- Secured Loans - This is where an asset of yours (e.g your new dirt bike) is used as collateral for the loan. Usually, you can pick these loans up for around 14.95% interest.
- Unsecured Loans - These pose more risk to lending institutions therefore usually incur a higher interest rate. Often you're looking at around 17.95% interest. If you have a mortgage you may be able to take out a reduced interest rate loan with the same lender.
If you're looking for motorcycle or dirt bike financing, there are a number of important things to consider first before signing on the dotted line. It pays to look around at the different finance options available as there are many. And they're not always as black and white as they first may appear. If you don't take the time to read, understand and question the small print you may find that you end up paying much more interest than you initially expected - taking the shine off that brand new dirt bike. If you have never applied for a loan (or dirt bike finance) before, this is basically how it works. Lenders will or will not loan you money depending on your credit history and your ability to meet the loan repayments. Your credit rating is based on whether you still owe people/creditors money from previous dealings and how well you have met your repayments to other debts in the past. The better your credit rating and the more money you earn - the more likely you will qualify for a loan with a low-interest rate. The worse your credit rating and the less money you earn - the less likely you will qualify for a loan, and if you do qualify you will be paying higher interest rates because you are considered a security risk. Talk about kick ya while you're down!
Whether or not you’re super into the sport, your little tike just might be ready to ride around the yard, neighborhood, or nearby trails on their very own dirt bike. Now, you’re probably concerned about a few things–the price, the safety, and which bike to buy in the first place for your youngster. So, here […]
Finding the right dirt bike for your kid can be a little challenging sometimes–especially when it comes to finding the right price. Here is a list of some of the most popular youth models at varying prices. Electric dirt bikes cost on average $250 – $500 while most motorized dirt bikes will cost between $1,500 […]