Quote Originally Posted by sullen
so im thinking about trying to get like a personal loan, but i dont know about it...

1. is there a minimum amount on a personal loan
2. would they need a down/colateral
3. if i paid off a motorcycle with the personal loan, could i infact OWN the motorcycle, and get the cheaper insurance
4. what would the payments look like?

keep in mind, i have never gotten a bank loan. however, i have about a year of perfect credit card payments, never late.

1) Depends on the bank. I would guess a few hundred or maybe $1000. I'm not totally sure on that one but you should be able to look it up on your bank's website.
2) Likely. Since you have such limited credit history, they may ask for collateral. If you are a member of a credit union or have a decent relationship with your bank, they may not but don't be surprised if they do.
3) Yes. But why not just get a lien on the bike? Why take a personal loan instead of just a loan to buy they bike itself? And your math is off... $170 a month won't pay off a $2,000 loan in a year. You are forgetting the interest. Get a loan to buy the bike, pay it off fast and build your credit. Interst rates on personal loans are almost always higher than loans to buy something specific. For example, at my credit union, the lowest you can get for a car is 3.99% but the lowest for a personal loan is 10.5%. Huge difference.
4) There is no way anyone can tell you that without knowing the amount or interest rate.