thats really strange that you got approved. if you didnt have sufficent credit and if you hadnt been at your job that long/ or make alot of money .. and u didnt have a co signer ... oh well how much did u get aprroved for anyways ?

 

like 5000 or so with 2000 dwn payment.

 

so living w/ your parents is a big deal?

 

im not really sure what he meant by that because its not just if your living @ home u need a co signer.. u could need one for alot of reasons. truthfully most people will need a co signer. (not saying everyone )

 

ya for some reason, i guess if theres anything that can help the bank or w/e get there money if u dont pay or get in a wreck with just liability if ur belongings cant pay for what u owe they will just take ur cosigners things unless they can pay for it. so i guess they figure since ur livin with ur parents they might as well get what they can. and ya i know that aint the only factor that requires a co-signer they just told me i needed one as long as i was livin with parents.

 

Looks like im in some trouble, because I have no co-signer.....[>:]



Bull...


what are my chances at an open LOC, i've never heard of it before this thread

 

LOC (line of credit) is similar to a credit card, it is a variable rate, revolving line of credit. This means you have a specific credit limit you can borrow at your discretion, and when you make payments your borrowing power is replenished up to your available credit limit.

goto your bank/ credit union and talk to a pb (personal banker) ask them what options they have available for you . they are the only ones who could accurately tell you what it would take .

 

Ok. I will go this week. Thnx everyone

 

i would not get the LOC, you dont want anything with a variable rate, cause you might be paying 16% today, and 25% tomorrow. waste of money. i tried and tried to get a credit card and financing but NO ONE would ever approve me, my credit score was 700 something, so i went to my bank and bam, they approved my credit card, LOC, and the bike loan (not all at the same time, over the course of a year). if you have a normal bank where you put *enough money* they will see your deposit history and its more likely they will approve you. i got approved by my lonesome at like 10% on my bike (im 21 with short credit history), i had my mom co-sign to get it down to 7.35%. i have had an account at this bank since i was like 5 so its been some time and i have had quite a bit of money go through there. as far as having ENOUGH credit here we go: Credit score and risk factor are based on several things. how much you make, how many bills you currently have, how many credit lines you currently have (having credit lines, means someone has chosen to trust you before and creditors like this, although having too many accounts is bad, because it is called at risk credit). lets say you have a $2000 Mastercard with a $100 balance, this would be good to begin with cause your limit to balance ratio is low, but this also means that at any time you can buy a $1900 tv or whatever and be $2000 in debt. as far as having good compared to enough, i have 2 credit cards, bike loan and LOC with no late fees. i have had these about a year, and i know that 3 years is the mark to hit. once you have had a sustained credit history for over 3 years, you will have ALOT better credit. companies like to see that you can make steady payments over a long period of time. so i have excellent credit with nothing wrong with it, however i dont have ENOUGH credit for most companies to be comfortable with, making it harder to get approved. and to the co-singer, this means you do not have good enough or a sufficient amount of credit for them to trust you with the loan by yourself, so they want someone else to be liable for the loan should you not be able to make the payments. My advice, go to YOUR bank and apply for the motorcycle loan there, you have a better chance of getting approved at your bank than anywhere. as far as insurance, i would definitely get the full coverage, buying an 06 600RR you wouldnt want to wreck it and be without, or even worse have it stolen and be assed out. keep checking rates you should be able to find something. try http://www.amig.com i pay $37/mo for full coverage, given mine is an 87 and worth less, the rates on an 05 GSXR when i checked was only $74/mo for full coverage. Anyways, Good Luck on getting the new rocket.