Question about a loan: Ninja 250.

[XurXes]

I'm not sure if this goes here but here goes...


Well, i want to get a 2008-2010 ninja used when i turn 18, Here is my plan, The bike out the door cost 3500 with tax title and everything, I will have 1000-1500 to put down, then i want to finance the rest, Will i be accepted for a loan? I'll 1000-1500 is about 30-40% down, so i wouldn't think their would be a problem? I have zero credit obviously since I'm not even 18 yet, i know the APR will be high, I plan on getting a 2 year loan but paying off in about 1 year to 1year and a half, I have a steady job, done with school, I've been at the same job for 1 year and a half so when i go to buy it will be about 2 years at the same job.

I live in florida, thanks for any information you can provide.

[Jiggles]

You won't be able to get a loan but you could get a credit card with a $1000 limit and 23.99% APR

[XurXes]

Originally Posted by Jiggles

You won't be able to get a loan but you could get a credit card with a $1000 limit and 23.99% APR

Even with 30-40% down and same job for 2 years and steady income of 200$/week? Sorry to double ask, just think its pretty outrageous.

[zCasanova]

You have no credit history, get a relative to cosign for you.

[XurXes]

Originally Posted by zCasanova

You have no credit history, get a relative to cosign for you.

No one will, No one want's me to get a motorcycle, and the one person who would has bad credit.

[Jiggles]

You have 0 credit history. Imagine never having a job and then applying to be a manager, that's what you are trying to do by getting a loan. Someone will give you a credit card with a low limit and a silly interest rate. You might even be approved for the Kawasaki Credit card for a few thousand dollars and a 24% interest rate but that's a real stretch and only applies to new vehicles

When I was 20 years old and had 2 years of credit history and a 750 credit score I applied for a motorcycle loan for a new motorcycle, I was denied. Getting a loan for a used vehicle is even more difficult than a new one.

Anyway, plan on paying cash for 100% of the cost, dont forget helmet, jacket, gloves, pants, boots, and insurance.

[XurXes]

Originally Posted by Jiggles

You have 0 credit history. Imagine never having a job and then applying to be a manager, that's what you are trying to do by getting a loan. Someone will give you a credit card with a low limit and a silly interest rate. You might even be approved for the Kawasaki Credit card for a few thousand dollars and a 24% interest rate but that's a real stretch

When I was 20 years old and had 2 years of credit history and a 750 credit score I applied for a motorcycle loan for a new motorcycle, I was denied. Getting a loan for a used vehicle is even more difficult than a new one.

Anyway, plan on paying cash for 100% of the cost, dont forget helmet, jacket, gloves, pants, boots, and insurance.

If i got approved for the kawasaki credit card, that would be all i would need, It's 3500 out the door, all i would need is 2000 financing.

[Jiggles]

Originally Posted by XurXes

If i got approved for the kawasaki credit card, that would be all i would need, It's 3500 out the door, all i would need is 2000 financing.

You found a new 2008-2010 250 for $3500 OTD? They will not let you use it on a used bike

[ninja91]

most likley with no credit and being 18 you would need a cosigner you could use that 1500 saved up and a credit card you might be able to buy an 08 on craigslist?

[XurXes]

Originally Posted by Jiggles

You found a new 2008-2010 250 for $3500 OTD? They will not let you use it on a used bike

Oh no, didn't know it had to be new. Well, If i could get 2000 down which is over 50% would they finance 1500? When i turn 18 I'll be working at the publix warehouse and making 1200/month.

[Jiggles]

Who on craigslist takes credit cards???

[XurXes]

Originally Posted by Jiggles

Who on craigslist takes credit cards???

Actually i found some people who do, they use the payment processing app, only 2% in fees.

[Jiggles]

I've never seen an ad that didn't say cash only

[XurXes]

Originally Posted by Jiggles

I've never seen an ad that didn't say cash only

Well, I don't know, people here use squaretrade a lot, a lot of local buisness use it as opposed to registers and traditional credit/debit card scanning, It's cheaper. Personally i wouldn't accept square trade or anything like that, you never know if it's a stolen credit card or anything.....


But back to on topic, I'll go to a credit union tomorrow and see what they say, Not saying i don't believe you, but i just want to see if their is anyway i can get the bike.

[Jiggles]

Credit unions tend to be more likely to give you a loan and usually with a better rate.

I requested my loan from a credit union and was denied. Anyway fact remains, you're going to have to save up the cash to afford this

[dirty nasty]

I say find an easier way. For me, that was waiting for the right deal and buying it outright.

