16 year old getting a loan?

[06 BaNsHeE]

Is it possible for me to get a loan?I wanna go a little bigger on my build and dont wanna bother my dad asking for money.Was thinking a 3000 loan?Is it possible?I will have it paid off by August.My dad is telling me not to do it but I really just wanna go all out on this build.Will my dad have to Co-sign for me?And is it even possible for a 16 yearold to get such a big loan?I have a job and Im making about 600 a month now.I have about 1500 in my bank account also if that matters any.If There is no possible way to do it I guess I can asky my dad for some money and pay him of....This damn banshee

[561rincon]

no have to be 18 i think. cant hold a minor responsible. find a loan shark...lol

[MOTOCROSS MAVERICK]

not giong to happen. have to be 18.

[MuddFreak77]

You have to be 18, to sign and enter into a "legal and binding" document/agreement.

[Mudneck]

maybe with a co-signer? I joined the USN @ 16 & left when I was 17 why cant the kid get a loan?
Probably more credit worthy than an adult. Just sayin.......

[MOTOCROSS MAVERICK]

maybe with a co-signer? I joined the USN @ 16 & left when I was 17 why cant the kid get a loan?
Probably more credit worthy than an adult. What kind collateral you got $3k @ 23% for 12 months with $750 pre-payment penalty?Just sayin.......

maybe co-sign a credt card, secured but not unsecured.

[06 BaNsHeE]

If I have to I will get my dad as a co-signer.He has excellent credit.He makes alot of money a year lol.So will I be able to If I get him as a cosigner?If not then Ill just tell him to lend me the money and Ill pay him back.What do you mean by "What kind collateral you got $3k @ 23% for 12 months with $750 pre-payment penalty?" I dont really wanna give any money down.But If I have to then I guess.I have about 500 in my pocket right now and 1500 in the bank.I need about 6500 in total then I can start paying of the loan.Im possitive I can have it paid of by August tho.Plus I get my car in may and My dad says If I go under my budget of about 25,000 He will give me whats left.

[06 BaNsHeE]

maybe co-sign a credt card, secured but not unsecured.


What do you cosign a credit card?Can I cosighn or will my dad have to?

[Fox17]

i can cause i work at publix and have a account at their credit union. im not sure if my dad has to co sign or not though. when i got my street bike i needed a lil more money so my dad cashed one of them checks that the credit card company sends for like 1.2% interest for 9 months then it goes back to normal. ill have it paid well before that though. they also sent some for 4.1% for as long as you need. that is a pretty good way to go i think. worked for me.

you could always go apply at publix. 

[digginfool]

Don't fall victim to the credit trap.  It is too easy to look at credit as a series of $100.00 payments than the fact you end up paying $3,500.00 for $3,000.00 of parts that will only be worth $900.00 the second you walk out of the store (or the box arrives on your door step).  Loans are for large, necessary purchases, such as homes, education and transportation.  ATV's, and especially modifications to them, do not qualify as necessary.  You should not be getting loans for those types of purchases and absolutely shouldn't be getting a loan to modify something that is essentially a very expensive toy; one that, I might add, you will never get anything close out of it that you put into it.  Do yourself a favor; be patient, ride what you have, continue to save your cash and when you finally have the $3,000.00 to do all that you want to do, then do it.  I can just about guarantee you that once you are standing there with the $3,000.00 in your hands, you will finally see the folly of your thinking and most likely will not waste the cash on the mods.  Responsible handling of your cash is the first step towards financial success and the earlier you start excersising control over your spending, the sooner you will reap the financial rewards of responsibility.

[Mudneck]

Credit is important DONT FKITUP!

Seriously,I can walk into about anywhere sign my name & walk out with quite a bit. If you use it do it WISELY. Use your savings to secure a card,only spend what you can earn & re-pay.Building credit is a fact of life. Young maybe,but I was in the service by my 17th birthday. Half the guys in Iraq are young too. Be careful if you use it as you would cash say you make $100 bucks & would spend $50 anyway,use the card. Put the money aside or give it to a trusted person.When the statement comes pay it off ASAP. Usually anything over 30 days get reported to credit bureau. That is a bad mark. Dont ever let that happen. Even though the CC co will charge you late fees & may bump up your interest rate it still dont get put on your record till the 30th day.

