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Discussion Starter · #1 ·
Well Im thinking Im most likely going to be getting a new R6 here sometime in the near future. Im 17 which means I wouldnt be able to finance it on my own, but would I be able to have my mom co-sign for me and me still be able to build credit? Because I dont want to be paying for a 9k bike if I dont even get to build the credit on it. IM in pretty good financial standing right now, and Im looking to make about 4k in the next three months at the yamaha dealership i work at.

Any help is appreciated!


:toocool:
 

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Shiney up Rubber down
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Talk to your finance guy at the dealership. He/she will be able to help you out A BUNCH.

But, to answer your question. If you have someone CO sign with you and YOU are the main person on the loan... YES your credit will grow.

I would be careful though... make sure you have the $ to purchase your "toy" A motorcycle requires alot of maintenance, and they are not cheap to own. Make sure that you have plenty of money to pay for the bike and a reliable job, you don't want to jump into a financial decision that will hurt you down the road.

You're young, and I hate to sound like I am "fathering" you, but, just make sure you've got all your ducks in a row before going out and buying a bike. Bikes are going to be around for a long time, and new ones come out every year.

Don't forget about gear and Insurance... That isn't going to be cheap for you *especially on a sport bike*

Let us know what happens bro.
 

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Discussion Starter · #3 ·
Thanks for the advice man. My mom didnt think i would be able to be the primary person on the loan at my age but I was thinking otherwise. I do work at the dealership I would be getting the bike from, so I should be able to get a pretty good deal.

I've been thinking about this alot lately as far as being financialy stable enough to get one. As far as insurance goes, I know statefarm has some of the best rates for motorcycles anywhere and being that all of my moms assets are already insured through them Im hoping they can swing me a reasonable rate.

When I hit summer wages in about a week and a half I should be bringing in about 12-1400 a month. I plan to pay more than what my payments are each month all while still sitting on a reasonable chunk of cash for the month.

I've rode dirtbikes for the past five years so I know how much these can cost in maintenence, but a streetbike is nowhere near a dirtbike. On top of that, I would be doing all my maintenence myself so that will save a ton in labor costs.

One of the primary reasons I want a bike now is the cost of gas. I would be saving a ton which would only help further with the money I would have for the bike.


Now the issue is convincing momma that I am being smart about this and it's not just an impulse buy thats going to hurt me down the road. I think the best thing that can come out of this, other than having an R6 :nocontrol, is that I would be able to start building my credit at 17.

On top of that, once I graduate Im going to work for my uncles fire protection business starting at 22 bucks an hour and full union. So I would be able to pay the bike off alot sooner than needed.
 

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Sounds all good and well.

Just know that having ONLY a bike can be pretty painful at times. If it's nasty out, it makes it really difficult to get places (depending on where you live) Different seasons can be HORRIFIC for bike riding.

If you don't have a car yet, I would really look into that as an investment too. Plus sport bikes don't exactly get the best gas milage either.

Keep us posted man.
 

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Slammed and Stretched!!!
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I dont think you can get a loan at 17. I may be wrong, but I dont think you can even be a co-signer.
 

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Discussion Starter · #6 ·
Well I have a car as well so it wouldnt be my only means of transportation. Plus on top of that I live in Michigan so it would be unreasonable for that to be my only means of transportation.
 

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Don't ever finance anything if possible. It's better and cheaper in the long run to save up the money and pay for the bike in cash.
 

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Buying a bike cash is definitely the way to go, but if you do decide to finance, you may want to talk to your bank as oppoesed to financing it through the dealers bank. 9 times out of ten, the dealers bank is gonna have rediculous rates.
 

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Discussion Starter · #11 ·
Yea I planned on going through a credit union, Yamaha's rates can be pretty stupid after the two year "special financing" is up.


But paytheon, dont you feel that would be the better choice right now. IWhen it comes time to buy a new car or house whatever it may be, I'll already have a line of credit and wont have to hopefully rely on somebody co-signing.
 

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if GAS mileage and building your credit is your main concern, i dont' know why you are buying a super sport.
 

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Yea I planned on going through a credit union, Yamaha's rates can be pretty stupid after the two year "special financing" is up.


But paytheon, dont you feel that would be the better choice right now. IWhen it comes time to buy a new car or house whatever it may be, I'll already have a line of credit and wont have to hopefully rely on somebody co-signing.
Well, I'm just of the personal belief that credit usage is not a great option unless you are purchasing a house or car. You end up paying so much more money for a 9K loan it just seems unreasonable to me. I'm certianly not saying you shouldn't finance a bike, but that if you can save the money up to purchase one over the next few months, you will end up with lots more money in your pocket to purchase other things you might want...such as bike mods. I personally don't owe anyone anything and haven't for years. I'm not certian what my credit score is, but I'm Ok with that. It's just a personal choice thing for me.
 

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Good choice with not going through HSBC. They are a horrible company that want you to default on your loan. Look up there track history online. Investors love them, people getting loans from them hate them. I had a bad experience with them too, and no it was not a late payment. I paid cash for my R6S because of them.

Getting a loan on a "toy" in a responsible lenders eyes isn't as good as a car. The interest is usually alot higher compared to a car. In my opinion you should buy a car and get it financed. Most banks will give good rates for a car up to 6 years old. Save up for the bike and buy it used also. If your working at a dealer, you'll see some nice stuff come in. Insurance is going to rape you too, when your 18. Have you called your insurance provider to check what rates will be when your 18 for full converage? Just food for thought not trying to piss on your idea.
 

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yes, definetly check on the insurance rates

you said statefarm has good rates. they do... but for people who are over 21 and hvae a good record, other than that prepare to pay out the ass.

for awhile, state farm wouldn't even insure a person if they didn't have their license for 3 years. i'd start checking on that.
 
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