need advice on getting a loan

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crimbshaw188 -> need advice on getting a loan (10/1/2008 9:18:03 PM)

well tomorow im going to go down to the credit union and see about a laon imtrying to finance a new grizzly but im 18 years old and im switching jobs(going to a better comany with more Pay) and i dont really have any credit history yet so the odds definitly arent in my favor at all if i cant get it im going to try with a co-signer  but anbody got any advce on what to do to hel them to want to give it to me

an help is very greatly apretiated



kidsoncoffee -> RE: need advice on getting a loan (10/1/2008 9:21:23 PM)

Not much you can do unless you can magically make your credit score an 800.  Take a few months of your most recent pay stubbs up there with you to show what your income is.  But as it sits, the economy is jacked, and banks don't want to come off of their money.  Best of luck to you, but I'd have a co-signer handy.



rkw38 -> RE: need advice on getting a loan (10/1/2008 9:28:43 PM)

With the current economy, it's gonna be tough.  Your best bet will be to wait a while and save up a big hairy down payment so you don't have to finance as much.  The 100% down plan always works.



crimbshaw188 -> RE: need advice on getting a loan (10/1/2008 9:28:58 PM)

well ive definitly got a co signer with good credit but its definitly an iffy still there cause they have a loan already with the bank but the thing is why im trying to get it so soon as in the end of this week is because its the last 660 they have left and they are trying everything to sell it  and are very deerate to do so and im switching jobs right  now so i dont have any ay stubbs



crimbshaw188 -> RE: need advice on getting a loan (10/1/2008 9:30:05 PM)

id love to wait but im wanting a 660 and this is the last one they have in the area and i have been everywhere even lake charles looking for another one



Unbeatable_Brute -> RE: need advice on getting a loan (10/1/2008 9:30:34 PM)

quote:

ORIGINAL: rkw38
The 100% down plan always works.



[sm=funnypost.gif]



muddnchic 101 -> RE: need advice on getting a loan (10/1/2008 9:31:25 PM)

I WORK AT A CREDIT UNION AND I AM NOT A LOAN PERSON I AM ONLY A TELLER BUT I KNOW ALOT ABOUT THEM..... AND YOU ARE RIGHT IF YOU DON'T HAVE A LOT OF CREDIT THEN YOU PROLLY WON'T GET A LOAN ....OR THEY WILL HAVE TO HAVE YOU GET A COSIGNER...ALSO I FINANCED MY FOURWHEELER THROUGH THE CREDIT UNION AND YOU HAVE TO HAVE INSURENCE ON THAT FOURWHEELER MEANING THAT YOU WILL HAVE TO PAY AN RIDUCLIOUS AMOUNT FOR IT: UNLESS YOU CAN LIST IT UNDER YOUR HOME OWNERS INSURENCE OR YOUR PARENTS HOME OWNERS INSURENCE.....THERE IS ALOT OF INFORMATION BOUT THESE KINDA LOANS.....IF YOU WANT SOME MORE INFO ON IT JUST SEND ME A PM AND I'LL TRY TO TELL YOU MORE BOUT IT.....



James Chapman -> RE: need advice on getting a loan (10/1/2008 9:32:10 PM)

They wont give you the money for a fourwheeler if your 18 without a co signer..benn there done that...It's doubtful they would even with a co signer

You need credit history and a good score...like said above the economy is screwed



muddnchic 101 -> RE: need advice on getting a loan (10/1/2008 9:36:03 PM)

NO IT DON'T MATTER ABOUT THE AGE....I MEAN YOU DO HAVE TO BE 18....BUT WE HAVE PEOPLE COME IN THE CREDIT UNION ALL THE TIME THAT ARE 18 AND GET STUFF FINANCED WITH OUT A COSIGNER....IT IS ALL ABOUT THE CREDIT SCORE , IF THEY HAVE A CREDIT SCORE AND THERE CREDIT HISTORY... I AM ONLY 19 AND I HAVE A CREDIT SCORE AND I DON'T NEED A COSIGNER FOR ANYTHING I HAVE....BUT THAT IS B/C I HAVE A CREDIT HISTORY FROM WHEN I WAS YOUNGER.....



dbmachine -> RE: need advice on getting a loan (10/1/2008 9:44:58 PM)

you need to start up a credit card with a max spending limit of 300$ to start with, and pay the payments off every month on time and your credit score will go up in no time...



muddnchic 101 -> RE: need advice on getting a loan (10/1/2008 9:54:42 PM)

