Maybe the days of the friendly neighborhood bank are gone. I don't know. I guess it depends on the region. However, I got my first car loan at age 18 from my local bank, where my family had been customers for yrs. Sure, I had to get my parents to *co-sign* but they knew I was responsible, w/ a full-time job, & didn't have a problem w/ it.

I guess what I'm saying is...its worth a shot at trying to get a loan. At worst, they say NO. But, they could look at your income & take a chance on you w/ a co-signer. If you could get the loan & pay it off responsibly, it would be a huge boost to your future credit.

All that being said, its always better to try & pay cash than get a loan. There's some great old bikes out there for not that much money. You could get a good used CBR for well under 3k.

Good luck to you.

 

This is completely possible to do and have both parties taken care of. I have actually done this before. But there are certain forms needed to protect both parties. The big thing is a lien contract you both must sign and get notorized. What this does is title the bike in your name, but has him being the lein holder, the title will be mailed to him when registered and tagged. He will need to officially sign the title over to you. Take to DMV, tage title and place him as Lein holder. Once paid off title can be handed off to you or mailed from him. I would have paper filled out with addresses and basic info. Don't actually sign anything til you are in front of a local notary. This can be done at most banks. Might need to make an appointment for this. Will also need a reciept book.

So things you need. Lein contract. Bill of sale. Actual title. Pmt book and something stating odometer reading and status of bike being sold as is. Anything kind of contract between the two of you stating rule if no pmt or late pmt. Might be somthing else you need, but don't think so. You need pretty much same things you need if you was to buy a car. If you have any questions you can pm me.

 

I wouldn't ever do it with someone I didn't know. I have done payment plans with friends holding the item until the full amount was paid. Because I have heard many times people taking said item before it as paid off, and never paying the rest. But whos stopping this certain person in just keeping the money and telling you to eff off. Theres no proof you gave them money. And giving you false info.

 

again a reciept book works here. Just like when you make a car pmt, you get proof of pmt. I bought my first bike this way before I had good enough credit to go out and get a bank loan. But of course this is a personal decision he will have to make based on how bad he wants a bike. I asked for references when I did it and so did the other party. Your choice buddy, everything has risks. If you get a car from the bank and never make last pmt they can reposse the car and you'll never see your money. Something to think about, if you do be smart, get all papers notorized and definately get a reciept book!!!!!!!!!!!!!

 

OP it is really going to be your call. What rlm_usaf is probably correct in the fact that it can work out for both parties but have you ever heard of Chase bank taking your bike away for making payments on times, I know I haven't. Horror stories from private sellers are a lot more common. Its a game of risk man.

 

Decided to save up more cash, I appreciate everyone's help

 

SMART MOVE ! Take what you have and put it in a Credit Union for 6 months then you'll
qualify for a "good bona fide loan" where the CU will be the lienholder on the title.

Then just find that awesome bike of your dreams