When Other Lending Institutions Won't Grant Motorcycle Loans, Try Peer To Peer Loans

By Author: Scott Staudt
Total Articles: 91
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As any motorcycle enthusiast is aware, there is nothing like the feeling of the wind on your face on the open road on your machine. Worries dissolve, the mind empties, and the breeze and the road and the bike are all that matter for a short time in your life. Your dreams of having a bike again may have been curtailed by the recent credit problems, which makes it more difficult to get a motorcycle loan.

But looking to the standard means for a motorcycle loan may not be the solution now, and if your dream is a new motorcycle, you may have to broaden your horizons. Even before the credit crunch, banks usually had tighter restrictions on loans for motorcycles than for other types of loans.

Here is what makes peer to peer loans for motorcycles so great. Since motorcycle loans with peer to peer lending are loans with no security, the motorcycle does not become collateral. That is what made motorcycle loans so difficult to obtain in the first place. Without the limitations of collateralization, a buyer can buy his motorcycle where and from whom he wants, and won't be limited to motorcycle dealers with banking connections.

This ...
... means you can buy the bike you want. Many beautiful bikes are up for sale because owners cannot continue owning the bike any longer, or maybe older bikers feel the need to give up the sport. If you have decided that this is the one luxury you are determined to get in order to maintain your sanity, you can get the motorcycle loan you need if you find the right way to get it!

Joining a peer to peer lending site makes it easy to find lenders who are looking to finance such purchases. The system is very simple, but beyond the simplicity of the process is the transparency and control it affords. That would make it an easy sell for bikers, whose whole modus operandi is freedom and control!

The process is this simple: you create a listing that shows what interest rate you want to pay. The peer to peer site then displays the prospective borrower's credit history, and the borrower puts some information about himself and the purpose of the loan in the listing.

Then the wheels start turning, as the many investors on the site review your listing and decide if yours is the right one to include in their investment portfolio. They, in turn, bid for loans, and if they have an interest in adding motorcycle loans to their portfolio, yours will be considered. If enough lenders show an interest in your loan, you may see the interest rate decrease as the bidding process progresses.

Of course, as with any loan, your credit score will have an impact on the rate you will be offered, and if you have a really poor rating, you probably won't be considered for a loan. Anyone with a poor credit score and a dream of a new motorcycle should put his efforts into bringing up his credit rating to achieve that dream. Once again, you are the one with complete control, since you can withdraw your listing and relist at a later date.
More information about peer to peer lending at engagement ring financing and the easiest way to start motorcycle loan