THAT IS A GOOD IDEA TO GET A CREDIT CARD...BUT WHAT WILL HELP YOUR CREDIT MORE IS TO USE IT AND PAY ON IT OVER TIME...NOT TO USE IT THEN PAY IT OFF ....IT WILL BUILD YOUR CREDIT SOME BUT NOT THAT MUCH....IT WILL BUILD YOUR CREDIT MORE IF YOU USE THE CARD AND PAY ON IT AND NOT MAX IT OUT....MAXING IT OUT WON'T HELP YOUR SCORE.... BUT GETTING A CREDIT CARD IS A GOOD IDEA....I WOULD GET IT WITH YOUR CREDIT UNION ...IT LOOKS BETTER THAN JUST A CREDIT CARD FROM A STORE OR A CAPITAL ONE OR ANYTHING LIKE THAT.....AND I WOULD REALLY NOT GET A CAPITAL ONE OR A DISCOVER...B/C MOST OF THERES IS LIKE A 22 - 25% INTREST RATE....AND IF YOU DO GET ONE GET ONE WITH A FIXED RATE AND NOT A VARIABLE RATE...



TeamMudd -> RE: need advice on getting a loan (10/1/2008 9:54:57 PM)

down payment is a great starting point.  i bought one of mine and financed about 70% of the second one.........but our payment plan was almost triple what i was required to pay.  get it payed for, said and done with. 

i also agree with the 100% down plan!  there's no other plan like it.  ONE you say your switching jobs for better pay, there's one PLUS right there, save up for a MUCH larger down payment, if not 100% go for at least 70%, when you reach 50% evaluate your situation, and budget, and if 50% will swing it, then go for it.  in todays economy, the last thing you want is to start the credit circle, especialy at your age.

IF you decide to finance the total amount, make double payments, one it will pay it off that much quicker, and if you can make 2 payments a month.  the APR is calculated DAILY!!  when you make a payment after 12 days in a month you're only paying interest for those 12 days, not 30.  that will help you out too, even if the minimum payment is $100 pay $50 on the first and $50 on the 15th of the month.




crimbshaw188 -> RE: need advice on getting a loan (10/1/2008 10:11:08 PM)

well my origional plan was to wait an save and pay almost all of it on a down payment but i am wanting a 660 and ther is only one left in our area and its going to sell qiuck because they are ready to get rid of it



James Chapman -> RE: need advice on getting a loan (10/1/2008 10:21:48 PM)

sell the sportsman??? cash



Silverback -> RE: need advice on getting a loan (10/1/2008 10:24:16 PM)

I'd talk to them...i bought my first motor bike today, and i have no credit history either. just depends on how much money it is...and you deffinitly can get it with a co-signer



TeamMudd -> RE: need advice on getting a loan (10/1/2008 10:25:05 PM)

i wouldn't rush into it, that's just me.

i was in hattisburg cycle last week, and the had PLENTY of 660's, and a few 700s as well. 



crimbshaw188 -> RE: need advice on getting a loan (10/1/2008 10:56:50 PM)

owe too much on the sortsman that was the biggest mistake ever was not getting rid of the lemmong while i had the chance



TxSports800 -> RE: need advice on getting a loan (10/2/2008 9:11:19 AM)

I bought a new fourwheeler when I was 17 without a co-signer.



Bubba420 -> RE: need advice on getting a loan (10/2/2008 9:13:13 AM)

Save your money and pay cash.  Einstein said compound interest is the most powerful force in the universe and he was right.  It can either work for you or against you.



txjustin -> RE: need advice on getting a loan (10/2/2008 9:51:54 AM)

quote:

ORIGINAL: crimbshaw188

owe too much on the sortsman that was the biggest mistake ever was not getting rid of the lemmong while i had the chance


So you're trying for a second 4wheeler note?  If that is the case...you need to take some finance classes at your local college.



kodiak660 -> RE: need advice on getting a loan (10/2/2008 10:41:52 AM)

Always pay off things you charge on a credit card the second you get the statement. Never let any of the balance ride.

I would also get the 1st quad paid off before going farther in debt.



Big_T -> RE: need advice on getting a loan (10/2/2008 11:00:23 AM)

How much do you make a month at your new job?  How much are you paying on the first loan?  How much would you be paying on the second loan?  Be careful you don't overextend yourself.  Basically how our economy got into the mess right now is people taking out more loans than they can handle.  I'd hate to see you become one of the people that most people on here hate because the taxpayers have to bail out your bad debt ;)
Just be patient and wait until you have more for a down payment.  Right now a lot of banks aren't going to give you ANY loan without 20% down.  Buy a used one or something if the dealers don't have one anymore. 

