RE: Student Loan?
 

Oh, great. Thanks. Ill check that out tomorrow.
So besides the credit report I got the info on the loan I was approved for:

• Loan Amount: $5000
• Origination Fee: 7.00%
• Interest Rate: 11.90%
• APR: Non-Deferred: 13.07%
• Loan Term: 20 years but I plan to pay it in 3 years or less.

What do you guys think? I believe that in 3 years it would total about $6000 / $160-Monthly (not sure)

Thanks for your support and suggestions!

RE: Student Loan?
 

with little or no credit, 11.9% isnt all that bad. pay as much as possible asap to kill some of that interest. i would go for it.

RE: Student Loan?
 

Well I work by this rule...If I can't afford it, I don't buy it. I wouldn't put myself into debt for pleasure. That's my opinion, but many work in reverse. Do what is best for you and weigh your options. Good Lcuk in your decision.:D

RE: Student Loan?
 

Yea pitsvtec, you are absolutely right. I figured, I could afford a $4000 bike right now. I would take the $5000 loan and save the left over in the bank. With that left over plus what I had already saved I would be able to pay off the bike if I had to. Of course if I did that right away it would leave me dry in the bank, this is my reason for the loan. Thanks for the advice!
Any other opinions on the loan specs I posted above? Thanks!

RE: Student Loan?
 

Do you plan on buying used?

RE: Student Loan?
 

Yes, I plan on buying used. 2000-2002 CBR600 (or something around there)

This is nice: http://adcache.cycletrader.com/5/2/4/81760324.htm

RE: Student Loan?
 

I'm not a big fan of red, but it is nice. Good Luck...:D

RE: Student Loan?
 

looks good!

RE: Student Loan?
 

The 11.9% is good if you truly have NO or poor credit.....the 7 points!!!! wow that is high. once you get your credit we'll know better...I haven't charged someone 7 points since I managed a finance company.

RE: Student Loan?
 

must be nice to be a finance wiz... what are you talking about 7 points?