Obtaining a loan.

[shynegrynd07 10+ year member]

I figured with all the cars most of u have, you'd be able to help me out

I'm 18 and want to get a crotch rocket.. it's been my goal for like 2 years.

Anyway, i want to get like an 05 yamaha r6 after much research and can put down about 1500-2000.

The bike will cost about 6,000 total at the most.

My credit history: Paid off a $350 Jared's card in 3 months (jewlery for the gf)

Make 125 a week at my job per week working 20 hours a week, but could pick up a second job- i only work 1-5 mon.-fri.

I don't think i could get a cosigner either..

so would it be possible to get a loan?

long story short-

i want a bike that's going to be between 5 and 6k. i have very little credit history, but not bad credit history. i can put down almost 2000. can i get a loan?

thanks for the help in advance..

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[Scoobydoo 5,000+ posts]

only your bank is going to be able to tell you if you qualify to get a loan

debt is bad and motorcycles are dangerous

 

[slam 5,000+ posts]

in the state of texas it is a luxury item so its hard to get a loan. must have a pretty decent credit

 

[iDesignBoxes 10+ year member]

No.

 

[Pl8er 5,000+ posts]

Get your credit score and that will tell us.

From what you are saying though, you would need 4k for the bike right?

I would take the motorcycle training class first and bring proof to the bank. This can help to show your safety on it. Of course, if your credit sucks, it makes no difference.

 

[TIeclipseMOJO 10+ year member]

try the bank, but be careful with a yamaha card or anything like that. their $60 a month payments barely cover the interest

 

[shynegrynd07 10+ year member]

yeah debt is bad... but wouldnt it be good if im trying to get good credit?

 

[Injected54 10+ year member]

Are you buying it from a shop or a private owner?

 

[fbi90909 5,000+ posts]

probably not. it's harder for a bank to give a loan for a used vehicle, specially a bike at that price. also with little credit history your outcome doesn't seem well.

shit when i went to buy my car i was looking for a car in the 15,000 range. i had already 2 years of credit card history only. i was denied 2 times with a down payment of 2000, 2500, then with a payment of 3000 i was finally able to get my car. this was all in the same day too.

at that time i was makin around 24,000 a year too.

good luck man. try to get help from a parent to co-sign or so.

 

[Pl8er 5,000+ posts]

yeah debt is bad... but wouldnt it be good if im trying to get good credit?

Don't get screwed because your young. That is how your credit gets messed up. Don't take a loan at 23.99% (yamaha card).

Find a bank to get a loan. If need be, can you get a parent to co-sign?

 

[slam 5,000+ posts]

just give us ur ssn# and will tell u

 

[Pl8er 5,000+ posts]

In ohio, a motorcycle is not a luxury.

 

[Lingerfelt 10+ year member]

Well, here's my story, pretty similar.

19, looking for a car.

$7000 loan.

$1900 down.

Bringing home (as in, after taxes) $280 a week salary, employed by the same company for 3 years.

Credit card for about a year, between $600-1000 balances every month.

Credit card paid off in full on time, every month (not just the statement balance, but my entire balance at the moment).

No cosigner.

I was denied by my own bank, but approved by two others. I was financed through the dealership, and the bank I ended up with my loan through is a credit union, at which my father has always had his account, and had a savings account in my name (now closed) back when I was very young. I think this had a bit to do with me getting approved.

It's not as easy as you'd imagine. Good luck.

 

[crunktimes.com 5,000+ posts]

If I were you I would try and get a little more credit history, now you would pretty much be considered having 'no credit' why not get a smaller bike for 2k drive it a year or so then try again once you have built up some credit and just resell the smaller bike?

 

[Pl8er 5,000+ posts]

Well, here's my story, pretty similar.
19, looking for a car.

$7000 loan.

$1900 down.

Bringing home (as in, after taxes) $280 a week salary, employed by the same company for 3 years.

Credit card for about a year, between $600-1000 balances every month.

Credit card paid off in full on time, every month (not just the statement balance, but my entire balance at the moment).

No cosigner.

I was denied by my own bank, but approved by two others. I was financed through the dealership, and the bank I ended up with my loan through is a credit union, at which my father has always had his account, and had a savings account in my name (now closed) back when I was very young. I think this had a bit to do with me getting approved.

It's not as easy as you'd imagine. Good luck.

What was your beacon?

Because something isn't adding up with that one. You had to miss payments somewhere.