If you got a bank loan, where did you get it from? How much did you borow? What were your payments/interest like? Thanks in advance.

 

Anyone??? If you're embarassed about it for some reason, PM me.

 

Well one cold winter day I was wearing a ski mask when I went to the bank. When I approached the teller and told her I wanted to take some money out, she simply handed me all the money that was in her till. Confused by this, because she never asked for my banking info or who I was. But anyway I just took the money and walked out.

Worked for me. Now you try it [img]i/expressions/face-icon-small-smile.gif[/img]

 

Bottom line, if you've got bad credit, you're pretty much screwed. Banks are in the business of making money - they want to set up a loan and get the payments that they can count on. They don't want to get into a situation where they have to repo the colateral for the loan. If you have a bad credit history most banks will:

1. Turn you down or recommend a different lending instituion.
2. Require a co-signer
3. Charge a very high interest rate - could be as much or more than double their 'advertised' rate.
4. Require a large down payment so they can loan you a smaller amount in relation to the value of the bike.
5. All of the above.

If you haven't already done so, I'd recommend applying for a loan to see where you lie. The bank will get a number based on your credit history - high score is about 850. Anything above 700 and you'll be in the normal range, get very much below that and you start paying the price. It doesn't hurt to check, sometimes some of you past credit 'mistakes' get forgotten.

Jaybee

 

my credit was not so good after my divorce, including a repo on my car. i took some advice from my friend, and it worked wonders for me! this might get a little long, but it does work, and has a timeline of 1 to 2 years!
first, get any credit card, even a secured one, and max it out. spend 500 on it, and make double payments, and you can get one, just go for a secured one. after you pay it off, ask for a increase, then max it again, bout 1000. make double payments, all on time of corse, then ask for another increase.max it out 1 more time, then apply for other cards to transfer funds onto them. once you get any credit card to transfer funds, (may take numerous tries) wait 30 days, and apply for another one to transfer again.
i did this, taking me almost 2 years, and now, 7 years later, my credit is perfect! i posess enough high end cards to buy a large house, and just sign my name for whatever i want. of corse i dont abuse this, but it is nice to have. when i walked into the yamaha dealership to look at the new grizzly, it took me 5 minutes to own it, and 2 hours to go home with it. good luck buddy!


my pictures

 

Thanks for the help guys, a little too late though. I am till waiting for a reply from a Bank, we'll see, but I'm guessing it's <u>NO</u> [img]i/expressions/face-icon-small-sad.gif[/img]

 

Put it on a credit card. Went to Suzuki shop last week, asked about 2.9 financing on a new Ozark. They said Ozark was not eligible. Whipped out Master Card, 9.9%, bought it. Got home, looked in the mail. My Visa card people sent me a 2.9% balance transfer offer good through the end of the year. Guess I got my 2.9% finance after all. Yuk Yuk.
Good credit is great to have. If you are a young person just starting out in life, establish credit to buy items even if you have the cash, pay them off early to build a good record. Guard that good credit record and once established, use credit only for items that will be around longer than the time it takes to pay them off. Pay living expenses in cash or check. This will keep your credit card use at a safe level, it can get away from you quickly because it is so easy to use. One or two cards is all anyone ever really needs.
Good Luck in your finance hunt!

 

FYI- it's also possible to have too much credit. Banks also look at your available credit. The more Credit cards you have can lower your overall credit rating. It’s best to have only one or two maximum. Refrain from opening credit cards just to get a 0% offer. It sounds great but if your not careful you’ll get bit.

 

All I can say is one of the best things you can do in life is establish good credit!
When I was in college I didn't have a very good job during the school year so what I did was apply for a credit card (Discover will accept anyone). This can be dangerous so you need to know how to control yourself. I would run up my credit bills pretty high and pay them off during the summer when I worked more and made more money. I had to stay within my means and not buy stuff I didn't need. The most I ran up was $2000.00 in one semester but I paid it all back as soon as I could.
My family thought I was crazy and sometimes I would second guess myself, but in the end it really paid off because it established really good credit for me.
As soon as I got out of college and got a good job I got a better credit card because Discover is one of the more expensive cards, I think my interest rate was between 19-22% and was even more if I did cash advances.
It also heard that it looks better to Credit Company's if you have some balance on your credit cards, why? I have no idea and don't know if there is any truth to this!

 

You have to read the fine print on those balance transfers. There is usually a fee for doing the transfer that amounts to more than the interest saved for the short period they give the rate for. You can sometimes call your current card company and say that you are considering a transfer to another card and they may match the rate for a limited time and you save the tranfer fee. Many cards will give you 2.9% on a transfer, but over 20% on purchases. You might think that you will just pay off the purchases at the end of the month, but they put your payments toward the lower rate. You end up paying off the transfer, but owe that money as purchases at a high rate.

If you have a balance, you should not use that card for any purchases. You lose the grace period when you have a balance. Use one card that is paid off every month for all your daily purchases like gas and groceries. Never put more on that card than what you can afford to pay off at the end of the month. That gives you an interest free loan for a month. Doing it every month for a year saves you a years worth of interest. When the bills come, pay off the daily purchase card and pay what you can on the card with a balance. If two cards have a balance, pay the minumum on the one with a lower rate and whatever is left over on the other.