Are you thinking of buying a motorcycle and need financing? Well, before going through all the banking bureaucracy, it’s worth checking if you have a sufficient score to get your financing. With that in mind, we have prepared this article for you to know how to consult if you can finance a motorcycle.
After all, what is score?
The score results from the positive registration made by banks and other financial institutions. Its objective is to identify the good (and the bad) borrowers, to help these institutions better choose their customers and also better determine the loan risk for the consumer. The greater the risk, the higher the interest price.
There are some companies whose aim is to rank consumers by 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 goes from 0 to 1000, a score is considered good after 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. And more attractive will be the financing you will get from your bank. To get motorcycle financing, the minimum you need to have is a score of 500 points. Not that it’s impossible to do with less than that, but the interest price and the amount you’ll need to pay down will make the transaction virtually unfeasible.
So, here are some tips to improve your score and get better financing. Of course, considering the current situation in Brazil, it won’t be possible to do them all, but little by little it’s possible to improve your score and become a better valued consumer in the market.
Tips to improve your score
First of all, the score is evaluated according to how much debt you owe and how well you pay it. So, if you have a dirty 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 registrations that allow the sharing of 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 detrimental to your financial health. In addition to the fine that you will be charged (usually between 2% and 10%), the fact of delaying your debts harms your score and can make your banking operations difficult – such as financing your motorcycle.
So, now that you know how to consult if you can finance a motorcycle, start doing the consultation and getting organized.
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