎10-15-2010

For such a small amount, I would try and get it as a personal loan from a local credit union. The interest rate would be higher, but it will have a better chance of getting approved.