Check the ideal score to finance a motorcycle

Are you thinking of buying a motorcycle and need financing? Well, before going through all the bank bureaucracy, it's worth checking if you have a sufficient score to get your financing. With that in mind, we have prepared this article so you can find out how to check if you can finance a motorcycle.

After all, what is a score?

The score stems from the positive registration made by banks and other financial institutions. Its objective is to identify the good (and the bad) payers, to help these institutions to better choose clients and, also, to better determine the risk of the loan for the consumer. The greater the risk, the higher the price of interest.

There are some companies whose objective is to classify consumers through scores. The main institution, Serasa, allows a free consultation on the website www.serasaconsumidor.com.br. By creating a record on this site, you can track your score and consult outstanding debts (which lowers your score, of course).

How much is a good score?

The answer unfortunately is: it depends. Using Serasa's classification, which ranges from 0 to 1000, a score is considered good from 700 points. This is the score needed, for example, to get a car loan.

Of course, the higher the score, the cheaper the interest rates will be. And more attractive will be the financing you will get with your bank. To get motorcycle financing, the minimum you need to have is a score of 500 points. Not that it's impossible to get it with less than that, but the interest rate and the amount you'll need to pay down will make the operation practically unfeasible.

So here are some tips to improve your score and get better financing. Of course, considering the current situation in Brazil, it will not be possible to carry out all of them, but little by little it is possible to improve your score and become a better evaluated consumer in the market.

Tips to improve your score

First of all, the score is evaluated according to the debts you owe and the way you fulfill them. Therefore, if you have a bad name in the market, the first thing you need to do is pay your debts.

Then you need to be visible to financial institutions. Therefore, always update your data, and make records that allow sharing information about the fact that you are a good payer.

Finally, and most importantly: pay your bills on time whenever possible. Delaying a payment is very harmful to your financial health. In addition to the fine that will be charged (usually between 2% and 10%), the fact of delaying your Debt damages your score and can make your banking operations difficult - such as financing the your motorcycle.

So, now that you know how to find out if you can finance a motorcycle, start making inquiries and getting organized.

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