What credit score is needed to buy a motorcycle?

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  • August 26, 2023 at 8:33 pm #11944
    StellarFi
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    August 26, 2023 at 9:01 pm #12007
    Team StellarFi
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    There is no minimum credit score specified to buy a motorcycle. The cost of a motorcycle generally starts at $3,000. You could either secure a car loan, a personal loan or get a dealer to finance the purchase. The higher your credit score, the better your loan terms are likely to be. According to Experian®, auto loan lenders mainly look at your FICO® 8 and 9 scores. Some other lenders may also look at FICO auto score or VantageScore® 3 and 4. Apart from this, your debt-to-income ratio, employment status, and cash reserves also play an important role in helping you secure a motorcycle loan with the best terms.

    Other factors that influence your loan terms are the down payment amount, loan-to-value, brand, year, and value.

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StellarFinance, Inc. and its affiliates do not provide tax, legal or accounting advice. This material has been prepared for informational purposes only, and is not intended to provide, and should not be relied on for, tax, legal or accounting advice. You should consult your own tax, legal and accounting advisors before engaging in any transaction.

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Credit score increase based on StellarFi members’ data. Credit score increase not guaranteed. Credit scores will only be available to members whom we are able to validate. On-time payment history can have a positive impact on your credit score. Nonpayment may negatively impact your credit score. Failure to make monthly minimum payments by the due date each month may result in delinquent reporting to credit bureaus, which may negatively impact your credit score..