Question by Travis: Some info on personal loans?
This is a bit long, sorry.
So here’s the situation, I asked a question previously here about banks vs finance companies and people were dicks about it not answering the question, countering it with other questions, which I didn’t mind. so.. I’m a young adult, (19) trying to get a motorcycle, I currently have a motorcycle financed. but it’s small and I’m looking for something that can handle the highway better. so that’s what the personal loan is for, as someone on my last question asked, said it mattered. And yes, I can afford the insurance, as that’s the point of a personal loan instead of financing the bike.
so the thing is.. I applied by myself for a personal loan without a cosigner for 2708$ at my bank, they based that amount off of my income. my annual income is 15,000$ , my credit score is around 680. and nothing has been paid late. however. I was denied with the reason “not enough credit history” the bank suggested a cosigner, so I got a cosigner. and applied for 3500, once again. based off of our split income. (suggested by the bank) and I was again denied. they told me in 6 months to a year and a half I’d be able to get it on my own. whatever, that sucks. so I crunched numbers and have figured up. in a month from now I can come up with the majority of the money. however I’ll still be 1000-1500$ short.
So my question is, would I be more likely to get a personal loan for simply 1,000$ after have been being denied for a greater amount twice? I have to use my bank because the 3 finance companies near where I live were saying 23% interest minimum, with a car title AND atleast 50% of the loan worth in household appliances as..”insurance(?)”
People were saying how they sided with the bank, and how immature I am, and blah blah blah. I’ve looked at this from a lot of different angles and I understand it’s not life and death. but bikes are my hobby and it’s been a dream of mine since I was a child. Thanks!
Answer by bluebell
I’m surprised nobody mentioned credit unions to you. You join as a member, save some amount regularly for several weeks (in my credit union it is 10 weeks) and then you may apply for a loan. If you are looking for a smaller sum (like the $ 1000 you mentioned that you will need in a month’s time) they may let you apply for a loan quicker. Also, they won’t bleed you dry with their interest rates. Having a loan there and repaying it faithfully will also improve your credit score.
If you can just be $ 1000 short of the full price in a month, my other suggestion is to delay your purchase for 2 months, and by then you might have the full amount in cash. No interest to pay, but it won’t help your credit score either.
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The majority of bikers, who have lost something on the road, have done that because of opened pockets of their motorbike leathers. And such things occur very often, because you begin to lose your attention and forget about your pockets having put on your visors helmet.
Motorcycle gloves can also easily jump out from your pockets, so be very attentive!
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