Wondering about a bank loan?

86 Fox

86 Fox

Forum Member
I'm looking to purchase a Harley soon I just posted a thread looking to buy one but I've been wondering how hard it would be to get a small personal loan from a bank for the margin of money i don't quite have saved up yet. I can't seriously start shopping until the number in my bank account is a hair higher and I just wondered if i should come across a must buy type deal how hard it would be to get a loan?

I'm 20 years old, work 30+ hours a week waiting tables, made over 10k last year while a full time student and was just wondering what other kind of credentials they look at when applying for a loan. I've had a credit card for a year or so that i've always kept up on pretty well, never looked into my credit score but i'd imagine it can't be too bad. I'm only looking to get about a 1,500 dollar loan so i would imagine its not too heavy a burden for the bank but i've not seriously looked into it yet.

thoughts?
 
I would probably consider joining a Credit Union. From my past experience they are easier to get personal loans through.
 
Ask your credit union, they should be able to tell you within an hour. You're probably going to need a co-signer (due to lack of credit history). Why not just wait, it's not riding season for another couple months yet.

You could save like a percent or half a percent of interest if you secured the loan with the bike, the loan would also be a little easier to get. But you're probably still going to need a co-signer. Your other option would be a check from your credit card company.
 
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If only I could go back to when I was your age and have a face to face with myself about getting into debt.

Harley = toy = pay cash or wait until you are able to.
 
DetroitStyle said:
If only I could go back to when I was your age and have a face to face with myself about getting into debt.

Harley = toy = pay cash or wait until you are able to.
Click to expand...


I hear ya one that, I made a few dumb financial mistakes when I was 19-20. One of which was a student loan I never shouldve taken out. Got raped on interest on it.

saving up 1500 shouldnt be too hard. Cut back on everything for a couple weeks, youd be suprised how quick you can save cash.

If you cant afford to save, you cant afford another loan payment.
 
ditto on a co signer

how much is the bike?
if the bank is a secured party on the title you will need to have full insurance on it ...
the insurance on it will probally be more than the loan
ditto...
on the wait till your done with school and can pay cash!

I wish I could have a face to face with myself at 21 yrs old ...
 
yes, check the insurance.... and no matter what anyone says, if you dont see yourself using it that much save the cash... times are tough, you should have at least 6 months of total payments saved incase you loose your job... a little food for thought...
 
Well, if HAVE TO get a loan, try a credit union first...and get some insurance quotes as well. If you are buying a used bike, save up a little while longer and just buy it in cash instead of having to finance it.
 
If you can't get the loan on the signature, you could try to use the bike as collateral. Just tell them that you are getting the bike and putting so much down and only need $1500 to buy it, will have a better interest rate this way also.

*edit*

Guess I should have read the whole thread before I posted, Robvas already said this lol.
 
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You will definately need a cosigner with your lack of credit history. Personal loans are the hardest ones to get too. It would be easier for you to get a loan for the bike with a nice down payment.
 
Well I by no means HAVE to get a loan, just my impatience with saving is my only incentive. I was planning on saving up all the money anyway so i dont have to worry about a loan but I just thought I'd see how difficult it would be and if it seemed easy/harmless enough i'd go for it but judging by the regretful responses about going into debt at a young age are steering me away from it. I guess hearing it from just my dad wasn't enough haha
 
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