how do i get a small loan out? - Chicagoland Sportbikes
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post #1 of 30 (permalink) Old 05-23-2008, 12:30 PM Thread Starter
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how do i get a small loan out?

like 5-6k for a bike, i tried chase bank but the minimum was 7,500 and i know they wont take it for the cost of the bike


given i have good credit, i would of gotten accepted except the bike costs way less than the loan itself, i was going to get 7,500 and put 2,500 back but i guess they wouldn't bite
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post #2 of 30 (permalink) Old 05-23-2008, 12:31 PM
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Try DuPage Credit Union.

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post #3 of 30 (permalink) Old 05-23-2008, 12:31 PM
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Well if you're buying a $6k bike, take the $7500 loan and use the rest of the money to buy decent gear. Or flip flops.
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post #4 of 30 (permalink) Old 05-23-2008, 12:32 PM
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The best way to go about this IMO is to head over to the loan dept at your personal place of banking and discuss with them.

I've done my last three vehicle loans that way and have established a personal relationship with the dept whereby loan approvals are super easy and hassle free...

Your best bet is to utilize (if available) a smaller bank business with a local presence.

Tom

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post #5 of 30 (permalink) Old 05-23-2008, 12:37 PM
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Quote:
Originally Posted by CerkMX View Post
The best way to go about this IMO is to head over to the loan dept at your personal place of banking and discuss with them.

I've done my last three vehicle loans that way and have established a personal relationship with the dept whereby loan approvals are super easy and hassle free...

Your best bet is to utilize (if available) a smaller bank business with a local presence.


+72


I've always gone to my own bank. They know my income, my credit, and reliability. I've even gotten loans from them that I did not have to pay back

-Jim
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post #6 of 30 (permalink) Old 05-23-2008, 12:39 PM
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post #7 of 30 (permalink) Old 05-23-2008, 12:44 PM Thread Starter
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i tried my bank, minimum was 7,500 for the loan, they wont accept the loan if the bike is really only worth 3,800 (suzuki gs 500f)
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post #8 of 30 (permalink) Old 05-23-2008, 12:46 PM Thread Starter
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i am aiming for 5k, 4k for the bike, 1k for gear
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post #9 of 30 (permalink) Old 05-23-2008, 12:50 PM
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Obviously whoever is going to loan you money is not going to give you more than the bike is worth. Unless of course the mob but then they'll charge you 100% interest and break your legs every month so yeah. Just get what you can and buy the damn thing. If you can't afford you shouldn't be riding. Motorcycles are a money pit.
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post #10 of 30 (permalink) Old 05-23-2008, 12:53 PM Thread Starter
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that is the thing, i can afford it, i was going to pay it off in 6-7 months, the whole thing is i dont have the money initially
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post #11 of 30 (permalink) Old 05-23-2008, 12:55 PM
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Then wait.
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post #12 of 30 (permalink) Old 05-23-2008, 01:01 PM
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suzuki or kawi card it, get somethin awesome.
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post #13 of 30 (permalink) Old 05-23-2008, 01:01 PM Thread Starter
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uh ok, not the question i was asking there buddy


edit: that was the guy that told me to wait




sorry im kind of new, what do you mean by suzuki card it? this is going to be my first bike so i was planning on getting either a kawasaki ninja 250r brand new or a gs500f
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post #14 of 30 (permalink) Old 05-23-2008, 01:03 PM
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Oh it's one of the manufacturer cards...like a credit card. You probably don't want to do that.
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post #15 of 30 (permalink) Old 05-23-2008, 01:05 PM Thread Starter
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Quote:
Originally Posted by jimzx9r View Post
Oh it's one of the manufacturer cards...like a credit card. You probably don't want to do that.
do you know what the rates are for it?
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post #16 of 30 (permalink) Old 05-23-2008, 01:06 PM
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credit union... they have bike loans at 8.5% if ur credit is good!

Francesco
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You're in your 20s, living at home. How do you bang chicks?
You're not going to bang them on the back of your 500cc rent check that's for sure.
Move out - so you can throw wild parties and do drugs. Sell the leftover drugs to make the money for a bike.
There. Economics 101.
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post #17 of 30 (permalink) Old 05-23-2008, 01:18 PM
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Quote:
Originally Posted by Marc936 View Post
do you know what the rates are for it?
They do promotions where it's 0% for the first year, but 20 something after that. If you don't pay it off in the first year, you'll get killed.
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post #18 of 30 (permalink) Old 05-23-2008, 01:37 PM
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If you're going to pay it off in 6-7 months, can you get approved for a Personal Loan from your bank vs a vehicle loan?

