I know you guys have probably heard this many time But I am 18 and found a bike I like for 1800 but have no credit but I do have my tax forms from 2009-2010 to prove that I have job but I only work March through November(work at golf course) and last year I made $4800 is there any way a local bank would give me a loan? I know if I did get one it would be high interest but I would for sure have it paid off by August.

 

Not likely. You're better off asking your rich uncle

 

Theres only one way to find out.

Although, I doubt they will given you don't have steady work. If you don't have any credit yet, plus not a full time job, it's going to be difficult to get a loan.

Having said that, you may be able to if someone you know will co-sign for you. But even then, it may be hard to do. PLus, in that situation, they will probably require a pretty big chunk of money put down on it.

Are you working right now? If not, then that would be even harder for a bank to lend money.

If I were you. I'd save the money, and in August you will have enough money to buy one without any lean on it. If you really need your credit built up. Get a credit card and use it, but make sure to keep the ballance low. But, in order to build credit with a card, it has to be used. But keeping the ballance under 100 and make the payments ontime, will get your credit moving in the right direction. But this can be risky if your not disciplined.

 

Ive been looking into credit cards but I cant find one without a huge amt of interest on it or a
annual fee

 

You've got no credit bud. They're all going to have a lot of interest. Just commit to paying at least twice what your minimum payment is and you'll be alright. Or better yet save up some cash

 

Saving up cash isn't always best. It makes it a little tougher to build credit by paying cash for everything. With that being said, I paid cash for my car and my bike, and did not have any trouble getting a mortgage last year when I bought my house.

With that being said, I would just save up cash. It may not be the best option, but I don't like having loans.

 

thats true. I think Im gonna get a secured one

 

not to mention, you'll need tax/title/license cash - and to buy gear with. Might want to think about that too.

Also - a $1800 bike is a good thing, as long as it doesn't need a new set of tires, new chain/sprockets, brakepads, etc.

Whats the bike you're looking at?

 

The bike I'm looking at is a 94 Blue and yellow F2

 

considering you do not have a job, Id say probably not.
And if you do you will probably be paying 30% interest. had a friend that needed to buy a car to replace his truck at 19, to be an adult for himself he got a loan without a cosigner, and had to pay 30%, for 2 years on a 92 mercury(taurus).

if you dont have the 1800 i assume you dont have the 4-600 a year for even liability insurance for a 600.

"Also - a $1800 bike is a good thing, as long as it doesn't need a new set of tires, new chain/sprockets, brakepads, etc. " < a 20 yr old bike is going to need stuff even if the seller just did, chain, tires, brakes, paint, oil, coolant... that was my 1800 f2, every couple weeks there should be an f2/f3 in the 2k range in your state, so your not missing out if you pass up this bike.

i assume your living with your parents, go flip some burgers if you have to, save up and by the time march comes around youll have more than enough to buy a bike and gear, and be studin on the course.. Seriously as soon as you get a paycheck, go to your local credit union with $20, get a savings, checking, and a credit card even with a $500 limit.