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I just turned 18 (Mar. 8th) and have NO credit. I live in GAI've been working very hard as well as saving very hard so that I can buy myself a NEW motorcycleIt is a 2007 model sportbike that I'll be buying new from a dealer (Suzuki). I have $6000 that I have saved and would like to put down, maybe a little more. I have had a steady job for the past 9mnths with promotions. I make more than enough in one WEEK to make the MONTHLY payments on the bike (pymnts being ~150-250/mnth)Now I CANNOT find financing. I'd like to borrow around $3500 - $4000. OTD price of ~9,750. I DONT HAVE ANYONE TO CO-SIGN!As collateral, there would be a bike that is worth MORE than twice the amount borrowedI have calculated ALL costs of buying/owning the bike so dont tell me about insurance, etc, etc. THAT part I have figured out. I have gear already tooHonestly, Im just a good kid trying to get what he's been busting his a$$ for for the past 9 mnths, trying to get my first chancePLZ HELP!!!
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Ick, unless you have a credit card to put it on, there really is no solution to this. When I was 18 trying to borrow 2k via a personal loan was impossible, and I had 1 credit card with a limit of 3k and 5 utilities in my name alone. You need some utilities in your name and some credit cards for about 2 years to bring up that credit score if you don't have anyone to cosign. Be patient? Maybe buy a Ninja for now, save more, and resell the Ninja later? With gas prices as they are now, motorcycles are not losing much value, and the Ninjas have one of the best resales (IMO). Sucks to be 18, I know, but be patient.
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I hate to tell you this kid, but if you worked hard enough to save 6G, [and good work ,by the way], you should have talked to an insurance agent about the cost of insurance, then bought a bike with the remainder. If you're holding your breath waiting for someone online to finance you, you should be turning purple any time soon. You sound like a good kid, hard working and all, but stop whining, and buy what you can afford.
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suzuki financing generally uses several local banks or databases to find you someone willing to take a risk. no credit isnt bad, its just not good. you throw down 6k and they will more than willingly talk to you, check you out,verify employment and wages, id say if you put 6k down, you stand a fair shot at a small loan. i know, i did it with 5 k, and had lousy credit due my previous bike hitting a deer at high speed, medical bills killed me. my 5k got their attention, it shows its not just them taking a risk, your fully vested as well. good luck.
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