Motorcycle loan? ????
Friday, December 9th, 2011 at
15:38
Question by Travis: Motorcycle loan? ????
I was thinking of buying a sportster and some one told me that its a good way to build credit if I have none is this true?
Best answer:
Answer by Dan H
using credit will help build credit. But you need to be able to pay the loan off on time, every month for the entire duration of the loan. If you miss a payment or are late, your credit will be damaged. Because you haven't had any loans in the past, the terms on a loan for a new sportster will not be good and you will pay a high interest rate.
You can buy a good used Sportster for 4 or 5 grand. Save your money and pay cash.
Know better? Leave your own answer in the comments!
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US $4,250.00
Tagged with: Loan • motorcycle
Don’t justify buying a bike on the grounds of building credit. Paying a high interest rate is a huge waste of YOUR money. Better to get a no fee credit card with a low line of credit. Make small purchases such as gas and pay the total EVER MONTH.
Save your money and buy a motorcycle with cash. Look at all the people that were swimming in debt because of the easily availability of credit cards and loans. Do you wish to join this group that lived waaaay beyond their means? I strongly hope the answer is NO.
Good Luck