2007-09-21 06:12:48 · 20 answers · asked by Anonymous in Business & Finance ➔ Personal Finance
From Guido your local loan shark.....
Unless you can get the dealership selling the bike to do the loan for you, you are pretty much SOL...
If this is a private sale, then you are REALLY SOL...
2007-09-21 06:21:05 · answer #1 · answered by I Can Count To Potato 7 · 0⤊ 1⤋
Unfortunately, at 18 years old, you can get a lot of credit through colleges. But at 18, it's not a good idea to get too much credit. I screwed myself royally trying to manage credit cards at 18. However, a vehicle loan is not a bad idea. The best place to get a motorcycle loan is at a motorcycle dealership. I realize you are probably looking at someone's motorcycle to buy, but going anywhere except a dealership is going to get you a loan with a very high interest rate and a very high payment. Just swing by a motorycycle company in your area, see if they have a loan program, fill out an application and see what they can do for you. Most likely, they will know all the best financing companies.
Hope this helps.
2007-09-21 06:21:35 · answer #2 · answered by E.T. Barton 5 · 0⤊ 1⤋
It will be hard, but the first place I would check are some high risk lending institutions if you want it that bad. You will have an astronomical interest rate. Or I'd recommend trying to find a co-signer. Also take into consideration that you will have outrageous insurance rates on a motorcycle at your age. Especially if you are buying a bullet bike. Good luck though!
2007-09-21 06:20:07 · answer #3 · answered by Chelsea L 2 · 1⤊ 0⤋
You know that you can buy brand new motorcycles for much cheaper than 10k, right?
That being said, you are going to need a co-signer since you don't have any credit. And you may also want to contact an insurance agent about insuring the bike before you buy one as well.
2007-09-21 06:31:08 · answer #4 · answered by Sunidaze 7 · 0⤊ 0⤋
If you have had your job for more than a year you should have a little credit as long as you have no outstanding bills in your name. Also if you live on your own & pay rent that helps you also since you can use your landlord & utilities as a credit reference.
It would help if you had at least 20-30% to put down, if not more.
2007-09-21 06:21:48 · answer #5 · answered by Anonymous · 1⤊ 0⤋
Do yo have a job? money for a 20% down payment? At 18, the insurance is going to be outrageous also, since you don't have a lot of driving experience at 18
2007-09-21 06:30:01 · answer #6 · answered by Anonymous · 1⤊ 0⤋
Get a co-signer, preferably your parents. Most auto dealerships will approve a loan like that as long as they have a backup person to charge the monthly fee to if you don't pay it.
Otherwise, you could probably get a personal loan, but due to your lack of credit your interest rate will be through the roof.
2007-09-21 06:18:48 · answer #7 · answered by Lunar Sarah 4 · 1⤊ 0⤋
Don't even think of jumping into this kind of debt at 18. And that motorcycle will depreciate so fast your head will spin.
Save, buy a good used motorcycle when you have saved enough.
2007-09-21 06:41:19 · answer #8 · answered by Anonymous · 0⤊ 1⤋
You're gonna need time on a job (probably about 2 years), decent income with little expenses, and still you're gonna need a co-signer...unless you have some collateral to put up with significant value.
2007-09-21 06:27:23 · answer #9 · answered by araknid80 2 · 1⤊ 0⤋
Don't start your adult life out in debt. Save up your money and then buy the bike.
There are two types of bikers, those who have wrecked, and those who are going to. It would be a shame to wreck a bike and still have to pay a payment for....
2007-09-21 12:10:29 · answer #10 · answered by Jen G 5 · 0⤊ 1⤋