how to get a loan for a quad

[stoled_400_:(]

hey, i'm looking to buy a used 4wheeler, but i don't have the cash, so will need a loan....what do i need when i go to the bank today to try for the loan? i just turned 18 so i really don't have much experience with this stuff. any tips/suggestions would be really helpful i'm sure.

thanks alot
Travis

[ZSK]

Take your driver's license, social security number, and at aleast your most current pay stub. Some pictures of the particular quad or at least similar to want you intend to purchase along with the value is a bonus. A personal loan will more than likely yield a higher intrest rate but with a recreational vehicle loan you'll have to have insurance on the quad.

[Scro]

Originally posted by ZSK
but with a recreational vehicle loan you'll have to have insurance on the quad.

Not sure if they are the same thing or not, but I talked my loan officer into giving me a motorcycle loan instead of an RV loan for my quad. She never mentioned anything about insurance.

But then again, it may have been because it was used.

Also, your age will probably not let you get the loan on your name. You will need someone to cosign with you.

[ZSK]

I went with a local credit union. I was refinancing from the Yamaha card. Insurance was required. By rec. vehicle I mean dirtbikes, sleds, quads, campers etc. Intrest rate was double for a personal loan. I didn't even know that you could put insurance on a quad until I got a loan for it.

[stoled_400_:(]

alright, in MA i know you can't get insurance for quads...

[HB416EX]

Originally posted by stoled_400_:(
alright, in MA i know you can't get insurance for quads...

Go to the dealership and buy new.You can get financing there but at your age you will probably need a cosigner.

[stoled_400_:(]

biggest problem with that is there's no way i'd be able to finance a new bike and still be able to afford to build it up to where i'd want it to be

[whiteboycustom]

my credit union wanted a 10% down payment and usally the notes are low through a credit union, all u can really do is go try to get a loan all they can say is no ro u need a co-signer, and as far as insurence im sure street bikes and cars and trucks u need proof of insurence

[54warrior]

First off, good topic.


I don't want/need to buy a quad but am looking into purchasing a motorcycle.

It will probably be used, but I'd like to spend another $2k in accessories.

So if the used bike is $7k and I want to spend $2k in accessories, can I still get a motorcycle loan for $9k???? Or would it have to be a personal loan?

[whiteboycustom]

if u get the dealership to right it up for 9 im sure ur bank/credit union will accept that

i was approved for a new 06 hyabusa thru my credit union, all i did was have the dealership right up something with the price of teh bike and taxs and everything added in and the final price and also the vin # and the credit union used that to make the loan, all i had to do was take the dealership 200 bucks to get the bike out of the crate and put it toghter and i had to get insurence first, well after finding out insurence was way to high i said forget it went to honda the next day and got a new 05 trx450r still in the crate

[Xater]

get a 0% credit card and put it on there.

[stoled_400_:(]

Those exist? I thought the point of a credit card was for them to loan money, then make money by charging the interest?? :confused: :huh :confused:

[JOEX]

Originally posted by Xater
get a 0% credit card and put it on there.
They advertise 0% but the borrower still needs to qualitfy for that rate. Even if the borrow does qualify, the rate may be for a very short period of time.

READ THE FINE PRINT!:)

[Xater]

Originally posted by JOEX
They advertise 0% but the borrower still needs to qualitfy for that rate. Even if the borrow does qualify, the rate may be for a very short period of time.

READ THE FINE PRINT!:)

there mostly year offers at 0%

[bulkdriverlp]

you will have better luck buying a brand new quad and getting financed. think of it if you were the bank. they (the bank) technically just bought a used quad, that is half worn out, for say....quite a bit of money. now, if you, the owner (if you make the payments) beat it to peices, decide you dont want to pay for it anymore, the bank is stuck with a pile of crap and invested a bunch of money into it. they are at a loss. that is why you need insurance on something that is financed. if you gave it back beat up and worthless, they (the bank) can make an insurance claim and get back some of their money, without such a loss. also there is something called residual (sp) value. what is that used quad going to be worth in 5 years? if it is worth 2,500 now, it will be worth 1,200 for instance when its paid off. also with the high interest rate, you will have paid 3,200 for a 1,200 quad by the time its paid off. i know, its hard to explain.

my advice, save up a down payment, go to the dealership, have them call the bank with a vin number, get financed. pay the loan off early if you can. keep the quad for a long time to get your moneys worth out of it.