Hopping on your motorcycle, taking off into the sunset, is a feeling of freedom that only bikers can know. Any everyday problems just seem to glide away, and even if it is just for the moment, you don’t have to think about the job, the boss, the hustle and bustle. But as credit conditions get ever worse, motorcycle loans have become even more difficult to obtain.
Looking for a motorcycle loan through the traditional sources of banks and credit institutions may not be the solution for today. Banks and other such lenders normally had restrictions on motorcycle loans that meant even more limitations.
A new loan concept, peer to peer lending, seems just about perfect to solve this problem. These loans are unsecured, so you don’t put your motorcycle up as the collateral for the loan. This collateralization is the cause of many of the complications that exist in motorcycle loans. Without the limitations of collateralization, a buyer can purchase 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 perhaps older bikers feel the need to give up the sport. If you are willing and able to take up biking, and or make sacrifices to achieve this dream, there exists a motorcycle loan program that can meet your needs.
Peer to peer loans are perfect since they match qualified borrowers with willing lenders at a great savings to both. The system is simple, transparent, and allows you be in control. (Isn’t that what bikers crave, that freedom and control when you bring the world down to your bike, the road and you?)
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 he puts some information about himself and the purpose of the loan in the listing.
There are many investors on peer to peer loan sites and they look over the loans that are on offer to find the ones that most closely suits their investment goals. At this moment, they bid on the loans that they find attractive and your listing for a motorcycle will reach hundreds of lenders for review. If you have enough lenders interested in your loan, you may see your interest rate decrease as the bidding heats up.
Don’t forget that your overall credit is a part of the equation, so very bad credit risks will not have any success, and the better your rating, the better your success. Anyone with a poor credit score and a dream of a new motorcycle should put his efforts into improving his credit rating to achieve that dream. You can withdraw your listing at any time, and there is no limit as to how many times you can relist!