Getting motorcycle finance for blacklisted and bad credit applicants may be possible through different companies. Especially if you want to go the route of a secure loan. A secure loan requires you to put a property or another asset down as security. So if you don’t stick to your repayment plans they can repossess your collateral.
Just because you have a bad credit record it doesn’t mean you cannot borrow money. Because there are lending companies who are willing to lend to those in your situation. The only thing you have to look out for though is the interest rates that the creditors are charging.
If you are looking for bike finance with no credit check in South Africa be careful with that. There are creditors to help with motorbike finance without doing credit checks. But they will come in the form of Loan Sharks.
A poor credit record isn’t the worst thing in the world like it used to be. Because these days motorcycle finance for blacklisted and bad credit applicants is not impossible.
Not everyone is fortunate enough to be able to pay for a motorbike without having to borrow money. And if you are blacklisted you probably think that there is no hope for you. But this is not always the case.
Popular Bike Brands for Motorcycle Finance
There are some specific motorbike makes that bikers in SA like to finance.
- Harley Davidson
Some lending companies deal exclusively with people who have a bad credit record but wish to apply for finance for a motorcycle.
So all hope is not lost. You just have to look at all the companies that are offering such loans and see which will be the best for you.
It would be wise for you to compare the companies’ interest rates to see which of them is more affordable. Do your research properly though, before you just choose any company.
If you are interested in finding out more about how you can finance a motorcycle even when you are blacklisted. You have to look for the lending company that specifically deals with these loans.
Some are online, but to look exclusively in your area or nearby, pick up a copy of a local newspaper. Look for the lenders that advertise their services.
Even with a bad credit record you can still borrow money for a bike. It isn’t the wisest thing to do, but if you want a motorbike and need financing to get it, this may be your only option.
Getting secured loans is always an option. But should you not be able to meet your instalments they will take your collateral. Which is a big risk to take.
You have to do your research properly and find the company that offers the lowest interest rates. So that you don’t pay back too much money on the loan.
Banks that Offer Bad Credit Bike Loans
A question that many bikers often ask…
Which banks in South Africa give bike finance for bad credit or with no credit checks?
Simple answer to that. None.
Banks like FNB, Absa bank, Nedbank, Capitec Bank and Standard Bank have strict policies in place. There is no way that they will lend you money without a credit check on you.
If you are not sure what your credit score is you can check that by signing up at clearscore.com.
If the banks see you are blacklisted after performing a credit check they will not lend you money. Simple as that.
Your options for this kind of borrowing are as follows:
- Loan Sharks (not recommended)
- Secure Loan
- Borrow from a friend or family member
- Bad Credit loans online
Bike Finance for Bad Credit Online
Use the Internet to seek out the local lending companies in your area. But make sure they are legit before supplying them with any of your personal information.
Being able to finance a motorcycle even when blacklisted is good news for some. But to others it is just another debt door opening.
If you are struggling to maintain your debt, this might interest you: Getting Help With Debt
The problem with lending money when you have a bad credit record is that the interest rates are higher on the money you have to pay back. This is because you are black-listed so you are a risk to them because of your history.
There are some companies that offer bike loans for bad credit but at a high price.
Therefore make sure you know all the terms and conditions before signing the last page and accepting the loan. Get the motorcycle finance for blacklisted and bad credit applicants that you need for the bike you have always wanted.