with a cosigner with good credit?
or can my parents get a loan for 4 thousand and can it be transfered to me when i am 18?
i have 2 thousand already i have been saving since i was 13.
i have been dreaming of a 2004 Yamaha R6 since i was 13.
i just got my motorcycle endorsement.
2007-08-25 17:05:15 · 13 answers · asked by Sean M 2 in Business & Finance ➔ Credit
They can transfer it to you, (when you turn18) if you have good enough credit. But, you must be 18 to get a loan. By law, anyone under 18 cannot sign a contract and it be binding. Good Luck! Also, technically you don't have good credit. You don't have any. :( Credit bureaus can't start reporting until you are 18.
2007-08-25 17:08:27 · answer #1 · answered by Boots 3 · 1⤊ 0⤋
Your parents can get the loan for you, but no-one will take a chance on you before you are 18. Why? Because a minor can't be held liable.
If your parents are willing to take the loan, let them do it. Open a checking account for yourself and pay the loan with your checks. When you turn 18 have your parents sell you the bike. Go to the bank where you do your checking for a loan to buy it. When they tell you you have no credit, show them that you've been paying the loan for the past year.
Will this work? Sometimes it does, sometimes it doesn't. Either way you get your bike.
2007-08-25 17:12:17 · answer #2 · answered by loancareer 3 · 0⤊ 0⤋
Yes, with a cosigner. The loan may or may not be able to be transferred to you after 18 though. Maybe if the loan is through the bank you have used since you were 13 and you keep the bulk of that 2 grand in there.
2007-08-25 17:12:09 · answer #3 · answered by NY PTK 4 · 0⤊ 1⤋
Since contracts with minors are not enforceable ,
Very few persons / banks will make them loans .
How much does your job pay ?
Loans require proof of ability to repay , generally by employment income .
If you have a job , maybe a family member will make the loan . That is risky , however , because young people often default then the family is hostile over unpaid loans .
Maybe best to keep working and wait until you have the cash .
>
2007-08-25 17:15:45 · answer #4 · answered by kate 7 · 0⤊ 0⤋
I got a car loan when I was 17 through a credit union. My Mom was the co-signer or maybe she was the primary and I was the co-signer. Anywho it started reporting to my credit report when I was 17 but that was 10 years ago and rules and laws may have changed by now.
2007-08-26 09:34:04 · answer #5 · answered by Anonymous · 0⤊ 0⤋
No you have to be 18 to sign a legal document. If you are under age then the document can not be enforced unless your parent signed it or if you chose to allow the contract to stand. That's why you have to be 18 to sign a legal document. If your co-signer has good credit yeah you will probably be able to get a loan. The thing is the co-signer is putting up the risk of you not paying it. Then if you do not he or she has to pay it.
2007-08-25 17:15:41 · answer #6 · answered by Prof. Dave 7 · 1⤊ 0⤋
Many lenders, banks in particular, deal in any sort of secured loan other than second mortgages. Other institutions deal almost exclusively in secured loans. Finance companies that deal in secured loans can be found in your phone book, newspaper, and increasingly, online.Shopand can get a good idea of what each can offer you in terms of interest and other finance charges and fees. Choose the best one for your needs, and apply for the loan.
2007-08-26 05:11:51 · answer #7 · answered by Anonymous · 0⤊ 0⤋
regrettably or luckily because it must be minors won't be in a position to be held legally responsible for a freelance they enter into so no one will supply a private loan to a minor. She the two needs to attend till she comes of age or she needs to have an person take out a private loan for the vehicle with an expertise that she would be in a position to make the money. in case you try this to your daughter my suggestion is which you have her sign a written contract with you spelling out the words so she is conscious the extreme dedication it is. reliable luck.
2016-10-09 06:14:59 · answer #8 · answered by ? 4 · 0⤊ 0⤋
Depends on the lender and the underwritters requirements. But for automobiles if your parents co-sign it will be ok. I am not sure how it will work once you turn 18. Whether or not your parents can be removed from the loan/title may depend on your income and credit. If they(credit,income) are in good shape the lender may allow it.
2007-08-25 17:12:10 · answer #9 · answered by Ron H. Appraiser 3 · 0⤊ 0⤋
An R6............way too much HP for someone with a new endorsment.
Please do yourself a favor and wait a few years or even better start off with a smaller bike at first. Yes I know its fun to go 180MPH. but it sure as hell hurts sliding at 180Mph too.
PS take out life insurance. so your Mom and Dad can buy a place to put whats left of you after your slid.
REALITY CHECK YOU WILL GET HURT!!!!!!
2007-08-25 17:21:30 · answer #10 · answered by talbot983 4 · 0⤊ 0⤋