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Discussion Starter #1
So anyone got any suggestions on getting a motorcycle loan of $5, 000? I'm 18, no credit and my mom can co-sign. I do have a job.
 

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What can I spend my $$ on
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See if Kawi has any specials going on, I got 6 months no interest and no finance charges. If you can pay the note in that time go that route or as was stated you will get a better rate from your own bank or CU.
 

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Discussion Starter #4
Ya, I don't have a bank account atm. Been going to get one from my mom's bank, its a place specific bank. Not sure what kind of financing or loan options they will have. I'm going to look into it, was just curious if I even had a shot in the dark at it. Was driving my mom's car to work the other night, and I just feel awkward, I just feel like I should be driving something else lol.
 

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MaNaMaNa DoDoDoDoDo
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4,767 Posts
Yes. Everyone wants your money. Especially if your mom has good credit. But, I suggest opening an account with your moms bank.
 

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98' 1500 Classic
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Okay, go to a bank, your mom's bank, or one you choose. Open a savings account, start saving your money. as much as you can, which means just about all you make. You would be suprised how much you can save if you put your mind to it.

Save at least $1,000 to cover the costs of putting 10-20% down and to cover the costs of sales tax and license/tags before you take out a loan.

Next, start shopping around for insurance.

After you get your money saved up, figure out how your going to get a loan/pay for it and insure it and license it, go buy a bike.

Do your home work first, save your money first and things will be easier later.
 

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nothing wrong with wanting to establish your credit. However, you may just want to save the money and buy a nice used bike outright. Using your parents as a co-signer puts them at risk too. But if you must finance, get a couple low limit credit cards and pay them off as soon as you get the bill, open a checking account, and keep working at the same job for a while will help build credit and interest rates will fall. Credit unions usually beat the banks rates, wile banks usually beat the dealerships.
 

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i would stay away from revolving loans, and get a fixed loan if any.

Your best bet is to start saving up some money, if your working part time try $50 a week, and everyonce and a while throw in a 100 or 200 at once and live on peanut butter and jelly for a week.


Most importantly set goals..

Write it all out and say .. ok I want XXXX amount of money to spend on a motorcycle in 5 months. Then figure out how much money you need to save and keep a log and update it everytime you add some money in. When you reach your goal you have no idea how psyched up your going to be man.. and if your parents find out they might be angry your buying a motorcycle, but totally impressed you saved up the money and set goals like that.

As far as establishing your credit.. open a savings and checking account. And get some credit cards, use them sparingly. And Pay your bills.. on time.

Goodluck
 

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Lets RIDE!
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If you can't afford it, don't buy it. Bikes aren't exactly the cheapest thing to own...why don't you do what I did when I was 18? Use that $5000 to pay for 1st year university, 3 years in engineering, every summer I went to the field and made huge $$$$$$, this year in co-op program....result= fully owned and fully paid 2007 impreza wrx, 2007 daytona 675 and a 2006 zx6r(which I gave to my bro) and all I had to do was wait 2-3 years to buy them.
 

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Buy a used bike ride and maintane it , Open a saving account at a bank or credit union save your money for a down payment. Talk to loan officer their and see about who will give you best loan.
Becarful about loans lots of people will loan you money for crazzy intrest rates. Just look at the news about home loans.
Joe Kawasaki
 

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Test Pilot
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See if Kawi has any specials going on, I got 6 months no interest and no finance charges. If you can pay the note in that time go that route or as was stated you will get a better rate from your own bank or CU.
Sorry but there is no such thing as no payment or interest for 6 months, even if the dealer led you to believe that, or the fact that you didn't pay anything during that time. Trust me, you paid the 6 months interest without knowing it and then they just defer or add an xtra 6 month payments at the end of your contract term. It's a well know practice these days with all sorts of stealers .....cars too. Sorry to burst your bubble, but it's the truth.
 

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Test Pilot
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If you can't afford it, don't buy it. Bikes aren't exactly the cheapest thing to own...why don't you do what I did when I was 18? Use that $5000 to pay for 1st year university, 3 years in engineering, every summer I went to the field and made huge $$$$$$, this year in co-op program....result= fully owned and fully paid 2007 impreza wrx, 2007 daytona 675 and a 2006 zx6r(which I gave to my bro) and all I had to do was wait 2-3 years to buy them.
+100^^^^^
 

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nu2kawi
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2,707 Posts
Why a bike...can you ride 365? Bikes aren't the best thing for year round transportation or for cargo hauling. A bike is more about pleasure, unless you just can't afford a cheap used car someone is selling. And a cheap used bike in good condition may cost the same.
 

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Own The Day
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Hey Gila. Yep... something nice and shiny would be grand, but as others have said, there ae PLENTY of great used deals out there to be found that can be bought outright. Recently, my friends and I bought another mutual friend an 87 Honda VT1100. '87?', I hear? Yep... with only 21,000 miles and in excellent shape inside and out. We paid $2000, saving ourselves $7000+ when one compares the price of that used mount vs. the most recent 07 type. :biggrin:

That said, if you really set on your decision, don't have funds in hand, and want to use this cycle opportunity to establish credit, then my I add my own two cents and set a highly realistic price cap. It might prove to be very easy for you to get something in the high four digits, but settle somewhere in the midrange (or lower) if possible. The Ninja 500R is an excellent cycle in every respect, as is the Vulcan 500. There are comparable machines from other manufacturers out there as well if these bikes don't suit your fancy. In short, minimize the monthly payments, maximizing your chances to pay it off fast.

Good luck. 8)
 

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Discussion Starter #18
I'm going to call my mom's bank Monday, and find out about a personal loan of $5,000. 3,500 for the 250, and $500 for a cushion(taxes and such), then $1,000 for gear and whatever else comes up. 3 Year term, just recently picked up another job now on the weekends($100-$150 extra a week). My opinion on it is, it can be a year round vehicle, you ride for pleasure. I've always loved motorcycles, I'm well aware of the possible scenario's such as rain(being in Florida). I'm getting this motorcycle as fast as I can because I'm currently using my mom's Durango which is putting her out. So I kinda need to get my own transportation as soon as possible. I will save money getting a bike and making payments of $100-200 a month, just in gas. Sure I can probably find a cheap car for $2,000-3,000, but today with gas prices you don't just look at the vehicle charge. Alec I understand your college route seems the smartest, but it was your goal. I have another goal in mind. I went to my mom's car place today, was looking at some cars and theres no way I could handle the payments on a gas efficient car + insurance. When it all comes down to it, id love to save my money and actually own a vehicle outright. Thats not an option though, so I'm going the route that pleases me and meets my goal. I thank you all for your good advice, and hopefully ill be posting some pictures of me on my bike! Have a nice night!
 

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i went with Kawi...... WORST MISTAKE EVER!!!! even with my dads good credit i was payin 120$ of b/s fees and my min was like 140 wouldve taken me ??? we'll id be dead before the thing gets paid off...... I highly suggest A capital one Platinum, my dad got 1 and i just opened my own to start building credit..... i transfered my bike and car on my dads card (had a 14,000$ limit) and i pay absolutely no fees, if i pay 500$ they take 500$ away if i pay 1000$ they take out 1000$ ive never seen such a good card. No interest fees or anything its crazy.......... Not to mention if u live somewere cold... and you go thru kawi, you need to have ur bike insured all year long.... after i transfered i got the title so its like i paid for it already and up north its already way to cold so my bikes uninsured sitting in the garage.
 
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