I'm 22 and I need to take out a loan but I don't have any collateral for the bank. I want the loan so I can pay off my motorcycle ($9,000) and get the title so I can sell it for $7,000 which means I personaly would only be paying $3,000 back to the bank. Is this a good idea or is it even possible
2007-06-02 04:18:38 · 8 answers · asked by Anonymous in Business & Finance ➔ Credit
You can try to convince the bank telling them everything you have told us
2007-06-02 04:20:49 · answer #1 · answered by Anonymous · 0⤊ 0⤋
You should already have the title regardless of the status of the loan or any debt on the motorcycle. Otherwise you couldn't register and insure it for use. It's YOUR motorcycle, after all, regardless of any future payments that need to be made. If they're refusing you title than something is fishy somewhere. Go down and demand the title and threaten legal action if they don't provide it.
ummm, that's assuming they haven't seized the vehicle because of non-payment.
Then the only chance of saving yourself from this situation the way you want to is to go down with this person to whoever has control of the loan and try to convince them to re-write the contract with this new person as the responsible party for the loan and writing a separate contract on the remaining payments due. But this person would have to be a really, really good friend or really, really want the bike to do that... and I'm not sure the dealer would go for that.
2007-06-02 05:13:17 · answer #2 · answered by Pooka 4 · 0⤊ 0⤋
It sounds to me like you need a $2000 loan, not $10,000. Take the $2,000 and the $7,000 from the sale and pay of the existing $9,000 loan.
Find someone willing to pay $7,000 for the motorcycle. When they pay the $7,000, give them the keys and a bill of sale. Use the $7,000 and the $2,000 you borrowed to pay of the current loan and as soon as you receive the title, forward it to the buyer. You may even be able to have the title sent directly to the buyer.
2007-06-02 05:03:53 · answer #3 · answered by STEVEN F 7 · 0⤊ 0⤋
Sounds like you already HAVE a loan on the motorcycle, if you're talking about paying it off. You can sell it, but will have to pay off the loan to get the title to give to the buyer - you and the buyer would probably have to go together to the institution that holds the current loan (and title) to get all this done. But if the motorcycle is worth less than your current loan, you'll have to come up with the difference.
Why would you want to borrow $10K if you only need $9K anyway?
Your idea isn't likely to fly.
2007-06-02 04:52:29 · answer #4 · answered by Judy 7 · 0⤊ 1⤋
You are going to need pretty good credit. Not likely...unless you can get a co-signer probably.
You can sell it, just tell the buyer you will need to get the title from the bank...the buyer can accompany you, so he wont lose any money.
Of course, you'd need the $3K to cover the balance at that time. Sounds like you dont have it.
Or you could trade it in on a car...they will handle the paperwork for you...and refi your negative equity.
2007-06-02 04:23:09 · answer #5 · answered by StayThirstyMyFriends 6 · 0⤊ 1⤋
you're using Peter to pay Paul.
just pay off the motorcycle. don't get yourself even further into debt.
2007-06-02 04:27:38 · answer #6 · answered by Lovely78 3 · 0⤊ 1⤋
You can get upto $1500 at http://www.creditbud.com
2007-06-02 07:01:16 · answer #7 · answered by Anonymous · 0⤊ 1⤋
Below link will certainly help you.
2007-06-03 05:41:04 · answer #8 · answered by Anonymous · 0⤊ 1⤋