Originally Posted by Cronic
I believe personal loans are VERY hard to get. It's my understanding that you not only need colatoral but extremely good credit. The interest rate on these are usually higher then your typical bike/car loan. They are also generally short term. Like 12-24 months.
you are correct, its MUCH harder to get a personal loan than it is to get any other kind of loan....a bike loan is harder then a car just for the fact that the banks look at it like a 2nd mode of trasportation or a toy thats not needed...and if u get in financial trouble, your more then likly to not pay for your toys then your main mode of transportation....I am 22 now but when I was 19 I was approved for 7000.00 but that was with putting 1500.00 down....now at 22, I got a 29,000 bike loan with 4.49% interest...its all about your past credit history and your score and your debt to income ratio....good luck with it though...I had a buddy who had to put down like 4gs and he still got 19% interest...fuck that...