quad4me Posted January 4, 2005 Report Share Posted January 4, 2005 If i need to borrow some quick cash to snag a good deal, what exactly am I going to need for the bank loan. I know a 1999 will not have a "title" but it MUST have some way of showing ownership. From what I can gather that would be the BILL OF SALE. But is that something I can use at the bank? Please give me any info that could help out. A way to make it work as smooth as possible.?. TIA! Quote Link to comment Share on other sites More sharing options...
CombatTalon2 Posted January 4, 2005 Report Share Posted January 4, 2005 (edited) depends what state you are in. In colorado they dont title off road machines. but in AZ they do title them. I guess check with the bank. if that state doesnt do titles i dont know how they secure the loan on a quad. edit: also if you just need the loan for a short period of time get a Signature loan, which is basically just an unsecured loan. rates will be higher, but thats the trade off for it not being secured! Edited January 4, 2005 by CombatTalon2 Quote Link to comment Share on other sites More sharing options...
ledofthezep Posted January 4, 2005 Report Share Posted January 4, 2005 I'd contact the bank that you're going to get the loan from & ask them exactly what you need. And, depending on your location it could very well have a title...I have a title for my '97. Quote Link to comment Share on other sites More sharing options...
quad4me Posted January 4, 2005 Author Report Share Posted January 4, 2005 damn you guys are quick! sorry i for got to state locations. Neither NC. or FL. have titles for a 1999. So my bank said Bill OF Sale. My question is now, does that shot true ownership of a second or third owner? Is that BOS a transferable paper like a title? Quote Link to comment Share on other sites More sharing options...
CombatTalon2 Posted January 4, 2005 Report Share Posted January 4, 2005 damn you guys are quick! sorry i for got to state locations. Neither NC. or FL. have titles for a 1999. So my bank said Bill OF Sale. My question is now, does that shot true ownership of a second or third owner? Is that BOS a transferable paper like a title? 301857[/snapback] most likely that bill of sale doesnt show any previous owners. Will this be purchased from a dealership? This is why titles are so nice, you can prove ownership! But a bill of Sale will do the same (better get it notarized as well) good luck! Quote Link to comment Share on other sites More sharing options...
night rider Posted January 4, 2005 Report Share Posted January 4, 2005 I"v got a 95 with a title I live in il. Quote Link to comment Share on other sites More sharing options...
stclark816 Posted January 4, 2005 Report Share Posted January 4, 2005 In the state of Missouri it's against the law to sell a fourwheeler without a title. Quote Link to comment Share on other sites More sharing options...
quad4me Posted January 4, 2005 Author Report Share Posted January 4, 2005 OK...well, The atv is located in NC where there is no titles, though there is a bill of sale. I am in FL where there is no titles for older (pre'03) atvs. Can i get a bank to take a bill of sale from a private owner as proof of ownership? I don't know what else there could be. If there was no title to begin with on these older atvs, how was one EVER financed? Gotte be some sort of transferable paperwork that a bank will take as a lien. Thanks again for all the input. My bank is working with me, just want to know what kind of workarounds you guys have found! Quote Link to comment Share on other sites More sharing options...
stclark816 Posted January 4, 2005 Report Share Posted January 4, 2005 OK...well, The atv is located in NC where there is no titles, though there is a bill of sale. Quote Link to comment Share on other sites More sharing options...
01bansheeke Posted January 4, 2005 Report Share Posted January 4, 2005 what he said...a lot of banks won't even loan money against an atv because of the risk involved. personal loan and not a loan against the atv is the way to go. then if you want to sell it, you can and don't have to deal with the bank. Quote Link to comment Share on other sites More sharing options...
quad4me Posted January 4, 2005 Author Report Share Posted January 4, 2005 Good call on trhe personal loan....I will look into that. I think you have to have "something" as colladeral(spelling). I know the interest rate will more than double if i do it that way. But it may be the only way right now. Thanks Quote Link to comment Share on other sites More sharing options...
PUSH THE THROTTLE Posted January 4, 2005 Report Share Posted January 4, 2005 Good call on trhe personal loan....I will look into that. I think you have to have "something" as colladeral(spelling). I know the interest rate will more than double if i do it that way. But it may be the only way right now. Thanks 301978[/snapback] If I was a banker I don't think I'd want an ATV especially a Banshee as collateral, one tree gets in front of it and I'd be getting it back with a thank you note. Quote Link to comment Share on other sites More sharing options...
quad4me Posted January 5, 2005 Author Report Share Posted January 5, 2005 (edited) done deal. Thanks for all the info. Here is the result! 1999 banshee with many mods Edited January 5, 2005 by quad4me Quote Link to comment Share on other sites More sharing options...
wongs390cc Posted January 5, 2005 Report Share Posted January 5, 2005 Here's another thing, if you're wondering whats another way of showing ownership incase if you ever did sell it later on, try and see if the banshee has a , what I think is called, birth certificate. The birth certificate basically has info on when the bike was made, it's serial # and where it was sent to be sold. With that, a bill of sale, and a power of attorney from the other seller, you can prove that you own the bike. I had almost the same problem when I bought my old 1996 banshee. The shee was originally from Utah, which didn't have titles, and I'm being located in Arizona, needed a title to show proof of ownership. I then talked to my local DMV and asked what to do. They said just basically show a bill of sale, power of attorney and the birth certificate, and you can get a title for the banshee. Make sure though that if you ever move to a state where atvs need titles, you some how have proof that the original owner that first bought the banshee paid for taxes. If not then you might have to pay for taxes yourself, but thats in case if you ever move to a different state that needs titles. Quote Link to comment Share on other sites More sharing options...
Nightrider Posted January 5, 2005 Report Share Posted January 5, 2005 All I can say is good luck,A 1999 banshee is worthless to any lending institution.Your best bet is to buy one brand new.Thats about the only way your gonna get the loan and be able to use the quad as collateral. The market resale for a banshee is terrible,why do you think everyone parts them out instead out selling them outright? Quote Link to comment Share on other sites More sharing options...
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