[Pochii]

I just turned 18 so I have absolutely no credit established. Would taking over someones payments on a bike be a good alternative? What should I know before I go about doing something like this?

 

[Tripped1]

That is going to depend completely on the terms of the note and the remaining balance.

 

[Scissors]

Total up the remaining payments and compare that to what you could purchase the bike for outright.

It'll only help you if you can get the name changed over to yours (versus simply making payments on the guy's behalf to his loan.)

 

[Jim Moore]

No, it's not a good idea. The seller is broke, so he's gonna try to screw you every chance he gets. He doesn't have the title, so you make payments on a bike with his name on the title. If it the bike was worth what he owes on it, he would sell it. It's not, so he's trying to pawn it off on you. In short, no.

 

[Leebster]

Treat every single person that tries to sell you anything as a complete sketchball. Question him on everything, bring an army of people to look at the bike, make him have it safety inspected.

Otherwise you will end up like me, buying a bike, then finding out you need to fork over 1100 to get it to pass safety inspection when you change owners.

 

[Justice06RR]

Save your money and get a used bike junior. you'll thank us in a few years.

 

[SqDancerLynn1]

Most people making payments on a bike are upside down on the loan, meaning they owe more than the bike is worth. It's good for the seller if they can con someone into taking over the payment. Another problem is getting the loan transfed to the new owner, in most instances it won't happen unless the buyer has good credit. If you make payments to the seller and he makes the payment- hopefully?? You cannot insure a bike that is not in your name

 

[univurs]

Save your money and buy a used bike that has been dumped. You'll be happy.

Don't pay for his mistake.

 

[Gimpdiggity]

Why on earth would you want to make someone else's payments for them??

If you don't have any credit, save your money and pay cash for a bike. Paying a monthly payment on time for someone else is stupid. It's not going to build you any credit, and it's going to be eating your income up so that you can't try to get any other loans.

 

[LukeRochon]

If you want to build credit what im doing at 20 years old is I have a Shell gas card that I use really spairingly and allways pay it off on time. Great way to start out building credit.

 

[Wiste]

Go to a bank and get a credit card. Don't be a moron about it. Honestly, that's the key to credit. Establish credit the moment you can and then use it sparingly and always pay it off quickly. If you operate any differently, you'll ruin your credit and no one will be able to help you. It's truly a personal issue.

Also, you could opt for a co-signer on a bike(used or new). This is a great way to build credit right off the bat. Just don't think you won't have to make payments for the duration of the loan, and don't make them late. That's it!

 

[LobsterMagnet]

Why on earth would you want to make someone else's payments for them??

If you don't have any credit, save your money and pay cash for a bike. Paying a monthly payment on time for someone else is stupid. It's not going to build you any credit, and it's going to be eating your income up so that you can't try to get any other loans.

This.

 

[Stick N Move]

No. Dont take over payments. I cant tell you how many dumb people I see post on craigslist asking for people to take over their payments. Sometimes people owe so much they just sell the bike for what they owe. And EVERY single time they owe about twice what its worth and expect someone to pay. When will people learn that just because they were dumb enough to get screwed on a bike doesnt mean they are going to screw over the next person. I have tried negotiating with people before on bikes they owe and they COMPLETELY believe that their price is a good price, even when you show them postings for bikes $4,000 less as the same year, model, color, lower miles, and either more or less aftermarket items. Just stay away from these people and let them come back to reality when the bank takes their bike from them.

 

[porky786]

I just turned 18 so I have absolutely no credit established. Would taking over someones payments on a bike be a good alternative? What should I know before I go about doing something like this?

I wouldnt as the owner unless the bank will allow it, Now if you just consider it a rental, I guess after it gets crashed or stolen, you can just give it back or walk away.

Think that wont happen , anyway the guy thats offering this, has no sense.

 

[Jim Moore]

Since the OP never came back, I'm betting he's busy riding "his" bike.