Ok.. ive been looking around to get my first bike and i decided to start with a bike in the price range of 2500-5000 bucks.. i got about 2000 cash and i still need about 3000 to get the bike i want.. i tried applying for some but they all require a minimum of 5000 loan, i dont want that much.. does anyone know if a bank will do this kind of loan without using a credit card??
Thanks

 

Get the loan for 5k and pay 4k off right away.

 

Depending on how soon you want to pay it back, some banks do a 90-day note. Where you get the money, and pay it back within 90 days at no interest, after the 90 days a pre-determined interest rate kicks in.

 

i didnt think of that.. haha.. but that would mean i would have to pay interest on 5k rather than on say 1-2k that i actually need?? Well, either way... i might just try that.. thanks... i might look into that 90 day note thing too.. what banks do those???
Thanks

 

You'll still be paying the same interest as long as you can make arrangements with the bank to have that $4K go directly towards the principle amount on the loan.

Edit: The only thing I forgot to add is the only sucky thing will be that your monthly payment will still be based on the original loan amount.

 

Smaller banks typically do the 90-day notes, not the large corporation banks.