As for credit cards, paying it off every single month doesn't build your credit score very much.  Your credit score goes up when you have debt and pay it every month.  If you pay it all off every month you don't really have any debt that you're making payments on.  Don't keep large amounts on it, but make sure you always pay the minimum every month, don't miss payments, and leave a small amount (a few dollars) on so you continue to have debt to pay off.  The important thing is to not leave large amounts on it. 



shife -> RE: need advice on getting a loan (10/2/2008 11:20:42 AM)

Not sure if youve tried to get financed online with the manufacturer.  More times than not if Yamaha (or any of them for that matter) turn you down then you can forget the credit union.  Just a thought....I never liked going into those places when I was younger just to get turned down.  Stings a little less online is what I am saying [:D]



TeamMudd -> RE: need advice on getting a loan (10/2/2008 12:48:06 PM)

seems like your wanting to start in the vicious credit circle, owe on one bike and finance another.........bad idea in my opinion.  but this is your descision, if the financing institutions aren't going to give you the money, MAYBE that should throw up a red flag, that you don't NEED it right now.

plus it's not like you'll NEVER find another 660 out there.



txjustin -> RE: need advice on getting a loan (10/2/2008 1:18:04 PM)

very good advice from you guys



crimbshaw188 -> RE: need advice on getting a loan (10/2/2008 2:29:52 PM)

THE SPORTSMAN WAS BOUGHT FOR me as a gift i guess you could say im just taking ove the ayments to be nice i want another one cause i dont get to ride on the sortsman (my "P" key doesnt want to wok easily) ever so i would like something to actualy have a chance to ride cause the sortsman at this point is only good for a racing bike so ifi cant ride it theres no oint in even owning an atv and im not going to pay monthly on something i cant ide but if i had something that actually worked id be happy

if i may lease ask i would rather have advice on HOW to get a loan not advice on weather or not i need one i understand about finance enough to know what im getting myself into and i am full aware

i will be making more than enough for the Payments  and the job i am starting is very romising ni the future

Please and Thank You



txjustin -> RE: need advice on getting a loan (10/2/2008 3:21:44 PM)

Not to sound like a jerk, but if you don't even know how or what limitations there are to getting a loan for an atv...you don't need one.  But nevertheless, good luck.



bansheefan03 -> RE: need advice on getting a loan (10/2/2008 3:26:44 PM)

well i know for me i don't mess with any credit union i have been dealing with local my bank since i was 16 and i can walk in there and get any loan i want within reason that is.  if you have been doing business with a bank for a while that would be your best bet on anyone giving you a loan there a little more forgiving on there customers like a little while back i was at the ford house buying a new truck seen how much there intrest rate was so i just called my loan officer at the bank told them what i wanted and how much i needed he didn't ask anyy questions just said tell them to fax me the info on the truck and ill send them a check and told me to come in when i could to sign the paperwork



Unbeatable_Brute -> RE: need advice on getting a loan (10/2/2008 3:40:05 PM)

quote:

ORIGINAL: crimbshaw188

THE SPORTSMAN WAS BOUGHT FOR me as a gift i guess you could say im just taking ove the ayments to be nice i want another one cause i dont get to ride on the sortsman (my "P" key doesnt want to wok easily) ever so i would like something to actualy have a chance to ride cause the sortsman at this point is only good for a racing bike so ifi cant ride it theres no oint in even owning an atv and im not going to pay monthly on something i cant ide but if i had something that actually worked id be happy

if i may lease ask i would rather have advice on HOW to get a loan not advice on weather or not i need one i understand about finance enough to know what im getting myself into and i am full aware

i will be making more than enough for the Payments  and the job i am starting is very romising ni the future

Please and Thank You







I was hoping another loan officer would chime in, but I guess there's not one on here.  I"ve been a loan officer for 7yrs so let me try and give you a few helpful pointer's. 

First off NO credit is better than BAD credit, so atleast you have that going for you.  Second you dont always need a co-signer, although they help.  What you need to do is set aside 30% and this goes for any type of "recreational vehicle", when you have insufficient credit. Banks like this because it helps build equity, so if you go in defeault they can sell and recoup ther money. Third make sure you get the price down as much as possible on the bike you want to buy...."keep it stripped down, no wheels, tires, winch, etc".  That way the loan to value is much lower and again they feel safe knowing they can recoup the money on a repo.

Now for the bad....the economy is basically in a freeze....banks are not lending on anything less than a slam dunk, no question about it kinda deal.   "SO" make sure you wait until this BAILOUT bill is threw its cycle.  The Senate has passed it and now Congress needs to in order to help you get your loan.  Wouldn't you feel better about loaning money if you had plenty to spare.   

So wait a few days and see if the bill goes threw.  Learn to keep up with the economy at a young age and not be like today's youth.  [;)]  You seem to be on the right track asking for advice....now if you were only buying a Kawasaki!!!  JK  [:D]



crimbshaw188 -> RE: need advice on getting a loan (10/2/2008 3:47:55 PM)

thank you for the advice and not just telling me i dont need one

i wish i could wait thats my origional plan  but seeing as they dont have any 660s left then it sorta cant wait the dealershi is moving in a couple of weeks and they are absolutely trying to get rid of everything they can esecially this thing before they move  i wish i could drive halfway across a state to get one  but i cant so its sorta either i get this one or i dont plan on buying anothr atv unless they decide to start producing carbed models again



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