How To Finance a Motorcycle

It’s not always easy figuring out how to get the best loan available for your motorcycle purchase. To help you we’ve put together some helpful advice below! When you’re ready come visit us in Goldsboro, North Carolina and walk off our lot with an amazing bike and a great loan. 

Budget

Many buyers assume that because they’re financing their purchase, they don’t need to budget. This is not the case and failure to properly budget will have you falling into debt very quickly. However, rather than budgeting for one big purchase, you’ll be planning for monthly expenses, which are often much more affordable. Simply subtract your monthly income from your monthly expenses and see what’s left over for your loan payment. Just don’t forget to leave yourself a little extra cash for emergencies. 

Save

Much like budgeting, many people don’t think they need to save up for their motorcycle if it’s being financed. Once again, this isn’t the case. Your loan may not cover the entirety of your purchase, or your lender may ask you to place a down payment. Be sure that you have enough savings to cover these added expenses without breaking the bank. 

Credit Score

The higher your credit score is, the better off you’ll be. Not only will it lower your monthly rates, but it means you're less likely to have to pull from your savings to cover a down payment. Before applying for any loans try to get your credit score somewhere in the 620 to 650 range. Using your credit should help raise your score. Try to spend 10% of your available credit each month and pay it off on time. 

If you’re located in Greenville, Wilson, or Raleigh, North Carolina we hope you’ll visit Fun Products Goldsboro for all of your motorcycle needs! We offer great financing options and a convenient online application you can find here.