Need Financial Advise Please?
I need $2500 dollars for a down payment on a motorcycle loan, I was thinking of going through my bank (whom I've been with for 2 years) to get a loan to use as the downpayment on the bike and just make monthly payments to both the bank and motorcycle dealership, is this possible to do??? I have no credit history and I need the motorcycle ASAP, which means I cant save for it, so please no comments on saving your money for it cause I really dont have time to save, i need the bike now
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If you have something worth $2500 (car, boat, home?), your bank will loan you $2500 against that. They might even give you a personal, unsecured loan if you have good credit. You can use the money from the personal loan for whatever you want.
It can be done if you have good credit or collateral.
The first answer is correct. For a small loan like you would like, the bank will loan it to you if you have collateral.
I have financed numerous bikes this way, and they do not require you to have a down payment. The more they loan you, the more they make. Just be sure to have some collateral and prices that the items are worth.
Generally down payments are something YOU are supposed to come up with. Unless you have collateral, I don't see the bank interested in loaning you this money.