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LightStream tends to be best for those who want to buy a more expensive motorcycle. To qualify for a loan, you will need to have good to excellent credit. According to Equifax, that means your score should be between 670 and 850. 4 If your credit score is below that range, you'll need to work with another lender.
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What is the minimum credit score for a motorcycle loan? You will typically need good to excellent credit to qualify for a motorcycle loan with competitive rates. According to Equifax, one of the three major credit bureaus, good credit scores range between 670 and 850. What is a good motorcycle loan rate?
Your Credit Score and Motorcycle Loan. To qualify for a motorcycle loan, you should be able to meet a certain credit score threshold. Now this minimum credit score varies among lenders. Some lenders would require a basic score of less than 620. Still, other lenders only deal with borrowers having a credit score of 680.
There's no minimum credit score required for a motorcycle loan, but the better your score, the easier it may be to qualify for better rates and terms. In general, a higher credit score will lead to a lower interest rate on your loan and, therefore, less spent on interest charges over the life of the loan.
Most lenders require a credit score of 620 in order to get motorcycle financing. If your score is below 620, you may still be able to find a lender to work with you. Often credit unions and small banks will work with individuals with lower credit scores, especially if you can document that your score results from a life crisis, like unusual medical bills. It also helps to be able to document a source of steady income.
Motorcycle lending is more strict as they are not considered a necessity vehicle, they fall under 'luxory' loans just like RV's, boats etc. I would not advise applying for a motorcycle loan with a Fico 8 score under 650 unless you want 15%+ interest on a 36 month payment plan.
What is the Minimum Credit Score for a Motorcycle Loan? There’s no fixed standard credit score for a motorcycle loan, but some say between 670 to 850 is best. Essentially, you need to have a good credit score to get the best rates for a motorcycle loan. A good FICO Score is 670 to 739 and a good VantageScore is 601 to 660.
You definitely can get a motorcycle loan with a 650 credit score but, if you can, hold off until you improve your credit score by 100 points. Finding the best auto interest rates can save you thousands. It just takes some planning, a bit of persistence, and compromise. Related.
Most borrowers who are approved for a loan through Avant have credit scores between 600 and 700, so you are more likely to qualify for a loan from Avant than from other lenders.