I am looking at buying a new quad in the spring of this year, I am thinking about getting a sportsman 500. They are selling for around $5999 cdn around here, and I plan on selling my old quad for $1500 and using it as a down payment. My question is since I am only 17-years old will I need a cosigner to sign the loan for me? can a cosigner be anybody I know over 18 yrs old with good credit? or do I have any other options as financing a quad?

 

Get a job, save money, pay cash.

Not the answer you're looking for, but a much better option. As far as a cosigner goes, make sure it's not someone who will kick your butt if you default. And that leaves me off the list.

 

i'll to get as much cash as I can but doubt I'll be able to save up $6000 but by the end of the summer I bet I could have most of the loan payed off as now i get about 30hrs a week and during the summer probably 40

 

I can't imagine any bank giving a 17 yo a loan to buy an atv-
very high risk- if you're able to pull it off some how... you better get full insurance coverage for that atv! nothing worse than paying off a loan for an atv that's only good for parts! you can expect to pay average $100 month on gas & maintenance over the course of a year, especially the first year during break-in procedure.

 

I make about $500-$600 every 2 weeks and I think I can easyily afford a new quad but can't they give me a loan if a parent or somebody cosigns the loan? or are there any other options?

 

Honestly, if you're making that much, save some and buy used.

And put some of that money into a retirement fund. Yeah, sucks I know. Didn't do it when I was your age and now I'm working instead of playing.

 

Once you get a cosigner who is approved , then they will give a money to a chicken for all they care since thats the person on the hook not you. Even a down payment is not necessary.
I never buy new, let the Guinea pig ,get it off the dealer for $6000 and take that first largest blow and then buy it in mint shape a year or two later for $4000 or $3500. plus the money you save on taxes (I,m Canadian) that is big!

$900 in tax on $6000 compared to $600 in tax for a mint shape one for $4000.
Total savings, $2300 for the same ATV.

As soon as its home and unloaded your new $6000 ATV is considered used and lost $1000 if you sold it the next day.
No one on this site is riding a NEW ATV only a very nice USED one at most.

Don,t worry about warranty,in Canada the warranty is only 6 months long and runs out while there sitting parked in a shed all winter any ways.

 

Forgot to mention, buying used cost more up front in a way than buying new .

When you show up at someones home you better have the "Cash" if you want to leave with that used ATV.

When you show up at a dealership you can be pi$$ a$$ broke and leave with a new ATV as long as you sign enough dotted lines.

 

As others have said you will need a cosigner on the loan. We had to money to give my oldest son a quad if we wanted but found a good used one for him that he then paid us back for. After that, he wanted something sportier and around here the used deals weren't so good. So, we cosigned a loan because he is a responsible, hard working kid. If you take out loans on something this small and either make the payments on time or pay it off early it helps your future credit rating when it comes time to buy a car or later, a house.

 

what I am thinking is that if I get a cosigner I will save up till spring get maybe like $3000 buy a $6000 sportsman 500 and just pay as much on it as I can whenever I can plus in the summer i will likely be working 40 hrs a week for a couple months
sound like a good idea?