So, no better ways to get financed eh? I have a quad, but wanted to buy a new one for the sole purpose of establishing credit. I have a truck and car, no payments, so the quad is the only thing I'd want to get new and finance. I'm 19 with no credit (besides a few paid in full Visa payments) and have been denied three times by the dealerships and manufacturers. It sucks. I can get financed for a $20k truck, but not a $6k quad. I know it's higher risk for them to sell a "toy" to you versus a need, but I NEED credit so d*mn!. Anyways, making a down payment doesn't help in getting financed on an ATV, just reduces your monthly payments. I doubt any other dealership will be different as far as financing goes, it's not their fault. The only thing I've come up with is to take out a small loan (like $500) and pay it back monthly to build credit. I don't make a lot, $600/week salary but it's plenty to finance a quad having only a cell phone bill. If anyone else knows a way, let us know!

 

That's not so funny, they might be the only ones to finance you. It is not like you are going to get a 7% loan from a bank, either way you are looking at a good 20%. At your age, the best thing you can do for your credit is go back to school, and get student loans. Don't miss a payment, or you are screwed.

 

Sorry, guess I jumped to conclusions with the Manufacturer financing. It's just hard for me to want to even attempt with them with all the horror stories I hear, plus the first time I tryed the salesman said the only way I'd get financed through through Kawie(Househeld Bank) is if I had Perfect credit, he says they are extremely picky whereas one of the credit unions' the dealer uses is less-so. So let me run this by you guys, the last time I tryed, the salesman tryed through a Credit Union(Selco) and they said they would loan to me if I etiher had a co signer with near perfect credit or $6-800 down. Do you guys think that with my employment history that would still apply? I guess I just need to speak with the dealer about this stuff, but I really want as much information as possible before I get in over my head into something. Thanks

 

I doubt the employment thing would matter, as long as you have a job now. Espicially if its in the same feild.

 

I agree with KGB. The only way to find out, is go apply again. One thing though, I was told that if you apply to, let's say, Yamaha from one dealership, and they approve, then apply at a different Yamaha dealership you willl get denied. What I'm saying is don't apply at two different dealerships, even if they both sell the same brand.

 

Really, didn't know that. Anyway, there's really only one dealership that will get my business and thats who I'll try with again, seeing as I was "approved" through them, I guess you could say.

 

The fact is you will not get financed by a dealer with out a co signor. Look at the risk they are taking. They will not finance you with out a co signer. What I would do if I did not have a co signer is go to my local credit union. Remember, 95% of the time when you are turned down for cresit it is for the best. It helps protect you from yourself. You do not want to mess up over a ATV. So get a loan from your credit union far a mid range bike. Something you can afford that if it breaks you can still get it fixed with out breaking your bank. You do not want to be stuck at home while your buddies are going on a trip because you have to pay for your ATV. Take baby steps. Buy a mid level bike, and step up when your 20 or 21. Then your credit will be established and you can get those promotions. Good Luck.

 

Yea, it was a credit union that said they would loan to me with a down payment.

 

Well, I finally went and talked to the dealer last week. I talked with the same salesmen, told him I have $1000, maybe more to put down on a new 400. He says "ok, we'll se what we can do". Hour later and now the credit union wants a Co-Signer plus cash down, I was kinda p1ssed since they told me before all I needed was 6-800 down. As I was walking out the door he says "wait, there is another option..."

"We have another company that can get just about anybody financed, but you'll pay about 30%"

I told him ok, since I had planned on paying it off soon anyway. He goes into some guys office for half an hour and comes out and I can tell by the look on his face it was a no go. "They want $4500 down now". So I said thanks and left. Now, this makes absolutely no sense to me whatsoever. This dealer has billboards posted that say "Guaranteed financing...as the law allows" "Good credit, bad credit, no credit OK" and this is the best they can do, make me put $4500 down on a $5500 machine AND pay an outrageous 30% interest. I know someone without credit is a huge risk but come on, that's just crap. A buddy of mine had no credit, quit his job and came back twice, then quit again and only had a job for a month and got a 2004 Silverado, but I can't seem to get a $5000 ATV even with a downpayment. All this after they told me 4 months ago that I was approved if I could come up with the $800 down payment. Grrrrrrr.... Ok done ranting now.

 

Well, quads and dirt bikes are generally considered more risky as it is. They are not usually left parked on the street (where they can get repo'd), and they are more likely to get thrashed (and loose most of their value). I don't think briefly leaving your job will hurt your credit. Actually, if I were the loan officer, the fact that they hired you back would indicate to me that you must be half-way responsible and a good worker, and smart enough not to burn your bridges.

You might consider financing something else to establish credit, like a car or truck, and save some more and pay cash for a used quad if you have to.

It sounds like you have a pretty good head on your shoulders. Don't let your lust for a new machine overcome common sense (like financing something at 30%).

Two rules when you do finance something:

NEVER, EVER get into anything upside down. Make sure you put enough down that you could easily sell the item used for more than you owe.

ALWAYS make sure there is extra money left over each month, and that you have a reserve of cash. The car will someday need tires, the water heater will break... You need to have enough money saved up so you could keep up your payments long enough to sell what you owe on, in the event you got laid off or hurt and couldn't work...