Hey all, had a few questions. Been lookin for a bike this year and saving up my cash. I found one that is great, and the guy is willing to do payments for it! Just wondering if anyone had experience doing it(payments), because so far I found a contract we can use:

http://www.free-legal-document.com/m...ment-sale.html

So if either of us tries something, we have protection!

 

Not sure how riding the bike home by yourself affects the outcome, but maybe it does . No individual has as much to lose as an actual, legitimate lending institution does. Keep in mind that if the seller tries to pull something its probably going to be harder to track them down for legal purposes than it would be if you got a loan from a bank. You really have no background info on the seller so you're really taking a stab in the dark. Could work out fine, could get burned bad.

 

I think its too much risk...but I'm naturally cautious. Cant get a loan with credit union or something?

 

Why would he allow you to retitle the bike in your name without the entire price paid in full? You could easily just take off never to been seen again..

I took a personal loan out at a credit union, low interest 4 year loan costs about $110 a month.

 

Don't do it..

Keep saving your money.

 

Like all the others have said don't do it. Too much to risk. If I were the seller I would not allow you to retitle the bike in your name cause you can run off and I would be screwed and as a buyer I would not allow the seller to keep the title because he could report the bike stolen and now you're in deep chit. Take a loan out through the bank. It will be much more legit, much less to worry about and as long as you make your payments on time and in full help your credit score so a win, win win.

 

Well I hate to beat a dead horse but more problems could arise from this than I'd care to take on.

If the guy would sign the title over to you day one (which I would be shocked) I guess it would be ok.
I would probably suggest either saving the cash or getting a loan.

If you are able to get a loan that would be the best bet - sounds like you need to build some good credit anyways.

Good luck with the hunt!

 

Yep. I wouldn't set up a payment plan with an individual. Too much chance for bullchit that isn't necessary.

 

Thanks everyone. I'm not sure its possible for me to get a loan at bank, since I'm only 19 and have no credit score yet D:. I was excited about this because I really really NEEEEED a bike !

 

Oh to be 19 again and neeed a bike