Recommended financing providers?
- Thread starter ROKRIG
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ROKRIG sorry for derailing your thread. Good luck and have fun whatever you decide. How long of a term do you need to pay off your sled and how much are you going to finance? Do you have good credit now? Like 700 and above?
If you have to borrow money to buy a new sled, you can't afford it. Just sayin.
B
some can afford $13k up front while others can afford $3500-$5000 over the span of several years.
If I can't pay cash for a home then I can't afford it?
If I can't pay cash for a home then I can't afford it?
Very well said.
Then it's no problem! Check with Skidoo financing too. Alot of times they do a 0% for 6 months. You could have it payed off by then!
ROKRIG thats why I asked those questions. There are some tricks to getting "free" money on purchase. If you can do the whole thing in 6 months do the Ski Doo financing. They want to sell stuff so they have much easier to get credit. Set it up on autopay so you don't forget and have a late payment. In the fine print is the devil. If you pay late there will be a pretty big penalty. Also, if you can't pay off the full amount there will be a big penalty. One trick there is to get a credit card and do a 0% transfer of your balance to the card to string it out a few more months. It all works OK until you lose your job, the tranny drops our of your truck or some other "emergency" derails your best laid plans. It is the rare person who doesn't get burned. If you can pay it off in 6 months you can save enough in 6 months.
It's called being responsible. I started borrowing money before I was 20 and have been borrowing ever since. I have never defaulted on a loan or worried how I was going to pay a loan. Some people just have a hard time understanding what they can truly afford. The housing crisis is a perfect example of that. Luckily, I don't have to rely on credit much anymore, with the exception of my mortgage.
My guess is that one of the people saying that they'd never borrow money for a toy are the same ones wasting tons of cash on smoking, drinking, or some other fix that makes them happy. If a guy wants to pay a bit of interest to get his fix on a sled, who are they to say it is wrong?
My guess is that one of the people saying that they'd never borrow money for a toy are the same ones wasting tons of cash on smoking, drinking, or some other fix that makes them happy. If a guy wants to pay a bit of interest to get his fix on a sled, who are they to say it is wrong?
S
My experience and observations, People who can't manage credit, can't manage money either. Nothing wrong with credit to help you enjoy some of the nicer things available to you. Just cause you choose credit as a way to acquire something, doesn't in itself mean you can't afford it, sometimes it's by far the smarter choice.
Manage your assets, your money and your credit, they are all an important part of your financial position.
Whether it credit or cash, you still have to use your head, and just cause they'll give you credit to 40 ish percent total debt, doesnt mean you have to strive to stay at that ratio.
Manage your assets, your money and your credit, they are all an important part of your financial position.
Whether it credit or cash, you still have to use your head, and just cause they'll give you credit to 40 ish percent total debt, doesnt mean you have to strive to stay at that ratio.
I have seen both sides of this one... but I will guarantee you that once you get out of debt there is no looking back. Ya I know I know, you can make the payments blah blah blah.... but why not keep every cent of what would be going to interest for yourself? (and your family, if applicable) And when things go wrong (the economy goes for crap, a family member gets sicks, job issues, the wife gets pregnant unexpectedly etc) you are WAY better off without the burden of all those payments.
And before half you guys flame me for my opinion, yes I DID do it the hard way. Work two jobs, ride older sleds wearing second hand gear, work instead of going on vacation, put every cent into the mortgage etc etc... it doesn't come without sacrifice. I know most people are just gonna carry on the insanity, but I guess it's sorta like informing sledders of avalanche risk, even if only one out of a hundred actually listens at least it is better than zero.
And before half you guys flame me for my opinion, yes I DID do it the hard way. Work two jobs, ride older sleds wearing second hand gear, work instead of going on vacation, put every cent into the mortgage etc etc... it doesn't come without sacrifice. I know most people are just gonna carry on the insanity, but I guess it's sorta like informing sledders of avalanche risk, even if only one out of a hundred actually listens at least it is better than zero.