Sure the interest will be higher, but if it's only 6-7 payments, does it really matter?

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Noodles accepts no liability for the content of this post, or for the consequences of any actions taken on the basis of the information provided, unless that information is subsequently confirmed in writing. Any views or opinions presented in this post are solely those of the author and do not necessarily represent those of Noodles.
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post #19 of 30 (permalink) Old 05-23-2008, 01:37 PM
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Try Bank of America or Wamu, they seem to be the easiest these day's.

Quote:
Originally Posted by Marc936 View Post
like 5-6k for a bike, i tried chase bank but the minimum was 7,500 and i know they wont take it for the cost of the bike


given i have good credit, i would of gotten accepted except the bike costs way less than the loan itself, i was going to get 7,500 and put 2,500 back but i guess they wouldn't bite
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post #20 of 30 (permalink) Old 05-23-2008, 01:47 PM
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Consumers Co-Op Credit Union
www.myconsumers.org

I've used them over the past 15 years for financing cars, bikes and other stuff - their interest rates are very competitive with (and sometimes better than) a bank.

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post #21 of 30 (permalink) Old 05-23-2008, 02:02 PM
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post #22 of 30 (permalink) Old 05-23-2008, 02:04 PM
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Consumers is Awesome !!! I would go there for sure, I have and they were great to deal with..

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post #23 of 30 (permalink) Old 05-23-2008, 02:29 PM
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If you're buying a 250 or GS500, buy used NOW for $2K, ride that bitch all summer and fall, clean it up over the winter, sell it in the Spring for $2K and buy what you really want once you know more, have more skills, have more money, and the weather is getting warm.........

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post #24 of 30 (permalink) Old 05-23-2008, 02:30 PM
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I use my credit union at work for loans of this nature.
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post #25 of 30 (permalink) Old 05-23-2008, 02:51 PM
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Quote:
Originally Posted by Marc936 View Post
that is the thing, i can afford it, i was going to pay it off in 6-7 months, the whole thing is i dont have the money initially
Then wait 6-7 months and buy it without getting a loan. Then your ready for next season with no questions

-Jim
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post #26 of 30 (permalink) Old 05-23-2008, 02:59 PM
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Quote:
Originally Posted by jimzx9r View Post
Well if you're buying a $6k bike, take the $7500 loan and use the rest of the money to buy decent gear. Or flip flops.
OP, I have a $1500 pair of flip flops for you. They've only been down once!

I'd save up and pay cash. Good luck in your search.
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post #27 of 30 (permalink) Old 05-23-2008, 03:14 PM
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post #28 of 30 (permalink) Old 05-23-2008, 03:59 PM
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TECH Credit Union out of Indiana, they have offices here one is off LArkin /Weber in Joliet....... They are used by many local dealerships, great rates small start up and are looking to increase membership..

Check them out....

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All you have to do is follow three simple rules. One, never under estimate your opponent (mentality). Expect the unexpected (could work out in your favor). Two, take it outside(or to a table). Never start anything inside the Bar unless it's absolutely necessary. And three, be nice.



Turning Shit into Sugar!!
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post #29 of 30 (permalink) Old 05-23-2008, 03:59 PM
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Also HFC there are in almost every little strip mall like AMercian General Finance..... HFC has done me right a few times...

***Ashwin RIP Brotha you will be missed***




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Life's Journey Is Not To Arrive At The Grave Safely In A Well Preserved Body, But Rather To Skid In Sideways, Totally Worn Out, Shouting "HOLY SHIT... What A Ride!"

All you have to do is follow three simple rules. One, never under estimate your opponent (mentality). Expect the unexpected (could work out in your favor). Two, take it outside(or to a table). Never start anything inside the Bar unless it's absolutely necessary. And three, be nice.



Turning Shit into Sugar!!
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post #30 of 30 (permalink) Old 05-23-2008, 04:03 PM
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My brother bought a bike for 4500 and got a loan for 4200 for the thing. Small bank in my hometown so I know it can be done.
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