[Jiggles]

Try these guys

[XurXes]

Originally Posted by Jiggles

Credit unions tend to be more likely to give you a loan and usually with a better rate.

I requested my loan from a credit union and was denied. Anyway fact remains, you're going to have to save up the cash to afford this

Well I'll update the thread tomorrow with what they say, the dealership said they would but with 18% apr and require atleast 1000$ down and a co signer with moderate credit.

[Jiggles]

And you don't have a cosigner correct?

You can get a loan for just about anything with a respectable cosigner

[lgk]

i would hold off it until you move to your next job.
then get an old gen to learn on.

they had several around me for $800-1200.
factor in about $2500 for gear, insurance, maintenance, tools, and training.

until you gain buying power, i would not worry about credit.

accumulating debt when you don't have the ability to pay it off quickly, will damage your finances.

[ninja91]

Originally Posted by Jiggles

Who on craigslist takes credit cards???

You can take cash out for your credit card.

or many people used squared now adays (doh didnt see people mentioned it already...)

squared would be an instant transfer into your bank so its pretty close to cash

just throwin that out there

[Jiggles]

Yea, why not double your APR!

[lgk]

they know you need money, and can't pay it back quickly.
cash advance is for suckers.

it will damage your credit, not build it.

[XurXes]

Originally Posted by lgk

they know you need money, and can't pay it back quickly.
cash advance is for suckers.

it will damage your credit, not build it.

If i do finance 2000 i could pay it back extremely quickly, within a year, At the moment i make 900$/month, 2000 over two years is 100$, I could pay 200$ a month and have it paid back in a year.

[Jiggles]

APR's for cash advances will be well over 30%, you don't want to do that lol

[XurXes]

Originally Posted by Jiggles

APR's for cash advances will be well over 30%, you don't want to do that lol

Hmm, Well I'm not sure what i will do now, At the moment i have 800$ dollars, if i save Hard core i could have 3000 by November, but i didn't want to have to save every penny i get.

[FrugalNinja250]

I would strongly recommend against getting a loan at this time. Save up your cash, and this fall when bike prices drop you can get more bike for less money, with no debt. When you borrow money what you are effectively doing is taking money from your future, and should something happen between now and that future you'll be screwed. By paying cash you avoid a lot of costs associated with a loan, you remain debt free which prevents you from being in a situation where they repossess your bike and leave you with nothing to show for months or years of payments, and with a free and clear title you can resell the bike easily.

To build credit, get a credit card and manage it well. I had a 780 credit score from just two credit cards, no car loans.

[Jiggles]

That's really the smartest option IMO

[lgk]

Originally Posted by XurXes

If i do finance 2000 i could pay it back extremely quickly, within a year, At the moment i make 900$/month, 2000 over two years is 100$, I could pay 200$ a month and have it paid back in a year.

why not just save until you can afford everything you need to ride with minimum loans.
if the interest rate is 10% you'll still end up wasting $200bucks in interest during the loan of the bike only.
are you going to use credit for the gear, insurance, tools, etc.
that is probably going to be another $2000

you need to look at the big picture.
you got $1500 but then you have $0 in your account after the purchase.
then your going to cut down your net income by a 33%-40% for a year, and lose $200-400 in interest. then spend a fifth of your yearly income on stuff you need to ride.

doesn't sound good to me.

if you save money for another year and push for the better job, here's what would happen.

you will have $7000 you can spend. get a credit card with cash back or rewards from your bank or credit union. take the MSF course for $200. buy used bike for 1200, and Spend $2000 on good gear, tools, insurance, etc. use the credit card and pay it off every month.

start shopping for new bike after a couple of months of riding/crashing the used one. put $2000 down and pay $200/month for a new bike.

if you do it right, your bank account wont drop below $5000
you get two bikes instead of slaving over one.
you'll preserve your spending power, build credit, and enjoy yourself more.

[XurXes]

Originally Posted by lgk

why not just save until you can afford everything you need to ride with minimum loans.
if the interest rate is 10% you'll still end up wasting $200bucks in interest during the loan of the bike only.
are you going to use credit for the gear, insurance, tools, etc.
that is probably going to be another $2000

you need to look at the big picture.
you got $1500 but then you have $0 in your account after the purchase.
then your going to cut down your net income by a 33%-40% for a year, and lose $200-400 in interest. then spend a fifth of your yearly income on stuff you need to ride.

doesn't sound good to me.

if you save money for another year and push for the better job, here's what would happen.

you will have $7000 you can spend. get a credit card with cash back or rewards from your bank or credit union. take the MSF course for $200. buy used bike for 1200, and Spend $2000 on good gear, tools, insurance, etc. use the credit card and pay it off every month.

start shopping for new bike after a couple of months of riding/crashing the used one. put $2000 down and pay $200/month for a new bike.

if you do it right, your bank account wont drop below $5000
you get two bikes instead of slaving over one.
you'll preserve your spending power, build credit, and enjoy yourself more.

