Im 19 and can more than afford the Ducati im trying to get. However, due to my lack of credit history (only had the card for 7 months even though i pay it off completely each month...) I probably wont get the loan. Anyone know a place that offers loans to young'ens like myself? Id end up putting about 6k down and paying 5k for the loan. Thanks!

-Nick-

 

No offense but if you can afford it, then you shouldn't need a loan. That's my definition anyways. Try student loans. You can get them from federal, school or private bank. Way cheaper than any other loan you're going to get. Don't forget insurance... 19 + first bike + ducati = not smiled upon by insurers.

 

credit card....there's your loan.

 

try finding a 5k limit credit card as a 19 year old... i can afford the payments easily and will probably have the bike paid off in a year... its just a matter of finding a place to give me the loan...

 

I did. No one would finance me b/c of my age (19) one year ago. So, I had to stick it on a dealer issued credit card, wait till my credit passed the 1 year trial period (credit begins at age 18), then transfer the balance to a low interest credit card, ala the 0% intro cards.

 

really... interesting. Ill have to look into that. Thanks for the heads up

 

what was your gross monthly income though... i only make 1600 a month so its harder to get the high credit limits.

 

Dunno about you guys, but I've had credit since 16. Granted it was cosigned, it does technically start your credit history and I started getting the piles and piles of "pre-approved 0% interest" credit card mailings. If I had it to do all over I would have never gotten a driver's license but that's another story. If by a longshot you've started a 401k, ira, college fund or other form of federal tax exemptsavings, you can use it as collateral to borrow against. It helps both your rate and the laon amount. Depending on what you need of course. Btw, the duc won't be your first bike would it?

 

wow, thanks... ill have to look into that too... no, its not my first, ive been riding for a over a year and am ready to step up. Since the 748 is comparable (power wise) to a Jap 600 so it isnt that large of a step up. Ive always been Duc fan

-Nick-

 

if you are putting over half down, you should have an easier time getting credit. The bank wants to be sure they can get their money back if you don't pay. If you put more than half down that will look good to the bank.

Also, about insurance. The comprenhensive, collision coverage that the bank is GOING to make you get is going to be thru the roof. This is why putting it on the credit card would be in your favor.

 

only problem with the credit cards is the 24.9% APR rate id pay...

 

i work in a bank and do loans. you are best off putting it on a credit card, i had done that for my first car. Only special credit companys will issue you a loan and even then it will be a REALLY high rate.

 

how can i get a credit card with a $4-6k limit as a 19 year old?

Edit: Can YOU get me a loan


[Modified by B19CivicHB, 9:54 PM 8/12/2002]

 

Have your parents co-sign. That is about the only way I can think of.

Or you could buy a house and take out a home equity loan j/k

 

haha house... yeah... Parents wont cosign for a bike... thats why im in this pickle.

 

Alot of the used bike dealers down here would get you a loan cant remember which company they used but it sounded like a mom n pops place, then they would have it transferred to a credit card through the loan company.....

The only problem with it is if you wreck it, you still have the debt on your credit card, plus the high rate........

At 18 I was only able to get a 1k limit on my card. That was through the credit union i had my college money at over $10k in my account.....

I have since gotten a job where I make a decent living and have $30 grand in my savings account. I asked them to up the limit because I went to buy my bodykit for my crx and it wouldnt fit on my card I bought a new set of shocks and trim pieces that month.... Even though i pay the balance off every month and have never been late on a payment in 6 yrs they told me to fill out another application.

Needless to say i took up AAA on their platinum card. Originally it came with a 10 grand balance, now i think it is up to 18 grand...... The most i have had on it was 3 grand, but i pay it off at the end of each month.....

It is very hard to establish credit at an early age no matter what you do. I wish i had better news for you.

If it will only take a year to save the money I guess suck it up, wait a year, pay cash on the bike and know that something like 80 percent of the people riding are still paying on their bike while you are riding a new bike that is paid off.

 

if your gonna pay it off in a year or so, wouldn't u rather take the 24.99% credit card than pay 3-6g's a year on insurance just so the loaning bank can be happy... man you'd be paying for an almost whole new jap bike in a year or a new duc in 2-3 years.... that's unless u really plan on keeping the full comprehensive coverage after the payoff, after all it is a duc.... jus my $.93... l8rz

 

Hey, it makes me feel good. An actual car at home helps too. Too many homeless people w/ r6's these days

 

If you put over half down , most dealers won't have a problem financing the rest of it for you.

 

why don't you forget about the duc and just buy a r6 that's in the price range **** i'm trying to get one. should have never sold my gixxer (stupid ***)