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post #1 of 18 (permalink) Old 01-07-2004, 07:59 AM Thread Starter
 
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Credit Question

Hi,
I want to finance a 2003 Yamaha R6. My question is how do I do this if I don't have any credit? And how do I get credit? I am 19 years old and live with my parents so how am I supposed to get any type of credit?

By the way my parents wont let me use their credit to finance anything.
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post #2 of 18 (permalink) Old 01-07-2004, 08:09 AM
 
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thats gonna be tough... start small and get a credit card(it will probably be like20% intrest and $500 limit, but yoou gotta start somewhere) and slowly build up your credit. go to sears and sign up for a sears card or other store credit cards, just be sure to pay the bills off every month, because bad credit is worse then good credit. My firend financed a 2000r1 when he was 19, the whole deal, tax and all no money down, so it can be done
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post #3 of 18 (permalink) Old 01-07-2004, 08:17 AM
 
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My


If you can't pay cash for it don't buy it. Learn from my mistakes...credit is not something to mess with.

As for establishing credit... there are several ways to go about doing so (and I'm sure that some of the more senior members will have more suggestions). I would suggest that you start with something like a low-limit credit card or even a cell phone (if you're not a big phone-talker). The goal is to show a consistent history of paying bills on time and in full. You have to limit your expenditures so that you don't end up with a bill you can't pay immediately upon receipt. Pay your bill in full, on time and your credit rating will improve. Remember, it's a lot easier to screw up your credit rating than it is to build it up so don't be foolish...if you can't pay cash for it, don't buy it.

Good luck.
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post #4 of 18 (permalink) Old 01-07-2004, 08:17 AM Thread Starter
 
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I was told that I would need credit to even get a credit card. That doesnt make any sense. My bank told me this.
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post #5 of 18 (permalink) Old 01-07-2004, 08:25 AM
 
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Quote:
Originally posted by mofolife
I was told that I would need credit to even get a credit card. That doesnt make any sense. My bank told me this.

Banks are not a good place to start. You're better off going with one of the larger creditors like Bank One.

Are you in college? If so, you should contact your school about credit card offers 'cause most colleges now have their own credit cards, which are specifically for their students and alumni. I've received several credit card offers from my school...I need another card like I need a hole in the head.
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post #6 of 18 (permalink) Old 01-07-2004, 08:33 AM Thread Starter
 
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Thanks, I'm going to go out and attempt to get a credit card.
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post #7 of 18 (permalink) Old 01-07-2004, 09:10 AM
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dan is 1,000,000% correct. IMHO, if you can't pay cash for something other than a house, you shouldn't be buying it. When you borrow, you pay more for the item than its really worth, and in the case of cars and cycles, they simply depreciate making the whole situation worse.

Buy used, in cash, to start. Good starter bikes go for $1k or less. And I'll hazard a guess that if you're borrowing for the bike, you have no gear whatsoever, making your situation even worse. Don't skimp in this endeavour, you'll be sorry.

Credit cards are how I started out, with only one, and now I have a stellar rating. I have never missed a payment or been late; in fact, I've never not paid the balance. If you start using it frivlously, it will take you a long time (think years, not months) to get your credit score back in line with average, and this will hurt all kinds of things:
1) Some insurers' quotes
2) Future credit-based purchases, like a house
3) Job opportunities (some, not all)

Credit is being used in settings you'd never imagine, so fooling with it can be a real strike against you.

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post #8 of 18 (permalink) Old 01-07-2004, 10:28 AM
 
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Good suggestions, all.

And remember, NEVER allow yourself to get into a position where you have to default on a loan or are unable to pay a bill. That information will go on to your Credit Report at the 3 major credit reporting bureaus and stay there for 7 YEARS. That's right, 7 YEARS. Even if you eventually make good on the bill/loan, the default information will stay on your credit report.

And ANY bad information on your credit report will affect your ability to get loans, sign up for utilities, rent an apartment, get a job (depending on the job). Protect your credit history like it is your good name, which it is. A good name is worth it's weight in gold (or credit!).
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post #9 of 18 (permalink) Old 01-07-2004, 11:11 AM Thread Starter
 
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Ok, you want me to pay cash I will pay cash.

Does anyone want to trade thier R6 for my Ninja 250? LOL

I will give you my 250 which has only 5,000 miles on it + $3000 cash for a R6.

Would I be able to get a 2000 R6 in good condition for $4000?
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post #10 of 18 (permalink) Old 01-07-2004, 11:18 AM
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Quote:
Originally posted by mofolife
Ok, you want me to pay cash I will pay cash.
Well, those were just our personal suggestions. I still think you ought to get a credit card to get some credit ratings going. The hardest part is saying, "No, I can't afford that after how much I've already charged this month."

We're just saying, be careful, very careful, or you'll be miserable. Easy to read, and easy to agree, but very hard to do. Monetary discipline is hard for most Americans, simply because they weren't taught it by their parents.

As for the R6 cost, try Cycle Trader online, and a few newsgroups' Classifieds to see what they're going for. Will depend on year, of course, but last year I seem to remember the neighborhood of $5k-$6k being the typical.

Hope the banter has helped some.

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Dragging knee is for the track, and dragging tail is for the lot. --Kane Friesen

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