Looking for some help with getting a loan, any suggestions welcome

[Freebs]

Alright well I have been looking at bikes for a while now, and I have been doing my research and what not, and now its come down to the point where I am looking at ways to get a loan to help pay for one. I am looking around to see if there is any place I could get one with out needing a co-signer like my parents as I am only just turning 18... Reason I need to find a way to keep my parents out of it is only because my mom is a nurse and will have nothing to do with it, and there for my dad just follows along with it. Plus this way I can say it is all mine and my parents had nothing to do with it. If you have any suggestions let me know.

[theken]

getting a co-signer doedsnt mean they have anything to do with it, it is purely based that you have 0 credit, they need someone with some sort of credit so that if you cant pay the loan then the co-signer is also held resonsible, its not like they are paying it for you. until you have established your own credit even at 35 you would still need a co-signer

[Freebs]

Yea i know that part... just they will not co-sign any thing for a bike.. so i dont know how else i can get a loan for it.

[BlkMaxima]

You could get a small limit Credit Card and slowly build your credit. Then apply for the bike financing. But don't let yourself get out of hand with the credit card!!!Credit Cards are the :devil: !!!

[theken]

get a boss or someone like a friends parent to co-sign, just dont fuck em over

[Team_Mclaren]

Originally posted by theken
get a boss or someone like a friends parent to co-sign, just dont fuck em over

Thats very risky and I doubt they will follow through with it. Do you REALLY need a bike when your 18? And if so, you can still get your parents to co-sign it as long as you are the one paying for it. then its still YOUR bike

[BlkMaxima]

^^^^



Originally posted by Freebs
Yea i know that part... just they will not co-sign any thing for a bike.. so i dont know how else i can get a loan for it.

[Team_Mclaren]

^^^

well in the end, no one will take that risk other than your parents to co-sign it for you (if they wont even do it, I dont know who will) . If you miss your payments, they will be responsible for the money you own. Best advise is... dont get a bike when you are 18. Building your credit now is a great idea tho, it'll help you big time in the future for sure!

[Freebs]

Yea i would never ask a boss or some one else to co-sign... I mean i do make enough to make each payment easly even if they were like $250 a month, i just couldnt take the risk of screwing them over... But there has to be some way... what about things like the money tree or what ever that is?

[BlkMaxima]

Maybe just put off getting a bike until next year! To build my credit I just went to Visions and my Dad co-signed on a stereo for my car. Now its great, I almost get aproved everywhere!(depends how much I want!) I don't think getting a bike is a good Idea. I'm 19 now and if your anything like me you enjoy going fast especially when it is that easy! I was going to get a bike this summer until I rode a 2005 R6 and a 2003 GSXR1000! The R6 is insane, I only rode it twice for about 1/3 hour each time. Scary:eek: !! I would be dead within a month of buying one. I suggest you get your motorcycle liscense and try one before you worry about getting a loan for one!

[FiveFreshFish]

Talk to your bank and try to get an unsecured line of credit.

Should be pretty easy to get $5000 unsecured. You'll be paying a few percent over prime, but that's way better than a credit card rate.

Or save up for a year and you won't need a loan.

[Freebs]

yea sorry i forgot to say i wont be looking to buy untill like end of December to mid January (since prices are alot lower for bikes then) but im just looking around and doing my research so i know as much as i can before i get into this.

FiveFreshFish - I will have to ask about that and read up more on it, what exactly is it though.

BlkMaxima - ahah i know what your talken about. Bikes are crazy fast... but im really not one to speed lots, even in my car. I just want a bike for week end driving or for nice days and stuff like that... And im only looking to get a 600cc bike (somthing like a CBR F4i or R6) which i know are still very fast but nothing like the 1liter bikes...

And i have thought about just saving up the money my self and doing it that way. And i might still end up doing that, but i am a typical young kid, where you get that burning feeling in your pockets every time you get payed. Right now i am trying to work out how much i have to save every month, and it doesnt seem to hard, but when it comes time to putting the money away it will be alot harder...

[unfocus]

well how bout try getting one for your friends to co sign if they got a good credit backround but they should prob be older than 21 just in case ...

im planning on getting a yamaha r6 when i sell the car of course until then i have no luck...

well good luck

[Khyron]

Go to the bank now, and get a small 500 dollar credit card, and take out a 500 or 1000 dollar loan. Put that money in an account somewhere and pay it back over the next 12 months. You'll pay 40-50 bucks in interest but it should build your credit quickly. If you are serious about a bike, you should already have at least 500-1000 saved which will get you the CC.

Khyron

[ramminghard]

you could just buy mine for $3200

[FiveFreshFish]

A line of credit is like a pre-approved loan for up to a certain maximum, like for $5000 or more depending on your credit history. It only costs you interest when you draw on it, so if you have a line of credit and don't use it, then it won't cost you a penny. The interest rate they give you will also depend on your credit record, and will be higher than a secured line of credit. You likely won't qualify for a secured line of credit because the bank would need an asset to secure it to, like your house.

[googe]

your best bet is seriously to kiss your dads ass. youre not going to get approved for that amount within 6 months to a year regardless, and even then youll need steady employment with an income they deem sufficient, and at least 1 credit card prior.

[d-UNiT]

im 18 and got a credit card 3 months ago as well as my full time job

i just took out a 9grand loan over the phone no problem

now all i have to do is find a car and get a bill of sale and the bank will hand over the moola

[googe]

Originally posted by d-UNiT
im 18 and got a credit card 3 months ago as well as my full time job

i just took out a 9grand loan over the phone no problem

now all i have to do is find a car and get a bill of sale and the bank will hand over the moola

which card, and who was the loan through? also whats the interest rate on that loan?

[d-UNiT]

its a royal bank classic visa

and the interest rate is fixed at 7.9 i believe

not too bad for a 9 g loan ill pay 225 a month for 4 yrs

[googe]

^^^ well if this guy is telling the truth you might be able to pull it off in 3 months i guess :dunno:

[d-UNiT]

im telling truth

[AllGoNoShow]

lol I believe D-unit.

Good thing you work at the bargain finder eh? add casrs, oh hey I like yours, talk the dude right there ;)

But yah, Freebs thats what my dad said I should do too, just put some cash aaway, take a loan from the bank when I'm 18, pay it off and buildup my credit, even if I don't use the money I borrowed, once youve done it once or twice, when you actually need the money they will be more willing to give it to you.