co-signing

[jab0400]

Ok, in a couple months i will be purchasing a 450r, and im 18 and this is really the first thing i will be financing, and i will need a co-signer. My question is, does the co-signer have to have really good credit, or just decent? Thanks
jeff

[Giz400ex]

It all depends! You could have good credit but be maxed out on what you can afford and the loan could be denied! There are alot of things that a bank or wherever the funds are coming from have to look at!

[batgeek]

dont finance...it's a rip off.

[250EXking]

the co-sign should have some decent credit. its just a back up if a 18 year old dies or doesnt pay, somewhere they can get there money from.....

dont pay on a plan..your'e going to spend alot more money...get a loan from a bank, they have MUCH better interest rates....trust me ;)

[Aceman]

Even better would be a loan through a credit union. They have lower rates I think.

[300exryder]

Even better is a zero percent interest credit card if you can pay it off within one year. Otherwise you get socked with 20% interest for the year. This is how I purchased my Raptor new from the dealer.

[polabareus]

Really, you'll need to just apply and find out. Theres only 2 posts so far on this thread that I agree with. That would be 250exkings and Giz400ex. The rest are just silly. At your age, unless rich or an heir to a fortune, you will never be able to get a credit card with a high enough limit to get a 450r, no matter what interest rate it has. And financing is not always a rip off. Besides, how the hell else are you going to buy it, unless you have that kind of cash just laying around. And if you did have the cash you wouldn't have started this thread. What you should do is go to your dealer right now instead of waiting and just apply. Try to get a parent or close relative to co sign if you can. I don't know how honda financial is but some institutes won't accept a co signer that isn't a close relative, or even a parent. Good luck and I hope you get your quad.

[300exryder]

Originally posted by polabareus
Really, you'll need to just apply and find out. Theres only 2 posts so far on this thread that I agree with. That would be 250exkings and Giz400ex. The rest are just silly. At your age, unless rich or an heir to a fortune, you will never be able to get a credit card with a high enough limit to get a 450r, no matter what interest rate it has. And financing is not always a rip off. Besides, how the hell else are you going to buy it, unless you have that kind of cash just laying around. And if you did have the cash you wouldn't have started this thread. What you should do is go to your dealer right now instead of waiting and just apply. Try to get a parent or close relative to co sign if you can. I don't know how honda financial is but some institutes won't accept a co signer that isn't a close relative, or even a parent. Good luck and I hope you get your quad.


Say what you would like but I purchased my Raptor ($5,800) on the credit card (America Skiing Company) I'm not sure on the limit but I did do some research and what their goal is to get you to commit to something and not be able to fully pay it off in one year, in which case they hit you with an interest rate of 20% for the entire year. If one year is enough time for you it is definitely something to look into. Do not do the Polaris or Yamaha card or anthing like that - the interest rates are out of this world and teh benefits do not outweigh the downsides. I was approved for a loan with a 4.3% interest rate, but opted for the 0% because I knew one year would be sufficient for me to pay it off and there is no penalty for paying it ff early.Do some researchand see what you find.

[polabareus]

Your not sure of your own credit cards limit? And if he did get financing through honda (Im only saying honda because he wants a 450r), and paid it off before a year was up he wouldn't pay hardly any interest at all. But hey, theres a way he could get the thing for free. He could find out which one of his friends parents have insurance and then go and slip on their porch. He could claim soft tissue damage and sue the friends parents insurance company and get more then enough. Even though his friends parents won't have to dish out any money of their own, he should still pick a friend with parents he doesn't much care for to do this to. That way he could buy his quad, take the left over money and invest it, then he would be EARNING INTEREST!!!!
______________DISCLAIMER_____________________

The statements made above are for entertainment purposes only and they in no way project the true feelings of the author of said statements.