Can someone guess me a guesstimate on motorcycle payments for a 2015 Honda Grom?
Hi, I'm 16, Michigan, and I'm looking to get a motorcycle to get me to school and work cheaply. I don't want a moped but I've found this tiny Honda Grom motorcycle and I was just wondering if anyone could tell me the monthly payments and insurance that I would be looking at. I know there are a few variables so any rough estimates are appreciated. I just need to know if this would be within reason working at McDonalds. The bike is $3,200 btw.
1 payment of $3,200 + tax/title is your only option.
Not old enough to finance and have no credit.
Depends on how much you put down. I would guess around 90 total a month and they'll likely suck you into a 5 year finance plan to, of course you can pay more and pay it off early which would be wise.
A minor can't get a loan or insurance without their legal guardian because they can't sign the required contracts your parents would have to get the loan and they would have to put you on their insurance. Don't believe me call your local Honda dealer and a local insurance agent they'll clue you in.
Even a cheap Chinese Moped is probably out of reach because it still has to be insured to ride on public roads and once again you'll need your parents for this. If your parents are willing to help anything can happen but if you're on your own then you'll have to wait until you turn 18. In the mean time save your money because when you become an adult lenders are going to want 30-50 % as a down payment but they'll probably still require you to get a co-signer.
Actually if you live in Michigan shouldn't you be trying to buy a used car with a good heater?
There are dozens of sites on the Internet you can use to estimate the monthly payments on a car loan. You can use one of those to calculate a loan on your little Honda Grom. Just plug in the appropriate numbers and hit the "go" button.
And yes… The others are correct. You'll have to get Mommy or Daddy to sign for you. You're not old enough to sign a loan contract on your own.
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