A blank check motorcycle loan is a financing arrangement where the lending institution provides the motorcycle buyer the opportunity to purchase a new or used bike at an unlimited cost.Most lenders who provide financing for motorcycles limit the amount that you can spend when you’re shopping for a bike. What you will find these days is that most banks will not provide a high enough limit so that you can get the bike you want. As any rider will tell you motorcycles these days can cost sometimes more than your average car (and sometimes more than a house!)
It all comes down to the banks preapproval model for lending. You can usually be preapproved for financing before you even start shopping for a motorcycle. This way once you have chosen the bike that you want the financing is taken care of quickly and easily. If you have a so-called blank check from the bank you can get anything you want. Keep in mind that you have to have a decent FICO score or at least not have a bad credit rating.
Some online and off-line lending institutions actually advertise blank check funding, and these companies are far and few between, but I can give you an example of a visitor to Financing USA that was approved for a blank check loan.
Dennis Maelstrom sent an e-mail correcting us regarding blank check loans. He was looking to buy a brand-new Harley Davidson back in 2007. The Harley that he wanted to buy was priced between 35,000 and $40,000 because he wanted the most expensive bike and he wanted all of the very best options.
Unfortunately, almost all of the lenders that he spoke with or applied with would only lend up to a certain amount of money which was not enough to buy the bike he really wanted. So his search continued as he considered getting a HELOC or home equity loan to finance his Harley, but he really didn’t want to do that – he wanted to buy his bike completely on cash credit.
Eventually he found the lender in his home state of Texas who would preapproved him for any kind of vehicle up to $50,000 as long as it was brand-new. They also asked him if he would get a cosigner for loan which he did manage to do.
As it turned out Dennis did not need to use close to the $50,000 that was available, and he only needed to write a check for $32,000 by the time he was done picking up the bike he wanted from the Harley dealership.
He was also smart in that he had a way to protect his investment with a temperature controlled storage so that his bike would stay in perfect shape. Furthermore, Dennis has been riding motorcycles for more than 20 years so he knows how do look after his bike properly. We always suggest that before you buy a motorcycle you don’t start having dreams of grandeur where you buy a motorcycle for over $35,000 and you don’t have any experience maintaining it.
You are risking a lot because you need to learn how to protect your investment wisely and with a prudent eye for detail.
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