Guys!! If you are applying for an installment loan to purchase a bike, The lenders will assess the application based on your financial situation, credit history, and your credit score.
Your credit score plays a crucial aspect in determining whether you will be approved and at what rate the lender will offer you.
It is common for you to have an excellent or good credit score to be eligible for motorcycle loans with low rates.
According to Equifax, among the three largest credit bureaus, good credit scores range between 670 and 850
However, the cheapest advertised interest rates and the most favorable loan terms are only available to those with good to excellent credit scores.
- 800 to 850: Excellent credit
- 740 to 799: Very good credit
- 670 to 739: Good credit
- 580 to 669: Fair credit
- 300 to 579: Poor credit
Certain personal loan lenders can work with applicants with scores less than 670. However, you’ll usually have a higher interest rate than someone with a better credit score.