Im hoping to get my first job in the spring and want to buy a dirt bike. As of now i am broke but i was thinking of taking out a personal loan from my bank. Even if i work at walmart pushing carts for 25? hours a week i will still make at least 700 after taxes a month. Which for me is pretty good. the dirt bike will be 7100 but i will be able to put down a 1500 down payment. im looking to finance 6000 dollars. I did a calculator online and it comes to roughly 240 dollars per month. In my eyes it makes good sense. as 800 minus 240 will leave me plenty of money to do other things. Keep in mind im only 16 and have no bills. I asked my mom about this and she seems to think a loan for a 16 year old is a little crazy so im just wondering what you guys think.
My mom would be cosighning and it would be a 2 year loan
No, NO and NO………save the money. You say, "…you are HOPING to get a job.." Never count on money or a job you do not have.
Is this a good idea(personal loan)?
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I dont know where you are, but in most cases in order to get a personal loan, you have to of held your (full time) job for over a year, be 18 yrs of age (unless you have a co-signer),and have good credit. It sounds to me as though you have no credit (no bills= no credit) are not 18, and dont have a full time job..but good luck if you do try…
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Unless your mom is willing to cosign for you, you won’t be able to get a loan – you have to be 18 for that.
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if it were me, i’d work and save till i had the money i needed and then buy, because once you get into a loan, it seems like forever 2 pay it off.. you will be a old man.. and still paying 240.. i always told my kids 2 leave the credit cards alone.. if you can’t live on your own money, how in the heck are you going 2 live on somebody else’s.. so here’s what you might want 2 think about.. buy a cheaper dirt bike, one that you can afford.. dress it up and make repairs.. learn as you go.. then sell it 4 a little bit more.. buy another and continue that way till you have the one you want : )
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you need to get something cheaper. It would be higher than that when the interest is added on. Your looking at least almost 2,000 in finance charges of course it would be figured on what ever your bank would charge. 6,000 + 2,000 = 8,000 amt financed. call your bank and get rates. This is just a rough estimate.
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No, NO and NO………save the money. You say, "…you are HOPING to get a job.." Never count on money or a job you do not have.
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