And i would love this, but the fact remains, i can't get the other job with out the bike, My current job at a publix store is 1.5 miles away and i walk, If i want the warehouse job it's 20miles away and it's AM shifts so i don't think a bus would work and i have no car nor anything to get me there, and my parents don't have a vehicle that would last going 20 miles to and 20 miles back for very long, If i want the better job i need to get a vehicle.

[lgk]

what kind of car do they have now?
whats the route like?

[PsHYk]

like someone said try to get a co signer...if not you could just wait another year or so and get a 500-1000 dollar loan and dont use the money use the money you got from loan and pay it back with the loan...catch my drift? i wouldnt suggest this for an irresponsible person but you seem to have your head straight on...**** if anything get a $500 loan for six months with the interest still being a little hi and itll be a small credit builder but itll still look good when you try to go and get a loan... its a long shot but i know a couple people that did this and it helped them so thought i would throw it out there...

[Jiggles]

^ wtf? Just get a credit card....

[XurXes]

Originally Posted by PsHYk

like someone said try to get a co signer...if not you could just wait another year or so and get a 500-1000 dollar loan and dont use the money use the money you got from loan and pay it back with the loan...catch my drift? i wouldnt suggest this for an irresponsible person but you seem to have your head straight on...**** if anything get a $500 loan for six months with the interest still being a little hi and itll be a small credit builder but itll still look good when you try to go and get a loan... its a long shot but i know a couple people that did this and it helped them so thought i would throw it out there...

I would love to wait another year, But i got to start college when i turn 18 and i can't get their with out the bike, And i wouldn't not be able to get this other job.

Originally Posted by lgk

what kind of car do they have now?
whats the route like?

Dodge van, grand caravan i think, Breaking down bad, Won't start half the time.

[lgk]

Originally Posted by XurXes

I would love to wait another year, But i got to start college when i turn 18 and i can't get their with out the bike, And i wouldn't not be able to get this other job.

used to be you could get a used car for $500 but it seems good ones are getting rare.
scooters are getting popular with the young guys, i see at least 20 of them a day.

worse scenario get a scoot for $500 and rock it for a couple of months and flip it.

Originally Posted by XurXes

Dodge van, grand caravan i think, Breaking down bad, Won't start half the time.

does it not turn over at all, or rotate but not run.

[xSean13]

Try and see if you can get a "visa secured" (that's what it's called here) credit card from a credit union. It will have a monthly limit. Plus, since it's a credit union, rates are way low.

[XurXes]

Originally Posted by lgk

used to be you could get a used car for $500 but it seems good ones are getting rare.
scooters are getting popular with the young guys, i see at least 20 of them a day.

worse scenario get a scoot for $500 and rock it for a couple of months and flip it.




does it not turn over at all, or rotate but not run.

It won't turn over half the time, have to take key out wait a while then try again, also other things wrong with it, over heating etc, I was thinking about a scooter but can't find a decent one that has good reviews for less then 1000$

[lgk]

Originally Posted by XurXes

It won't turn over half the time, have to take key out wait a while then try again, also other things wrong with it, over heating etc, I was thinking about a scooter but can't find a decent one that has good reviews for less then 1000$

i think the starter is bad, look up the procedure to take it out and get autozone to check it. starters are around $100, just get the cheapest one.

as for overheating, when was the last time the anti freeze was changed?
just drain it and fill with distilled water and antifreeze.

the caravan is probably ok, just needs some maintenance.

[XurXes]

Originally Posted by lgk

i think the starter is bad, look up the procedure to take it out and get autozone to check it. starters are around $100, just get the cheapest one.

as for overheating, when was the last time the anti freeze was changed?
just drain it and fill with distilled water and antifreeze.

the caravan is probably ok, just needs some maintenance.

Thanks for the information will do, But what kind of bike could i get for 1500 straight up?

[ninja91]

1500 can get you up to an 07 bike ive seen on craigslist if you hold out maybe an 08 if you are patient but remember gear gear gear the medical bills will be much worse than the price of proper gear