loans
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.
bump
someone please explain this to me, seriously.
First you sound way to young to get a loan if you don't know any of these questions.Originally Posted by sullen
1. usually no minimum to a personal loan, but you're not gonna go in there and ask for a 100 dollar loan, that would be stupid.
2.ITS A LOAN FOR MONEY, WHY WOULD YOU NEED TO PUT MONEY DOWN? ANSWER IS NO.
3. You would own the motorcycle since there would not be a lean on it through the bank.
4. Depends on how much the loan is and what the interest rate is.
To me if it sounds like your not going to take out that much just get a cash advance on your credit card. Which means you will get cash for however much you need up to the max amount on your credit card and you can just pay it off as you go like a big credit card payment.
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BTW you're welcome and reps are welcome!
well actually i was thinking like maybe a $3000 loan or so. i mean, i wanna get my 240 up and rolling. then whatever is left, i just wanna throw back into the loan. the bike i was thinking about getting was $2000. something to shut my girlfriend up. she says she couldn't afford it. but by my math, if i pay $170 a month, the motorcycle loan would be paid off in under a year. not having to technically make payments on the bike, i could get the minimum insurance, which would come out to maybe like $300 a year. i mean, bikes are dirt cheap on insurance.
well whats your credit card maximum?
$900
hmm, well you're gonna need a loan then. But its always a better thing not to get into too much debt when you are young.
yea i know, im trying to stay out of debt. but at the same time, i want to get my car going, and i dont have the money right now. i mean, if i could get a loan, i could have the vehicle going. i would be happy as a pig in shit. but then, once it is going, i could pay it off over time. which would be fine by me, i want to drive the car on a stock SR motor. thats all i want. later on, i will buy another motor, build the fuck out of it, and take a weekend to swap the motors over and keep the stock one in my garage. but i need to know about getting a personal loan, i mean, i cant exactly use the car a collaretal. its not worth that much to them.
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.
2005 Mazdaspeed MX-5 -1.8L Turbo
thanks JennB.
wow landon. that's the first smart reply i've heard you say on IA ever (rather than your usual racial or smart ass comments. lol)now meet me in my bedroom. lol :idb:
check out prosper.com... you can avoid the bank that way.. still get a loan.
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