I never thought about posting here but I figured why not. I'm trying to get a loan to buy a 1000rr through a private seller but I only have 2300 and he's asking 7300 for the bike. So I'm looking for a 5k dollar loan. I tried going to a credit union w/my girlfriend as a co-bar since her parent's work was associated with the bank but they didn't approve us since I lack credit history. (Only paying for a car-no credit cards) And my girlfriend has no credit history. Getting a friend/or another person to cobar is an option but no one I know would want to co-bar. My question is, is there any other place I can go to that will give me a loan for 5k? I really want to get this bike because it's a deal but I just need someone to give me a loan. Any advice?

 

No collateral? Its tough to say where to go...how old are you? You may have to look elsewhere...this may not be your bike?

 

I'm 22, what's the collateral?

 

it secures a loan....like a car title or something like that...

 

the bike title would be the collateral.

would your parents co-sign?

 

i was just suggesting a way of getting a loan for $5000 since they didn't approve his request....

 

oh i know. sorry musichyp... didn't mean to come across the wrong way i'm in banking so i just shot that out there without thinking. regarding collateral most financial institutions won't approve a loan if you.. let's say give your car title as collateral if you're trying to buy a bike. the bike title will do collateral-wise. i'll give a loan up to the value of the vehicle. some places/people will do up to 110%... some only up to 80%. if he came to me with that 1000rr he's definitely w/in loan value. if i denied the loan and he offered me his car title (assuming it was paid off) i still couldn't approve it. since he's got limited credit he'll need a co-signer. either that or go to a subprime lender in which case he'd be getting like 23% on the loan - not something i would recommend

 

you can open up a credit card, the ones with annual pay will most likely approve you. Get like at least a 5k limit, and do cash advance. You're gonna get hit really hard with interest, but that might be the only option. But if you've never had a credit card, i don't know if you can be approved that high in the beginning. BTW, you should still get a credit card for emergency purposes...

 

lol No problem bro' sounds like your in a better spot for these suggestions anyhow....I just like money! LOL [8D]

 

get a cheaper bike dude!! i got my bike for $1995.00 its an older one but hey it got me riding. by a bike w/what you got, fix er up a bit save some more $ and start trading up. for a better / newer bike, some time down the road youll have what you want.