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Ok, well I was thinking that if I could get a $1500-$2000 loan for a bike, I would be set. problem is I have VERY little credit. So my question is, since I own my car free and clear, would I be able to use it as collateral for this loan? (its a 2k3 Hyundai Tiburon V6). Anyways, any input is much appreciated.
 

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Are you a college grad?

You might check with your local dealership, they might have a 1st time buyer program or college grad program.

Try your local bank, they might work with you.
 

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Best place to check first is your local Credit Union. They usualy have first time buyer programs and better rates...
 

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if you own your car out right you should be able to get an auto equity loan based on the value of your car...
 

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shortfuz said:
Ok, well I was thinking that if I could get a $1500-$2000 loan for a bike, I would be set. problem is I have VERY little credit. So my question is, since I own my car free and clear, would I be able to use it as collateral for this loan? (its a 2k3 Hyundai Tiburon V6). Anyways, any input is much appreciated.

I'm confused. Why would you put your car up against the bike? Why not make the bike it's own collateral and give the loan people the title of the bike until it's paid for (i.e. like you would do for a car)

Is it a new bike?

When I got a loan for my bike they took the title of the bike as collateral. It's theirs if I default on the loan.
 

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that would qualify as a personal loan (securing it with your car)
 

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I own license2ill
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If the loan you need is only $1,500 to $2,000 you should just save the money that way you dont have to deal with the intrest.
 

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in my opinion you only have 2 options
1) credit union
2) just save it up

either way, it shouldn't be too hard. I'm thinking about taking out a loan with my credit union so I can get a newer bike and hopefully it'll also give me some more credit history. Gonna buy a house as soon as I graduate college :D
 

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what R you lookin' at?
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AEgeus said:
I'm confused. Why would you put your car up against the bike? Why not make the bike it's own collateral and give the loan people the title of the bike until it's paid for (i.e. like you would do for a car)

Is it a new bike?

When I got a loan for my bike they took the title of the bike as collateral. It's theirs if I default on the loan.
FYI, loans for toy's such as boats, RV's, motorcycles, require great credit. of which he said, he doesn't have alot of.
 

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dennisred69 said:
If the loan you need is only $1,500 to $2,000 you should just save the money that way you dont have to deal with the intrest.
that would make the payments small (easy to pay off fast)... and will raise his credit score. :nerd
 
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