I am considering USAA for a motorcycle loan, and I haven't been able to find much information on this online.
Are USAA Motorcycle Loans reported to credit reporting agencies?
Supposing that they are reported, are they reported as a Line/Letter of Credit, or an Installment Loan?
Thanks for reaching out, @daykawg - Motorcycle loans are reported to the credit bureaus each month, just as an auto loan would be. It will reflect as an installment loan, since you'd be making monthly payments towards the balance. For your convenience, you may apply online by going to Products and selecting Motorcycle Loans. Then, enter the requested information and follow the prompts. If your online application is submitted during normal business hours of Monday-Friday 6:30am - 10:00pm, a decision will be provided within minutes. If your application is submitted after hours, on a weekend or holiday, a decision will be provided within 12 hours. I'm happy to answer any other questions you have. - Cathleen
Thank you! I have perhaps an oddball, somewhat related question. I am looking at buying two motorcycles at the same time; one for me, and one for my partner. I'm assuming each vehicle must be on its own loan, correct?
Thanks for the follow up, @daykawg - Correct. Each loan is only able to hold one collateral piece, so each bike would need to be financed within it's own loan. You can apply for both online, using the instructions provided in the previous message. - Cathleen