this is gonna sound really stupid but heres my deal. i'm 17 and working part time. my regular monthly income is around $800(I know, pretty sad) and i saved up $2000 for an atv already. i will keep saving for now but i would like to get a loan for $1500-$2000 so i can get a decent quad by spring so i can ride right away. instead of waiting. here's my monthly spendings: $250 on gas and $50 on autopac. plus if i spent an additional 100 bucks on things then 100 bucks on a quad loan. $800-$500 i'd still have 300 bucks to spare plus i make more money in the summer. should i go ahead and get a cheap loan?

 

Im not telling you what to do by any means. ill refer this post to myself. if i were a loan company id say yes do it. But im not, im an individual that needs to keep track of my needs,wants and HAVE TO's. you may need or want an atv,but you will HAVE TO fix and maintnance your car/truck,atv,ect...someday. $300 to spare may seem alright in the beginning but when you find your self 6 months later needing $1,800 to put into your truck,or even the atv,or anything else that may be a necessity then you may be pressed hard for cash and really wishing you would have waited on that loan and saved the money. the point is, id wait and have cash in hand. its not that much but it may keep you from getting a bad credit score and keep you out of financial trouble.
A loan isnt a bad thing,it builds credit so you have when you need it, but do it when your not so tight with money. I would not trust myself to live with only an extra $300 for myself unless i had to. No point in struggling if you dont have to. Your in Canada,dont live the american dream,In debt!! lol. Take a second job untill you get that extra 1500-2000,then go buy your atv and have fun. then again this is all my opinion and i really have no right to say...

 

that is true, maybe i shouldn' t get a loan, but i know i could pay it off this summer so its tempting lol

 

I am not sure what the atv prices are in your area, but for $2000-3000 you can find a nice, low mileage atv that has been maintained well and will be a nice ride. Right now on craiglist, there are 2005-2007 honda ranchers for 2300-2800, some polaris 500 sportsmans and a couple big bear and kodiaks. You get the point, there are plenty to choose from. Buy it out right, because you are going to ride it hard, break things and be strapped for cash while making payments. JMO.

 

On the one hand taking a loan out can be intimidating, but it sounds like you're doing the math and will have a little extra each month. My son got a good job at your age and took out a loan for the Can-Am Renegade he still owns. A small loan is a good way to begin having a credit rating for your future. Ultimately it's your decision. If it's going to cause you to barely make it, I wouldn't do it. If you can make it without too much of a sweat it may pay dividends in the long run. Or, look for a used quad and see how much you like riding before you make the decision. I've seen enough young guys be enthusiastic about riding, buy a good quad, and leave it sitting as they lose interest. Just some random thoughts.

 

i used to have an atv and love riding, i just need something better. there aren't any low prices like that here in canada

 

i'd need a co-signer and my parents said they can't co-sign because they just took out loans, do i have any other options? cuz i'm 17 and live in canada

 

Honestly, I just took it for granted that your parents were going to cosign for you. If you have an older brother or sister that have good credit that are willing to sign that's the only other option I can see other than buying what you can afford without a loan.

 

Honestly I wouldn't do it. You aren't making enough now. you need to start saving for the long term while your young. No one told me this or I was too dumb to listen. but this is what I have learn and teach to my Juniors.

There are three accounts you should start now.

one is an emergency fund. money you don't touch except for real emergencies. at 17 you are likely still living at home, so you should have too much in the way of living expenses but you want to have 3-6 months worth saved up.

two is a retirement fund, Never too early to start, the sooner the better, and you'll have way more money when you get older if you start now.

three is a goal getter fund. this is for saving for big ticket items that you want like the ATV, boats guns truck or a trip to a foreign country or whatever it is.

I would put money in to these accounts in the priority listed. what ever you can afford. or start making "payments" to that loan to your self now, and when you have enough go pay cash for the ATV.

Just my thoughts take em or leave em, in the end its your money and your life.

 

^^ I Second That ^^

I did not start a retirement fund till i was in my late 20's, wish I had started sooner. Putting $20 a month is a good start at your age. As you get a better job, you can put more. I have 2 children and both have already started a retirement fund, one is 16 and one is 20.