Interest rates are so cheap using the banks money is the smart choice. At my bank you can finance a sled for 3% at 72 months. Lets say you borrow $10000. It would be only $940 interest over the life of the loan. $156 a year interest. Payment of $151 a month. If you want just double or triple your payments every month and pay less interest. Then you would always be way ahead on your payments. Interest rates are crazy low right now. Makes you wonder if our dollar is just monopoly money anymore. The fed just keeps making more and more money. Which makes all the hard earned money we've been saving worth less and less. Kinda depressing. Ride snowmobiles while we can before this country is broke.
P
Interesting dialog. Just a guess but cash buyers in the sled world can't be more than half. It's a nice idea but if everyone waited to pay cash the whole sport collapses. Same with the car business, boat, ect. Our country was built on the pay as you go plan. I don't personnelly believe its going to help the economy get back on track if everyone clamps down on spending and converts to cash.
That's the biggest load of horsesh*t I have ever heard. I know of maybe one or two people that can actually toss down 14k in cash for a sled.
I'd bet that more than 3/4 of the people that say they pay cash for a $14k sked are the same ones taking pictures of their junk next to mini novelty rulers and using them on the dating sites.
I can't afford to do it and I make damn good money, so does my wife. But I have a house, two cars, two kids, and general run of the mill bills, including some pretty nasty medical bills. I'm into dirtbikes, sleds, trap & skeet, hunting and fishing. My kids are into sleds and bikes, so I gotta buy those, my wife has a sled, I bought that. Just because I got a loan for my sled doesn't make me a loser, like you are insinuating. I got a loan to buy my sled and I can easily make the payments. Being irresponsible is buying a 14k dollar sled when you are making 12/hr and really aren't earning the means for an expensive toy like that, unless you are a kid living at home and having no other financial responsiblities. I didn't get a loan to buy my guns, I saved up to get them. getting a loan on a $2000 shotgun is just silly but getting a loan on a decent sled, car or truck is not. I think the wannabe poser rich folks needs to quit being such judgemental azzclowns and offer advice, instead of the demeaning criticism to some guy asking a question. Getting a loan is a good way to not over extend yourself.
Now, my advice is to look at your lenders and find the lowest interest rate and see if there is a penalty for paying it off early. If you can swing a decent downpayment then that helps too. Every single sled I have purchased new has been a loan. I got all of them through the Manufacturer Lending programs (high interest, I know) but they are always offering 0+0+0 for 6 months and you walk out the door with your sled. Then you look at lenders and find the best options all the while saving up cash and when you close the loan, immediately put the "savings" for the sled towards the balance and Bam!, you have just paid off a decent portion of your loan and you have been riding all winter.
Don't listen to the guys saying they pay cash, most of them are as full of manure as the two clowns in the Denver Debate last week. They prolly don't have kids, wives and sleep with blow up dolls while scrubbing one out to free p0rn on RedTube.
THERE! That's another good reason. Good words Dizz
Since doing a little digging around I have to ask Matte murder a question. I see you responding in a lot of sections stating you have a PRO, and a turbo yammy and several etec's along with more that are on order, are you telling us that you can afford to throw down $50000 in a year on just the sleds not counting all the riding clinics and gear that you have and you did all this in cash with no help from loans? If so your one lucky SOB. Not trying to pry into anyone's life but dam that's a lot of coin on toys for not having any loans.:jaw:
A realistic way to look at things PJ you have some very valid points that i agree with.
Thanks. I have been there too. And I have done some dumb stuff too. When I was in College I wanted a kick *** stereo for my Wrangler. I got one for $2500 w/ a 20%interest rate. Dumb. But I learned. I am still digging out from the pit that caved around me when I was laid off. Hence the reason I'm still riding a 2009. But I saved for the turbo and the upgrades (AFTER I HAD BEEN WORKING FOR A COUPLE YEARS)
LOL!
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