Dallas Harley-Davidson®, Garland
1334 W Centerville Rd, Garland, TX 75041

972.270.3962
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HOW TO BUY A HARLEY WITH BAD CREDIT

July 12, 2019

GETTING A MOTORCYCLE LOAN WITH BAD CREDIT

Your loan application has been denied. If you've ever heard those words, you know all the emotions that swamp you every time you even think about applying for a loan after that. 

At Dallas Harley-Davidson® in Dallas, we understand stuff happens. Emergencies pop up and drain your savings. Relationships blow up and you get stuck with more debt than you can keep up with. Medical bills pile too high. Sometimes, you make bad money decisions and it haunts you far longer than you expected. Unless they're born into extreme wealth, most people go through a time in life when they just can't make ends meet. 

Maybe you've talked to credit specialists, they said bad credit follows you for up to seven years. Until your score improves, you're afraid you won't be able to finance much, and if you do, you'll pay an arm and a leg for interest. For a little while, maybe you just tried to stop dreaming.

Then you started to get Harley® fever. Maybe one of your friends got a bike, and you want to join them in experiencing the freedom of the open road. Or, perhaps you went to one of the events here at Dallas Harley-Davidson® and you fell head over heels in love with one of the bikes on our lot. You want it so bad you can hardly stand it, but you're afraid you won't be able to finance a motorcycle with poor credit. Keep reading my friend. We're about to help make your new Harley® dreams come true.

UNDERSTAND CREDIT AND MOTORCYCLE FINANCING

Everybody over 18 has a credit score. Even if you've never applied for a loan or a credit card, you have one. It's a three-digit number that indicates how likely you are to pay back money you borrow. It's made of the following:

  • Your payment history - Whether or not you pay by the due date on credit cards, your home mortgage loan, retail accounts etc. This is the biggest percentage of your score. It also includes accounts in collections, delinquent accounts and past due items.
  • Length of credit - How long you've had active, open accounts. If you just celebrated your 18th birthday, you haven't yet had a chance to demonstrate how you manage money.
  • Types of credit - Lenders like to see a mix here. If you have a credit card, a house note and a student loan and you pay them all on time, that's good.
  • Credit inquiries - When someone "runs" your credit for the purpose of lending you money, that can damage your score. We won't run your credit to see if you qualify for a motorcycle loan until you authorize it.
  • Debt-to-Credit Ratio - Around 30 percent of your credit score is a comparison between your total debt and your total income.


KNOW YOU'RE NOT THE ONLY ONE WITH BAD CREDIT

A recent FICO report showed there are more than 68 million Americans who currently have bad credit. Experian says 21.2 percent of Americans have what's called deep subprime credit scores, a.k.a. really, really bad credit. 

Texas has some of the most residents with credit problems. The average Texan has 3.06 credit cards and an average credit card debt of almost $7,000. Bad credit is common. If your credit isn't great you should take steps to improve it, but also know you're not the only one. Here's how it breaks down.

781-850 - Excellent credit

661-780 Good credit

601-660 Acceptable credit

501-600 Poor credit

300-500 Deep subprime credit

You can get a free copy of your credit report once a year from annualcreditreport.com. It's a good idea to check every once in a while, because if your credit report contains errors, you can dispute them.

QUALIFYING FOR A HARLEY® LOAN WITH BAD CREDIT

Just come see us and pick out a bike, we'll help with the rest. Right now through the middle of July, all will qualify, and we're giving on-site approvals. It really is that simple. If you're nervous about it, you can even fill out your loan application online.

We've been doing this a long time, and we've built unique relationships with lenders. Whatever your situation, we can almost guarantee we've helped riders with worse credit than yours.

If you're looking to buy a new Harley-Davidson® with bad credit, we have a wide selection of 2019 Street, Sportster, Softail, Touring, Trike and CVO models. If it's a used Harley® that caught your eye, our no-hassle financing applies to those too. Talk to our finance team about your situation and we'll help get you on the road not long after you pick out your bike.

BUY A HARLEY® WITH NO CREDIT

Everybody has to start somewhere. A Harley® is a great choice when you're just starting to build credit for a number of reasons. First, we'll help you obtain financing. Second, payments help establish your credit history, so as long as you always pay on time, you'll actually be building good credit. Also, when you're just starting to build credit, often money is in short supply. A motorcycle is typically cheaper on gas and insurance than a regular vehicle, so more money stays in your pocket.

Get started when you browse 2019 Harley-Davidson® motorcycles for sale near Dallas or shop our pre-owned inventory online. Then, stop by and see us, we'll send you home on the bike of your dreams. Just don't wait, because our red, white and blue frenzy ends soon and the bikes are going fast.