0 debt and 700+ credit score looking for lowest intrest 13,000 personal loan

[medicineman843]

My credit score is a 776. No debt, Own my car and 86 vmax. Wanting some options and hopeing for 5.99% and lower. Looking for 60 month loan option. I bring in 2000 a month after taxes. Pay 200 a month for rent and utlities( cell phone, car insurance) Any advice on where to start looking?

 

[gamorg02]

credit unions are pretty good usually.

 

[sal98]

I have almost the exact same credit score (775), no debt and I pay quite a bit more in rent than you do. Depending on what the loan is for a credit union is your best bet. Check the credit union loan rules beforehand though.

When I bought my '09 gen2 Vmax last month I applied for the loan through my credit union (at 2.99%), but because it was an out-of-state purchase (bike was in Missouri) they would only give me the loan after it was titled here in MI. Which means I had to pay cash first, then get the loan after I had already made the purchase and had the title in my name, then I could simply deposit the loan amount back into my savings account.

If the bike had had a MI title already I wouldn't have had to do it that way. Screwy loan rule IMO, so I just decided to take the hit to my savings account and pay cash rather than follow through with the loan - 2.99% was the best deal that I found even though I elected not to use it.

FYI: None of my business, but a 60 month loan is waaaay too long for a vehicle loan (if that's what you need it for). IMO, if you can't pay for it in three years or less you can't afford it and shouldn't be buying it. Just my 2 cents, no offense intended.

Scott

 

[Fire-medic]

Take the long-term loan, make sure there is no pre-payment penalty, and double-up on payments, making someone else's $$ work for you is usually better than tying-up your $.

I have a home equity line of credit which I use for things like home improvements and as long as you know what you are doing, you can make it work for you. Interest is deductible and my line of credit is available for whatever I need (note I did not say want)

My last new car loan was thru the credit union and I have used the same credit union for 36 years.

 

[satariel666]

I never understand this WAY of living?!?

 

[Rusty McNeil]

If your debt free I'd keep it that way...

It's a good place to be, most of us, including me, probably go the other direction and find out how much it ends up hurting, then work our way out somehwere in our late 30's or mid 40's

Figure out what the total loan will cost you plus insurance and put that in the bank every month....Before you know it you can pay cash for the bike

Don't forget the 3 months take home cash emergency fund while you at it.......unk:

In lieu of that a credit union is the best way to go.

 

[spursmech]

If your debt free I'd keep it that way...

It's a good place to be, most of us, including me, probably go the other direction and find out how much it ends up hurting, then work our way out somehwere in our late 30's or mid 40's

Figure out what the total loan will cost you plus insurance and put that in the bank every month....Before you know it you can pay cash for the bike

Don't forget the 3 months take home cash emergency fund while you at it.......unk:

In lieu of that a credit union is the best way to go.

1+ to that. Better make that emergency fund 6 months now days.unk:

 

[medicineman843]

Thank you for all the advice! I think i might as well just save up as much as i can. and go with cash in hand or at least a 6,000 down payment. Trying my hardest to find a 09 vmax for 10,000. Then it would knock the payments down to nothing. Looked up insurance and FULL coverage is 995 a year. 82.91 a month.

 

[sal98]

Good call. If 10K is your budget limit, be patient, stick to it and keep saving until you find one in your price range. Might be another year or so before they drop down to that range though (I searched for six months to find one with low miles at 12K) and it gives you time to save that much more towards the purchase price... plus it frees up some extra dollars for mods.

Having patience is the hardest part when you know you want something NOW. I was so burned out and frustrated from searching that I gave up for a few weeks when one of the guys that I made an earlier lowball offer to dropped his price after sitting on it another two months. Keep an eye on the StarVmax forum for any that may go up for sale (that's where I found mine). Lots of great people there that are absolutely passionate about this bike. Deals on accessories pop up now and then, too.

Shop around for insurance while you're looking for that new Vmax. I had Progressive on my '98 (it was the best deal here in Michigan) and I assumed they would be on the new '09 as well... WRONG! They were $670 for full coverage and State Farm was $420. Some insurers seem to classify it as a cruiser and some as a "sport" bike.

Good luck,



Scott