Good Luck & be responsible. Your starting to F with all the tools you will need to rely on later in life to get ahead,dont let it bury you.Someone helped me out by explaining straight up when I was coming up  .

[06 BaNsHeE]

I know Im going to have to pay interest.But I know at the end its going to be worth Spanking all the 20k banshees here in my area thats what I really wanna do.And My banshee is my life.Now I just love it even more since I tore it apart.I dont mind paying interest aslong as I can get about 3k in my pocket and pay my builder af at once then start paying off my loan.Also Would I have to pay like 100$ a month?Or Can I be able to pay like 300-400 a month to get over it as soon as possible.I work in Winn-Dixie so I dont know If I can do what fox did

[06 BaNsHeE]

Credit is important DONT FKITUP!

Seriously,I can walk into about anywhere sign my name & walk out with quite a bit. If you use it do it WISELY. Use your savings to secure a card,only spend what you can earn & re-pay.Building credit is a fact of life. Young maybe,but I was in the service by my 17th birthday. Half the guys in Iraq are young too. Be careful if you use it as you would cash say you make $100 bucks & would spend $50 anyway,use the card. Put the money aside or give it to a trusted person.When the statement comes pay it off ASAP. Usually anything over 30 days get reported to credit bureau. That is a bad mark. Dont ever let that happen. Even though the CC co will charge you late fees & may bump up your interest rate it still dont get put on your record till the 30th day.

Good Luck & be responsible. Your starting to F with all the tools you will need to rely on later in life to get ahead,dont let it bury you.Someone helped me out by explaining straight up when I was coming up  .

I know I will have it paid of.I wont be late any payments.Really all my moeny goes into my banshee.I know I can wait till like Feb and not have to get no loan but then thats a really long time.

[Mudneck]

they give you a minimum.It would be wise to pay off as much as soon as possible. But for what you are doing it may be better to get a fixed loan,maybe from bank & pay off in increments set amount -life of loan as opposed to revolving debt-meaning as you pay down the balance it becomes available again.

Talk to your parents.This is not something you should decide on your own at this age.I dont know you,they do. Explain to them your objectives like you would a bank & explain how you can -will re-pay it. If they think your ready & mature enough for the responsibility Im sure you can work it out.

[06 BaNsHeE]

Yea thats probably going to be the best thing to do.Thanks for all your help tho

[ebtrx450r]

The best thing that you could do is save your money until August and then buy all of your parts. Show your parents you can be smart and responsible that will get you much further in the long run. Or if you can't wait propose a payment plan to your dad. Borrow the money from him and include a small interest rate in the plan. Wouldn't you rather give your dad money than the bank? Build your trust and respect with him and worry about loans and building credit once your 18. 2yrs may seem like a long time but it will seem like yesterday when you get there. Good Luck!

[06 BaNsHeE]

Yea just going to do it the right way and save my money.My builder told me I can pay him little by little until I have most paid of then hell send my motor and I pay him the rest off.I might just wait till christmas and Just ask for the rest of my money from my dad.Just dont want to be paying a bank of for like 1 year.

[UncleRico]

You want to talk to NYRAPTOR. His brother in law is Tony Bagadoughnuts, and he puts money out on the street. I think it's like 9 points a week. Just make sure you pay, or you'll wind up in the east river.

[yunt2ride]

If I have to I will get my dad as a co-signer.He has excellent credit.He makes alot of money a year lol.So will I be able to If I get him as a cosigner?If not then Ill just tell him to lend me the money and Ill pay him back.What do you mean by "What kind collateral you got $3k @ 23% for 12 months with $750 pre-payment penalty?" I dont really wanna give any money down.But If I have to then I guess.I have about 500 in my pocket right now and 1500 in the bank.I need about 6500 in total then I can start paying of the loan.Im possitive I can have it paid of by August tho.Plus I get my car in may and My dad says If I go under my budget of about 25,000 He will give me whats left.

