Hey kid! Go find ATV rental and rent for the weekend when you want to ride. You basically have no money, it's better to rent when you want to ride than getting into a loan situation and you have no job to pay. As you described, you are not that responsible for job or money. Don't buy one and then go to college and have to sell it. You will lose a lot of value and owe more that what it's worth.

 

i went through this exact same thing a couple years ago. i proved that i made plenty enough to cover the low payments of an atv, and altho i didnt have much of a credit history, i proved that i was responsible and made all my payments on my phone and my old credit card, as well as my SUV. yet i put an application in to finance a new quad that was $5200 out the door done deal, and i had a $3000 cash in my pocket on the table at the dealership for a down-payment., (which was more than 50% of the total cost). i was denied instantly because i had no co-signer.
so i went and payed cash and got an atv i like better anyway. right now i have had time to build up a little more credit, so i went and tried to finance a new 2005 atv. once again i had no co-signer and i was denied INSTANTLY again.

here is my opinion, and the old timers can say what they want to (i mean no offence or dis-respect at all) but if you think about it, thse credit companies (no matter which one they all suck) Discriminate against anyone who is under 30 years old or so. this same thing has happened to alot of people i know.

so when they say "you need a co-signer" what they really mean is "we will not approve you because your age ultimately means you are not responsibe and cant make payments" thats what they really think about the younger crowd. they look at what a few people have done in the past, and they expect you will do that same exact thing. so what a few un-resposible people do, effects millions of truely-responsible people in the end.

so all i have to say to these credit companies, is kiss my ****, if they dont want my buisness than i dont want theirs.

 

PmanX8,

Hey, I understand where you are coming from. I don't think it is really that they have a bias just based on age, though.

I would imagine that someone somewhere in the finance world has figured out statistically what the odds are of someone defaulting on the loan if the person is 23, has $8k in the bank, rents, and has had a car payment for a couple of years with no problem.

Likewise, they can probably also tell you the odds of a 39 year old guy defaulting, who has 12k sitting in the bank, 200k in various retirement investments, and say 70k equity in a house and 20 plus years of positive credit history....

I'm sure the finance company would love your business, afterall, interest money from you would spend just the same as interest money coming in from someone who is 50. It's just that the odds/statistics may not work out, not something personal against you, or young people.

Unfortunately, there are people out there who will finance something, trash it, and never make a single payment. In small loans especially, the risks are high, and one bad loan will cost them more than they make in a bunch of good ones... Also, a lot of the lower rate financing places won't deal with a loan smaller than 5k or even 12k...

 

NoATV, I have to disagree, but am not going to comment any further than that. Anyway, as far as the quad goes, I don't really care anymore. Apparently I just wasn't meant to have one because the way things keep going related to it, it certainly seems' like more than a coincindence that somebody is keeping me from owning own(this coming from someone who doesn't believe in things of that nature usually). I appreciate all our input and advice though.

 

I have been in finance for 15 years. You need to understand that most financing is based on credit scores now. Credit scores are based on various factors, including age, time in your job, and credit history. Lack of credit history is almost as bad as bad credit history. You should do yourself a favor and get yourself a credit card. Try to get a Visa/MC not a dept store card. This is your most likely source of initial credit. Start with a low available balance, less than $1000, and use it but pay it off monthly. If you do this for a year then other forms of credit will become available.

 

try a bank but if they turn you down, do like I did when I was 17. go to a finance company, They will lend money to the dead for gods sake. You will pay some kick *** interest for six months then return to the bank and show them your responsible. Check in to costs of paying the finance company off early also.