Believe it or not, but applicants for military loans and motorcycle loans for those with bad credit exhibit a surprising array of similar characteristics that separate them from the general users of lending services offered by sub-prime lenders. For one thing, the demand for these two types of loans has taken a significant upward trend over the last decade, with demand for both increasing at about the same rate of growth.
Sub-Prime Lenders
Do not be put off by the connotation of sub-prime. It is not meant to make anyone feel inferior. It is a typical term in the lending markets. It simply refers to lenders who are willing to take a risk on borrowers who do not have the best credit ratings or credit histories. And many military loan and motorcycle loan applicants seem to have somewhat speckled pasts when it comes to credit histories.
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Traditional Lenders
Traditional brick and mortar financial institutions, such as credit unions and banks, put a lot of stock in applicant credit ratings before offering a loan. These traditional lenders have tightened their credit policies making it much harder, for even the financially endowed, to get a loan nowadays. Unfortunately, military loans and motorcycle loans for those with bad credit are not exempt.
Gap In Lending Services
Noticing this gap in lending services, private lenders have stepped forth to tap into this market. However, if you have had long-standing accounts with traditional institutions, or if you have retirement or investing accounts with them, you should apply to them first. Your interest rates will be lower. If this is not the case, you should probably should just skip the hassle of applying with them and find a private lender for your military loan or motorcycle loan for those with bad credit.
Be Prepared to Shop
Since you already know that you have a poor credit rating, your best bet would be to seek lenders who specialize in military loans and motorcycle loans for those with bad credit. Before you do, you should prepare yourself. Check your credit ratings with each credit bureau. This will let you know precisely how lenders view you financially. Seek correction for any mistakes. Also, gather your documentation:
- Bona Fide Government Identification
- Proof of Job and Salary
- Checking Account Number (direct deposit)
- Proof of Residency
If you are looking for a motorcycle loan, you should have a model and a price pretty much squared away. Do not already have a deal signed. Walking onto a dealer lot with pre-arranged financing lets you call the shots when seeking a deal..
Loan Shopping
As mentioned earlier, the market has seen a significant rise in sub-prime lenders. You should be able to pick and choose to find the best interest rates, the lowest fees, and the most comfortable repayment terms. Many of these lenders have set up shop on the internet for military loans and motorcycle loans for those with bad credit. Just as you would for any transactions completed on the web, such as filling out financial and personal information forms, or loan applications, make sure the website is secure.
Know Your Lender
Check the reputation of the lender by browsing online Better Business Bureau listings and personal finance forums. Use the key phrases: Military Loans. Motorcycle Loans. You will be rewarded with website addresses of many lenders. You will even find brokers who will take your general and financial information and come up with a list of lenders most likely to approve your application for a motorcycle loan or military loan for those with bad credit.
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