Whether this is your first motorcycle or your fifth, you may need to apply for financing if you intend to buy a motorcycle. Motorcycles come in a wide range of prices, from affordable to luxury bikes. Here are some tips for getting approved if you are planning on buying a motorcycle with an auto loan.

Get Your Credit Report and Score

Any time you are planning to apply for financing, you should get a copy of your own credit report and score before the lender pulls it. This lets you review the report so you can be prepared to answer any questions if the lender has inquiries or they try to deny your loan for a motorcycle. You can also look to see if there are any discrepancies, such as a debt that you know is not your debt. You can request to get these removed before you attempt to apply for financing. If you have a low score, start preparing now for alternatives for approval.

Learn About Motorcycle Financing

There are a few differences between financing a motorcycle and financing a vehicle. If you have applied for an auto loan before, be aware that it won't be exactly the same process for a motorcycle. The first thing to know is that when getting motorcycle financing, there are fewer options available. Less people are getting them, so lenders don't offer as wide a variety of options. Since motorcycle depreciate faster than vehicles do, you should try to put as much down as you can. Lenders will try to cover 100 percent of the cost of the motorcycle if you have good credit, but it is still best to pay off part of the motorcycle upfront.

Go to An Outside Lender

You should avoid getting financing from the dealership if it's possible. While dealerships are great for finding the perfect motorcycle, their financing is not always the best. It is definitely an option if you can't get financing through a bank or credit union, but should not be your first choice. The exception is if you have done your research and found that the dealership has better terms and lower interest than the banks offering motorcycle financing.

Get Motorcycle Insurance

Some lenders will not approve you for motorcycle financing until you have proof of insurance. You can get motorcycle insurance even before owning a motorcycle, so that shouldn't be a problem. If you are doing everything at a dealership like Blue Ridge Harley-Davidson, including financing, they will most likely also have insurance. Otherwise, inquire with an auto insurance company, as they usually insure motorcycles.