Loan
Login  | |
|
Loan - 3/4/2006 3:44:15 PM
|
|
|
nitetimebolher
Posts: 8
Joined: 2/13/2006
Status: offline
|
I never thought about posting here but I figured why not. I'm trying to get a loan to buy a 1000rr through a private seller but I only have 2300 and he's asking 7300 for the bike. So I'm looking for a 5k dollar loan. I tried going to a credit union w/my girlfriend as a co-bar since her parent's work was associated with the bank but they didn't approve us since I lack credit history. (Only paying for a car-no credit cards) And my girlfriend has no credit history. Getting a friend/or another person to cobar is an option but no one I know would want to co-bar. My question is, is there any other place I can go to that will give me a loan for 5k? I really want to get this bike because it's a deal but I just need someone to give me a loan. Any advice?
|
|
|
|
|
|
|
RE: Loan - 3/4/2006 5:14:49 PM
|
|
|
ChrisMcD
Posts: 1474
Joined: 3/27/2005
Status: offline
|
No collateral? Its tough to say where to go...how old are you? You may have to look elsewhere...this may not be your bike?
_____________________________
2000 CBR 600F4 (*See Picture)
Musichyp/
~Chris
Portland, Me
|
|
|
|
|
RE: Loan - 3/4/2006 5:18:21 PM
|
|
|
nitetimebolher
Posts: 8
Joined: 2/13/2006
Status: offline
|
I'm 22, what's the collateral?
|
|
|
|
|
RE: Loan - 3/4/2006 5:24:56 PM
|
|
|
ChrisMcD
Posts: 1474
Joined: 3/27/2005
Status: offline
|
it secures a loan....like a car title or something like that...
_____________________________
2000 CBR 600F4 (*See Picture)
Musichyp/
~Chris
Portland, Me
|
|
|
|
|
RE: Loan - 3/4/2006 5:28:09 PM
|
|
|
cbr04
Posts: 2185
Joined: 11/27/2005
Status: offline
|
the bike title would be the collateral.
would your parents co-sign?
_____________________________
Southern Illinois > Atlanta, GA
|
|
|
|
|
RE: Loan - 3/4/2006 5:38:17 PM
|
|
|
ChrisMcD
Posts: 1474
Joined: 3/27/2005
Status: offline
|
i was just suggesting a way of getting a loan for $5000 since they didn't approve his request....
_____________________________
2000 CBR 600F4 (*See Picture)
Musichyp/
~Chris
Portland, Me
|
|
|
|
|
RE: Loan - 3/4/2006 5:48:09 PM
|
|
|
cbr04
Posts: 2185
Joined: 11/27/2005
Status: offline
|
oh i know. sorry musichyp... didn't mean to come across the wrong way  i'm in banking so i just shot that out there without thinking. regarding collateral most financial institutions won't approve a loan if you.. let's say give your car title as collateral if you're trying to buy a bike. the bike title will do collateral-wise. i'll give a loan up to the value of the vehicle. some places/people will do up to 110%... some only up to 80%. if he came to me with that 1000rr he's definitely w/in loan value. if i denied the loan and he offered me his car title (assuming it was paid off) i still couldn't approve it. since he's got limited credit he'll need a co-signer. either that or go to a subprime lender in which case he'd be getting like 23% on the loan - not something i would recommend 
< Message edited by cbr04 -- 3/4/2006 5:49:30 PM >
_____________________________
Southern Illinois > Atlanta, GA
|
|
|
|
|
RE: Loan - 3/5/2006 2:31:07 PM
|
|
|
ImmaSquashYou
Posts: 172
Joined: 9/19/2005
Status: offline
|
you can open up a credit card, the ones with annual pay will most likely approve you. Get like at least a 5k limit, and do cash advance. You're gonna get hit really hard with interest, but that might be the only option. But if you've never had a credit card, i don't know if you can be approved that high in the beginning. BTW, you should still get a credit card for emergency purposes...
|
|
|
|
|
RE: Loan - 3/5/2006 3:44:13 PM
|
|
|
ChrisMcD
Posts: 1474
Joined: 3/27/2005
Status: offline
|
quote:
ORIGINAL: cbr04
oh i know. sorry musichyp... didn't mean to come across the wrong way i'm in banking so i just shot that out there without thinking.
lol No problem bro' sounds like your in a better spot for these suggestions anyhow....I just like money! LOL 
_____________________________
2000 CBR 600F4 (*See Picture)
Musichyp/
~Chris
Portland, Me
|
|
|
|
|
RE: Loan - 3/5/2006 4:16:01 PM
|
|
|
city worker
Posts: 1975
Joined: 12/28/2005
From: Big Bear Lake, Calif, USA
Status: offline
|
get a cheaper bike dude!! i got my bike for $1995.00 its an older one but hey it got me riding. by a bike w/what you got, fix er up a bit save some more $ and start trading up. for a better / newer bike, some time down the road youll have what you want.
_____________________________
1993 F-2 RIDE HONDA, YOU MEET THE NICE'ST PEOPLE
|
|
|
|
|
RE: Loan - 3/5/2006 5:28:57 PM
|
|
|
hikerduane
Posts: 66
Joined: 7/9/2005
Status: offline
|
Get a credit card and start establishing credit. No late payments, no excuses and especially no gone to collections. Stay with a job, at least a year, even more will help. Think smaller now or at least cheaper. Be patient. Start small, I had car repairs while in college, only owed $50 but I paid when I said I would. I started establishing credit history at 18, first new car was when I was 20, bought a house when I was 25. All this on not much of an income.
_____________________________
Piece of cake.
|
|
|
|
|
|
|
RE: Loan - 3/6/2006 12:49:25 PM
|
|
|
rubberband man
Posts: 314
Joined: 1/13/2006
Status: offline
|
I agree, as far as building a little credit.. I know when i was trying to get a bike a few years ago since i was so young they wouldn't aprove me for shyt...... I had great credit but just not enough. Its alot easier to get approved for a car than a bike when you have little credit due to the fact that a bike is more of a recreational type vehicle and not a necessity like a car is....
_____________________________
03 CBR 600rr Black
- Jardine RT 1 slip-on
- Custom Fender eliminator
- Flushmount Red LED front blinkers
- Carbon Fiber Gas Tank Protector and Gas Cap Cover
-All hard work brings profit, but mere talk leads to poverty.
|
|
|
|
 Today's Posts
Most Active Topics
Make A Donation
Forum Rules & FAQ
RSS Feeds
Advertising Info
|
Contact Us |
Advertising |
Automotive Directory |
About Us |
Archive |
Honda CBR Motorcycle Links |
Legal |
Privacy Policy |
© CBR Forum
CBR Forum .com is not affiliated with or endorsed by Honda Motor Company.
|
Printable Version