You have not even got your car yet. You need to be careful with what you spend because after you get the car, next comes, insurance, gas and then possibly a girlfriend and they are all expensive. I would advise to not do the mods on the banshee until a few years so you will know what all the expenses that you will have going out after the car purchase.

[94Hardbody4x4]

If your smart you'd have your dad as primary signer and you as the co-signer. That way you get the best possible credit score from your dad yet you still get the credit. And if your Dad decides to stop paying then the payment go directly to you.

I'm 18 with no credit so when I just bought my new truck, I had my dad sign as primary and I signed as a co-signer. I pay for the whole thing and I get the credit even though I'm not the primary owner of it. Thats one of the easiest way to build credit.

[GrizzlyGator]

Don't fall victim to the credit trap.  It is too easy to look at credit as a series of $100.00 payments than the fact you end up paying $3,500.00 for $3,000.00 of parts that will only be worth $900.00 the second you walk out of the store (or the box arrives on your door step).  Loans are for large, necessary purchases, such as homes, education and transportation.  ATV's, and especially modifications to them, do not qualify as necessary.  You should not be getting loans for those types of purchases and absolutely shouldn't be getting a loan to modify something that is essentially a very expensive toy; one that, I might add, you will never get anything close out of it that you put into it.  Do yourself a favor; be patient, ride what you have, continue to save your cash and when you finally have the $3,000.00 to do all that you want to do, then do it.  I can just about guarantee you that once you are standing there with the $3,000.00 in your hands, you will finally see the folly of your thinking and most likely will not waste the cash on the mods.  Responsible handling of your cash is the first step towards financial success and the earlier you start excersising control over your spending, the sooner you will reap the financial rewards of responsibility.

well said and put "digginfool"...I'm sorry this reply didn't get more attention...I wish I had that control 20 years ago ha ha ha....too many of us rely on credit...me included, the banks and credit card folks are maknig a killing on us dumb folks, hell theres more banks on every corner now than gas stations go figure   

[SWAMP_DONKEY]

Don't fall victim to the credit trap.  It is too easy to look at credit as a series of $100.00 payments than the fact you end up paying $3,500.00 for $3,000.00 of parts that will only be worth $900.00 the second you walk out of the store (or the box arrives on your door step).  Loans are for large, necessary purchases, such as homes, education and transportation.  ATV's, and especially modifications to them, do not qualify as necessary.  You should not be getting loans for those types of purchases and absolutely shouldn't be getting a loan to modify something that is essentially a very expensive toy; one that, I might add, you will never get anything close out of it that you put into it.  Do yourself a favor; be patient, ride what you have, continue to save your cash and when you finally have the $3,000.00 to do all that you want to do, then do it.  I can just about guarantee you that once you are standing there with the $3,000.00 in your hands, you will finally see the folly of your thinking and most likely will not waste the cash on the mods.  Responsible handling of your cash is the first step towards financial success and the earlier you start excersising control over your spending, the sooner you will reap the financial rewards of responsibility.

well said and put "digginfool"...I'm sorry this reply didn't get more attention...I wish I had that control 20 years ago ha ha ha....too many of us rely on credit...me included, the banks and credit card folks are maknig a killing on us dumb folks, hell theres more banks on every corner now than gas stations go figure   

  Great advice fool I wish i had you to tell me this 20 years ago    

[Joedirt]

I do not care what Bushwacker Says....If I have checks in the check book I am using them....




Listen to Wacker and Diggin  , young Man......Not all of us had this kind of Advice....I come from a Family where it is spend first ask questions later....Why Pay cash when you have credit!!...Hurts Later in Life...

[Turboderf]

young man save your money get some  CASH saved up you can make a better deal when buying good luck

[UncleRico]

Don't listen to any of these guys...none of them have a 70 inch Sony Wega in their 1 bed room apartment!

"Go ahead, and get your debt on!"