Roxer asked:
Well i am planning on getting my motorcycle addition to my license and right now am saving up to buy a sport bike. I am working 2 jobs and am a full-time college student. I plan on spending around $7000. If I save up $2000 as a down, what are the chances my bank (HSBC) would be willing to give me a loan to cover the rest? would I be better going to the UAW credit union (which i am part of) to get one? What would increase my chances of getting a good loan with a good rate?
Well i am planning on getting my motorcycle addition to my license and right now am saving up to buy a sport bike. I am working 2 jobs and am a full-time college student. I plan on spending around $7000. If I save up $2000 as a down, what are the chances my bank (HSBC) would be willing to give me a loan to cover the rest? would I be better going to the UAW credit union (which i am part of) to get one? What would increase my chances of getting a good loan with a good rate?
I plan on doing this all around May 2009…
I am asking this because of this recession and how this will affect me…as i am not sure how it does…
Wow that was horrible English, I’m sorry.
Katherine
Edwin
Credit unions almost always offer better interest rates than retail banks so I’d start there. To increase your chances of getting a good loan, it will be important to have as much of a down payment as possible, a stable job history, and a decent credit score. Good grades probably wouldn’t hurt either. As a young, full time student, the job history and credit history will be short so you’re going to have to show them you have a plan to repay the loan.
If you aren’t already, keep a spreadsheet of your earnings and how much you are able to save on a monthly basis towards your downpayment. This will demonstrate that you are able to make the monthly payment that will be required on the loan. If you can’t put aside that amount now on a monthly basis, they may question your ability to make the payments.
Make sure you factor in the insurance costs as well. Insurance for a young driver on a motorcycle is expensive. I had a friend who though he was getting a great deal when he was quoted $400 for insurance on his bike. He thought that was the 6 month premium. It turned out to be the monthly premium.
Comment by TaxGurl — May 15, 2010 @ 8:17 am