FAQ

To apply for motorcycle finance with credit issues, applicants will need to meet the standard criteria for personal loans or business finance. Documents relating to the financial position are required. These include tax returns, payslips or proof of income, personal information, bank statements and similar documents.

Businesses with credit issues may be approved for a motorbike loan, subject to lender consideration of the individual application.

The collateral required as loan security for applicants with credit issues will be determined by the lender. Applicants can expect that assets in addition to the bike being financed, will be required as loan collateral.

Credit ratings may be improved by fixing any errors which may appear in credit reports. Ratings may also be improved by maintaining a good payment history for some time. Payment histories to lenders as well as utilities companies, telcos, streaming services and other suppliers may be reported to agencies.

A bad credit rating is determined by Credit Reporting Agencies with their reports accessed by lenders when assessing loan applications. The agencies use a formula to calculate the rating based on the reports of late payments, defaults and other credit issues submitted to them.

Subject to lender approval of individual applicants, all types of motorcycles may be financed by buyers with credit issues.

Bad credit applicants may apply for the full selection of motorcycle loan products. These include secured and unsecured loans for personal finance and Lease, Chattel Mortgage and CHP for businesses. Approval of the application is subject to the lender.

The interest rate on bad credit motorbike finance will be determined by the lender after assessing the individual application. Applicants can expect a higher rate than is offered to applicants with good credit and the best available rate advertised by lenders.

Bad credit is assessed by lenders based on reports obtained through Credit Reporting Agencies. These agencies collect reports from lenders and businesses about the payment history of an individual or business. Late payments, multiple loan applications and loan defaults are reported. The agencies assess the information and calculate a credit score for the individual or business. This score and/or rating is the assessment used by lenders.

A bad credit motorbike loan is finance for a person or business that has poor credit score or rating. This is not a specific type of loan. It is a description of the loan applicant.