Motorcycle Finance Glossary

When trying to obtain a no credit check motorcycle loan or regular finance then this is the guide for you: This easy, straightforward guide will help you get on the right track to get you a great deal with low repayments. A company who can offer you motorcycle loans or financing is Capital One. They offer competitive interest rates, good terms and excellent service.

APR or Annual Percentage Rate: This is the yearly cost of interest for your motorcycle loan.

Application: This is the form that submits your details to lenders. These are usually available on the lender's website and can be filled in on paper. This form will contain information about the applicant including name, address, phone number and other related questions. An application on paper may contain details that include the lender disclosures.

Appraisal: This is sometimes required when requesting a motorcycle loan. An appraisal is a composed analysis of the current value of your motorcycle in the current market place.

No Credit Check Motorcycle Loan: This is a type of loan where the lender doesn't perform a credit check before giving you the money. This type of finance arrangement can sometimes cause confusion

Administrative Fees: These are fees that lenders can charge to process your paperwork for your motorcycle loan.

Assets: This refers to an item owned by the person in question. These can include a home, car or motorcycle, etc.

Interest Rate (Ballooning): This is when a motorcycle loan agreement allows the interest rate to increase after a certain period or promotion has passed.

Bankruptcy: This is a term used to refer to a business or person who cannot make their financial obligations, and ask for the Department of Courts for their help. Usually the courts will relieve the debt owing by the business or person.

Credit Report: This is a report generated by a chosen credit bureau. The report will access the applicant's credit background and the lender will use this information to determine if this person or business is suitable when applying for a loan. A credit report can vary depending on whom the report is composed by. This credit report is not referred to in the case of a no credit check motorcycle loan.

Collateral: This means the assets that a person is in ownership of. This can include a car, home and can be used with a lender in motorcycle title loans.

Co-Signer: This is a person that signs a motorcycle financial agreement in conjunction with the borrower. By signing this agreement this person agrees to repay the existing loan if the borrower cannot pay or defaults.

Credit Score: This is a number given to a person depending on their credit situation. This can sometimes be named as a Beacon score or FICO. If a person has a good credit rating them they will have a score of 800 to 499. A person with a credit score of 499 to 0 has a bad credit rating.

Default: This is when a person who has an existing motorcycle loan, cannot make the monthly repayments or fails to comply with terms of the loan.

Down Payment: This is the amount of cash that is put down to secure a loan. This can be an amount of between 10 to 20% of the total loan amount. This is not a requirement with most loans.

Fixed Interest Rate: This is the interest rate that must be carried out throughout the term of the motorcycle loan agreement. These are usually for money made in installments.

Term: This is the time agreed to by the borrower to payback the lender.

We recommend the motorcycle loan and refinancing options available at Capital One.

When you want help or information about any topics raised please feel welcome to email us at info@motorcycle-financer.com. We will be pleased to answer any questions you may have.

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