OT: car loan help

Ok so I took a look on craigslist tonight and found a couple newer like 02-03 125's for about $1500 and I feel kind of embarrassed to take my 98 cr125 to races, so I was thinking I would sell my bike for $1100 and take some money out of my bank to get one of these bikes. The problem is I will be 18 at the end of January and I need a vehicle so I can get a job. I have $800 in my bank right now and plan to sell my cr80 for about $1100. So I tried to talk to my dad and he says that if I take a couple dollars out of my bank to upgrade to a newer bike I will be broke when I go to get a car. He says I will be broke because I will have to pay for taxes on the car and title transfers and will have to put about $800 down all at once for my insurance. I wanted to get a used vehicle for about $5000. I thought when I went to get a loan that would pay for all that stuff, even if I had to pay all my insurance up front I could easily pay for that from selling my cr80. I don't have a job, but I plan to get one right after I get a vehicle. I currently have no way to get to work. So what do I do, and how do loans work?  

Also to add I have been working for 2 years now but only in the summers. I just don't have a job currently. I work with my dad in the summers full time on the books.  

i know next to nothing about loans. but i was told that if you have money in your bank when you go to get a loan they will not give you as good a rate as when you have none. i do not know the reasoning behind this my dad told me that he advised that i take out all my money before a loan, and go on a trip to europe or something, w/e i could afford before a loan. i think he was talking about college loans but it might apply to cars as well. dunno if that helped  
~Pat
life's a garden dig it!

elk i dont know if this will help directly but here go's.
okay my dad explained that the best way to get a loan is to A like pat said hve money in the bank. B is a bit tricky he said the obvious that the better your credit rating. to do this the easiest way is to get a... credit card. then buy like 100$ of stuff on it but then pay it right off as soon as they send you the bill. he said that after a couple months of doing this weekly it will raise your credit score significantly, which in turn gets you better interest rates & improves your chances of being improved.
DavidS  
i take a lot of pride in what i am

___________________
ride: 02yz426
local: north east Oregon

terrain type woods with lots of roots & rocks

I thought of that but I can't pay for the credit card without a job.  

Getting credit right now like a car loan is not gonna be easy for you especially since you don't have a job. No one is really gonna want to loan you some cash when you don't have a source of income to pay them back. I would first get a job, then apply for some crappy credit cards like Sears, JCPenney or even a gas card like BP or Shell. Make sure you never miss a payment. If you have established some credit by the time you go for the car loan you may just get something. If not, your dad could co-sign which would greatly increase your chances.  


I ride pretty good. For a goony old man.

CHICAGO, ILLINOIS

1994 CR80

Also another problem I have no way to get to work without a car.  

well if you have 800$ you could use that & lower the amount you put in the card because it dosent sound like you are counting on that money for your car directly. i think that it would be worth it. are you sure you cant finagle some way to get a ride to & from a job?
DavidS  
i take a lot of pride in what i am

___________________
ride: 02yz426
local: north east Oregon

terrain type woods with lots of roots & rocks

what wrong with taking your 98 to the races? i take my 96 to the track and i dont care. a bike is a bike to me. maybe its just me but i dont know. no one says anything about my bike and no one bags on me because i ride an older bike so i dont care. i know newer bikes are better but mine was all my parents couldafford at the time so im happy with it.  
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The only reason a four-stroke can beat a two-stroke is because of the double displacement advantage

1996 RM125

but your bike doesnt look older from what it looks like in your avitar. my bike shows its age.  

Post a picture of it elk. I don't think i've seen your bike yet.  


I ride pretty good. For a goony old man.

CHICAGO, ILLINOIS

1994 CR80

alright...the thing is elk, next to no body is going to sign a loan out to a kid who is barely 18 with no steady job, no previous income, and no real money in the bank. also, especially for a car, they like to give out higher loans than a couple grand...

if you can get a co-signer, they might get you a loan.  but remember you gotta start making payments right away.

i have a hard time getting STUDENT loans, and those are fairly easy to obtain as far as loans go...  
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"Only the desert has a fascination to ride alone in the sun in the forever unpossessed country away from man. That is a great temptation."
--D.H. Lawrence

yea isee what you are saying, but up close you can tell on mine. the front fender is full of stress cracks and the rear one is twisted. the biggest giveaway on mine is the right side up forks. the seat is a lil ripped. but hey its all up to you man. whatever you want to do, whatever is most important to you. i really dont know anything about loans and stuff.  
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The only reason a four-stroke can beat a two-stroke is because of the double displacement advantage

1996 RM125

it shouldn't mattertheage of the bike! they wont be able to see it your roostin them!
DavidS  
i take a lot of pride in what i am

___________________
ride: 02yz426
local: north east Oregon

terrain type woods with lots of roots & rocks

agreed sanders  
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The only reason a four-stroke can beat a two-stroke is because of the double displacement advantage

1996 RM125