What To Expect When Applying For A Motorcycle Loan
If you want to purchase a motorcycle and are looking for financing options, Diamond Credit Union can prepare you to apply for a motorcycle loan. The first thing to know is the process is not much different than applying for an auto loan. If you’ve already been through that, then applying for a motorcycle loan should be familiar.
The Motorcycle Loan Process
No matter what you’re getting a loan for, it’s helpful to get pre-approved first. Getting pre-approved will give you an idea of what your interest rate will be, the payment term and how much you will be approved for. The Diamond representative will go over all of this information with you.
If you already know what motorcycle you’re going to buy, you would still contact a Diamond representative and provide them with the same information, as well as what you know about the motorcycle. The loan process is usually quick, but it depends on the situation.
Motorcycle Financing & Motorcycle Refinancing
Diamond Credit Union offers the same financing options for motorcycle loans as auto loans. This means that you will get the same rate whether it’s a used or new motorcycle, extended financing and flexible payment plans. The length of your loan could be up to 48 months, up to 72 months or greater than 73 months.
Once you talk to a representative about motorcycle loan terms and figure out what your monthly payment will be, you can choose the term that works best for you.
Like any loan, your credit score does affect your financing options. While every loan is different and Diamond looks into your individual situation, if you have a higher credit score your interest rate will typically be lower. If your credit score improves after you purchase and finance your motorcycle loan, you could refinance to get a lower interest rate down the line.
As a Diamond member, you can get a free credit review from a representative. They will go over your credit with you and let you know if there is anything you can do to improve your score.
The Difference Between An Auto & Motorcycle Loan Through Diamond
Through Diamond, you can get the same benefits you do for a motorcycle loan as you would an auto loan with a couple of exceptions.
The first is that you can’t use a Diamond Auto Express Check to purchase a motorcycle. However, Diamond can have a quick turnaround for a loan so you can purchase your motorcycle as soon as possible. The next difference is that Diamond does not offer warranties on motorcycles.
Making the decision to make a large purchase can leave you with questions and wondering if it’s the best choice for you. If you’re still in the deciding phase or if you are sure that you’re going to purchase a motorcycle loan, Diamond can help.
Contact a representative to move towards owning a motorcycle.