 TITLE: Do You Need Good Credit to Finance a Motorcycle? CONTENT: You'll have many borrowing options in front of you when buying a motorcycle, but there are three methods you should explore first: Taking out an auto loan, securing a personal loan or getting financed by a dealer. The borrowing process differs for each, and they may even consider your credit in different ways.\nLenders may use different credit scoring models when considering your application. There are even credit scoring models specifically formulated for use by auto lenders. Here are some of the most popular credit scoring models you're likely to encounter when buying a motorcycle:\n*   **FICO® Score☉ 8 and 9**: These are generic scoring models. They're not tailored to auto loans, but an auto loan or personal loan lender might rely on this score when reviewing your loan application.\n*   **FICO® Auto Scores**: Generic FICO® Scores serve as the foundation for these scores, which are designed with auto lenders in mind. A FICO® Auto Score can help provide a more accurate forecast of a borrower's ability to make timely payments on an auto loan.\n*   **VantageScore® 3 and 4**: This scoring model is produced by VantageScore®, a credit scoring agency founded by the three major credit bureaus (Experian, TransUnion and Equifax). The VantageScore® differs slightly from the FICO® Score, but is also used by many lenders.\nBoth the generic FICO® Score and the VantageScore use a scoring range of 300 to 850, with 300 being the lowest score and 850 being the highest score. The FICO® Auto Score range goes from 250 to 900.\nWhen going over your motorcycle loan application, a lender is free to use whatever credit scoring model it prefers to decide the terms and APR of the loan. In fact, the lender might even look at several credit scores. Therefore, the effect of your credit score on your loan application can differ from lender to lender. If you seek financing through a motorcycle dealer, it might send your application to several lenders, each of which might use a different credit scoring model.\nIt might sound complicated, but remember that most credit scoring models consider factors similarly—so good credit behavior that lifts your FICO® 8 score is likely to do the same to your FICO Auto Score 8, all else being equal. No matter the model, however, a low credit score might result in a high APR, a larger required down payment, fewer lending choices and even rejection of your loan application. END