Any of You Used A Online Loan Agency?

[necrotimus]

Regardless of what you decide to do about the bike you should start establishing credit if you plan on taking loans for big purchases such as vehicles and houses. You must be responsible with it but you should have at least two credit cards, preferably from different banks. Use them occassionally and pay them off in a timely manner. Some will tell you not to worry about credit cards because you shouldn't use them. However having a good established credit rating and a credit history can save you hundreds or even thousands of dollars by getting you a better rate on loans. It doesn't matter how good of a job you have or how secure the loan is because if you don't have a history of responsible payment of debt then your loan rate will be higher.

 

[08fz6]

Regardless of what you decide to do about the bike you should start establishing credit if you plan on taking loans for big purchases such as vehicles and houses. You must be responsible with it but you should have at least two credit cards, preferably from different banks. Use them occassionally and pay them off in a timely manner. Some will tell you not to worry about credit cards because you shouldn't use them. However having a good established credit rating and a credit history can save you hundreds or even thousands of dollars by getting you a better rate on loans. It doesn't matter how good of a job you have or how secure the loan is because if you don't have a history of responsible payment of debt then your loan rate will be higher.

Very well said! one very easy way to use them without getting over your head is for gas just make sure you save the money and pay it off each month. that way you are borrowing money for free. If you pay it off each month then you do not pay interest!

Another thing is if you have a loan pay split the monthly down to weekly or bi monthly if you only get paid every 2 weeks, by paying it that way you will pay much less interest and much more principle!

 

[FZTofer]

So, pass on the bike and miss an excellent bike? The other thing is, in michigan the best time to buy a used bike is in the fall/winter because everyone who's getting rid of their bike does so when they can't ride it... So miss out on the great deal, save up 2600 and then still not have enough money to get a more expensive bike in the summer that I most likely don't want... :shakehead:

 

[dako81]

So, pass on the bike and miss an excellent bike? The other thing is, in michigan the best time to buy a used bike is in the fall/winter because everyone who's getting rid of their bike does so when they can't ride it... So miss out on the great deal, save up 2600 and then still not have enough money to get a more expensive bike in the summer that I most likely don't want... :shakehead:

One thing to remember is: there will always be a better deal. Also, there will always be another deal. But, do what you want.

Good luck and hope to see you on an FZ soon!

 

[necrotimus]

So, pass on the bike and miss an excellent bike? The other thing is, in michigan the best time to buy a used bike is in the fall/winter because everyone who's getting rid of their bike does so when they can't ride it... So miss out on the great deal, save up 2600 and then still not have enough money to get a more expensive bike in the summer that I most likely don't want... :shakehead:

I don't think anyone was necessarily saying pass on the bike. But you need to make sure first that you can afford it (ownership, gear, maintenance, insurance). Second you need to secure financing at a resonable rate you can afford. And finally you need to make sure your that for future purchases you can establisgh a line of credit.

Only you can decide if you can afford the bike but if you make the wrong decision you could end up hurting your credit which will cost you a lot more in the long run than having a bike right now. I think everyone is just saying make sure you know what youa re getting into and remember the additional costs that many often overlook.

 

[Tailgate]

You should apply for a secured credit card. You'll pay a yearly fee and have to maintain a savings account on which you can use the "credit card." After a year or so, the bank will let you switch to a real credit card. You should get this started ASAP.

 

[FZTofer]

You should apply for a secured credit card. You'll pay a yearly fee and have to maintain a savings account on which you can use the \"credit card.\" After a year or so, the bank will let you switch to a real credit card. You should get this started ASAP.

so. how exactly does that work? is it basically like a debt card where you are just taking the money directly out of the card or do you use what you need then pay it off at the end of the year through your savings account?? I'm confused...

 

[2004Ralli//art]

well if you have no credit its kinda hard to get started...basically your going to get screwed with ur interest rate...i couldn't get approved for any cc's or anything...so i went to best buy and circuit city and got their cards...my interest was like 20% but after a few months i started getting offers in the mail for lower rates with rewards and stuff...you gotta start low and work your way up...also...if you buy from a dealer and u walk in with 1/2 the money in CASH for a down payment...they will work with you a whole lot more i'm goign to save up and buy my whole next bike with cash...you'de be surprised how much of of a discount you can get when you waive all those frankins in front of them! haha

 

[Ghost Weim]

Ok - so now I am curious. What did you end up doing? Did you get the bike?

 

[FZTofer]

Ok - so now I am curious. What did you end up doing? Did you get the bike?

Haven't Done anything As of Yet, The Seller is holding the bike for me (says hes got plenty of other bikes to work on (he buys bikes to fix and resell)) So right now I'm working on either finding a place to get a loan while continuing to save up cash from work (like Ralli said about I think the more money I can throw down as a down payment on the loan (can you do that on a loan?) the better off I will be at getting the money) So as of right now, I'm currently still searching and saving :thumbup:

and BTW Thanks Everyone for the help and the explanations, It not only helps when buying the bike but with financing in general! :thumbup: