I got a problem...(bank loan issues)

[MissTwisties]

I went to my bank today, Bank of America, and the lowest loan amount they do is $10 000....I do not need that kind of loan. All I need is about $3000 to buy a motorcycle from a private party, and then when I sell my 250, I can pay back whatever money I'm getting for my 250, and pay the rest in monthly installments. Bank of America told me they are a "commercial bank", and that's why they won't do lower amount for loans. I don't know what to do, is there a bank out there that is working more for people like me, instead of doing business mainly with "commercial" parties?

[bigred875]

try a credit union...

[slaps76]

Yes, just go to a local credit union or another bank and get a personal loan.

[rjh200]

www.jdcu.com I use them for everything and they are great.

[benVFR]

So you found a used ZX-10 for short money so you can match your husband?

[MissTwisties]

Originally posted by benVFR
So you found a used ZX-10 for short money so you can match your husband?

No! I don't even like to ride that bike!

[Jaynnus]

Originally posted by benVFR
So you found a used ZX-10 for short money so you can match your husband?

http://www.nestreetriders.com/forum/...threadid=21271

[OreoGaborio]

Originally posted by MissTwisties
No! I don't even like to ride that bike!

thought you said you liked doin wheelies on it?

yeah... here it is, right here:

Originally posted by MissTwisties
Rode my husbands zx10r today to get inspected... HOLY SHIT!!! I WANT ONE!!! I like to ride wheelies that bike! we can ride them togeteur!

[MissTwisties]

Umm yeah, I couldn't do wheelies even if my life depended on it!

(or, maybe I could, by pure accident....)

[richw]

My wife and I have decided that

Bank of America ....sucks

compared to Shamut/Fleet they took over
Fees way up
Lots of one sided policies
Interest not competitive with local savings

No bank cares but
they are arrogant A holes

Take all your business elsewhere

[MissTwisties]

richw...I don't do anything with my bank except for deposit of my checks, debits, and once in a while I write a check to pay a bill that I cannot pay online...I barely ever put foot inside a branch at their counter, I love drive thrus ATM....lol

Anyone heard about "Freedom Credit Union"? Not sure if this is only a Springfield based...I am not familiar with bank/credit unions stuff. What would be a reasonable interest rate for borrowing about $3000? I noticed they have loans for motorcycles, but I assume this is if you're buying from a dealership? Do I need to have a personal loan if I'm gonna buy a bike from a private party?

[Jaynnus]

www.lendingtree.com

[mustang183]

Originally posted by richw
My wife and I have decided that

Bank of America ....sucks

compared to Shamut/Fleet they took over
Fees way up
Lots of one sided policies
Interest not competitive with local savings

No bank cares but
they are arrogant A holes

Take all your business elsewhere

I agree!!! Me and my g.f. both had Bank of America and we hated them! I had banked with them since it was Bank of Boston, then it changed to Bank Boston, then Fleet and now Bank of America. I didnt start having any issues until it became Bank of America! We both got accounts a Rockland Federal Credit Union and have not had any issues.

[roso]

Originally posted by MissTwisties
richw...I don't do anything with my bank except for deposit of my checks, debits, and once in a while I write a check to pay a bill that I cannot pay online...I barely ever put foot inside a branch at their counter, I love drive thrus ATM....lol

Anyone heard about "Freedom Credit Union"? Not sure if this is only a Springfield based...I am not familiar with bank/credit unions stuff. What would be a reasonable interest rate for borrowing about $3000? I noticed they have loans for motorcycles, but I assume this is if you're buying from a dealership? Do I need to have a personal loan if I'm gonna buy a bike from a private party?

you might get a better rate if you get a ike loan
mine was
i think they figure that they can at least get something back by selling the bike if some one defaults, they cant repo nothing

good luck, its a good lookin bike ( i kinda wanted it )

considering it is a used loan and short money and a luxury item about 10%

[richw]

I would call around...

Back in NY everybank said not bikes not old.

Then I call Hudson Valley Bank. they said sure and at a reasonable rate.

Personal loan rate I would assume has got to be 10%

Or worse to worse find a reasonable credit card with a 3 k cash advance.... go get the cash

Seriously Get a local bank so you have a track record with them over time. Then when you need something they can look back and see a series of transactions showing stability.

Just for grins run yourself a credit check online. My wife had grief then we discovered they had her mixed up with a dead beat of the same name. It took 6 weeks to clear.

If some manufacturer is running a good promotion on credit monthly payments might be less on a new one.

I have looked into my crystal ball and I see an SV 650 with a springfield woman and a maple leaf

[LowSider]

Cash advance on a creditcard?

The interest will be high but it will work for 3k.

[gonzo6]

take the 10,000...

use 3,000 of it...

then give the rest right back!




























or pass it around

[LiononaLeash]

do you have a citizenz bank in your area?

go in and apply for a signature line of credit.

They have them for up to $25,000 . I have one that I use from time to time to help with timing of transactions.

Its a variable rate and is an unsecured line of credit, so when you use the money, the loan is not attached to your bike in any way. The payment each month is based on a calculation from the balance. so as you pay it off, the monthly requirement also shrinks(not that I'd advise paying less and less as you go though).

Basically I use this line to buy a bike and then I can take my time selling mine for the right price while at the seame time, enjoying my new ride.

These credit lines are not always the easiest to get approved for. But they sure are handy.


Or just do what Gonzo said!!

Godd luck!

[SWEET_Z]

Originally posted by Jaynnus
www.lendingtree.com

Be careful with this site. They say they only run your credit once, but when I used them I had 5 pulls on my credit report when everything was done. And I didn't even get approved except at some rediculous rate from capital one even though I have very good credit.

Get in on a credit union and dump BOA, thats what I did. If it's only 3 grand you can prob get an unsecured (personal) loan. The interest rates are not as good but if you are paying it off quick it wont matter too much.

[MissTwisties]

Well it seem I will be all set for the money.

But I'm keeping in mind "credit unions" for the future. THanks everyone.

[ChrisNoF4i]

Hey, try a credit union!

[MissTwisties]

O Rlly?

[Stoneman]

For $3K, save up the money and pay cash. I mean, you're willing to make monthly payments, right? Instead, take the equivalent amount each month and put it in a savings account. When you have the amount you were chasing, go get a bike...

This'll also give you a better time frame for selling your current bike and it'll also place less emphasis on having to possibly rushing into an undesirable sale...

Save up, sell your bike. THAT'S the best way to go. Borrowing $3K in my opinion isn't worth it no matter what. You'll ALWAYS be able to find a deal on the bike you want. There's always one out there...

[beet]

scares me i think like jay .

[sahd03]

the loan rate you get will really depend on your credit score and also on the loan amount you are looking for. You shoudl totally be ablt to find something for the $3k, but your rate will be a little higher than it would for a larger loan - rates are then a little different for different ranges of credit scores. if you own your house, you can always do a home equity loan, the rate will likely be lower than a personal loan or a bike loan. there are lots of pros and cons to doing that, but it's an option.

I'm with stoneman. If you can do payments, you can also just save the cash and wait. you already have a bike, so give yourself time to sell it and get the money it's worth.... save up in the meantime and you'll have $3k in no time and you won't end up bikeless for any length of time either. this would be especially true if your credit score is low - then you'll be paying extra interest and why do that?