arctic cat financing

[Cat Bandit]

So this may be a silly question, but what are the financial requirements to get financed through arctic cat? I asked my local dealer, and he couldn't tell me other than just running my credit. Id like to know, so I don't get an inquiry, and not get a sled if its not up to par...

 

[mmsports]

Sheffield.

Under 25 must own or buying a home with good credit. Other than that I have seen B credit qualify but they have different types of interest for applicants. If your over 25 and have decent credit good chance you will get the good financing. This is what we have seen I have also seen under 25 get it with out but I think more cautious on under 25. Best thing is to just run it.

 

[izzni]

I just switched from a bank to a credit union a few days ago. I was planning on using the Arctic Cat financing until I heard that unless youbpay it off before March, the interest will be applied from day one. Someone else said that wasn't true, but I couldn't find the fine print anyway to confirm it one way or the other. In anycase I figured I'd check with the credit union as to whether they'd finance it and they approved it with a 3.99% rate, which is a ton better than the 13% rate sherfield would chatlrge.

In conclusion, don't be lazy and use the Arctic Cat one unless you have it paid off by the end of February. Even if you only have a 1$ balance come march, you'll probably get hit with a couple hundred bucks in interest.

 

[mmsports]

Check

Normally that's not the case

I just switched from a bank to a credit union a few days ago. I was planning on using the Arctic Cat financing until I heard that unless youbpay it off before March, the interest will be applied from day one. Someone else said that wasn't true, but I couldn't find the fine print anyway to confirm it one way or the other. In anycase I figured I'd check with the credit union as to whether they'd finance it and they approved it with a 3.99% rate, which is a ton better than the 13% rate sherfield would chatlrge.

In conclusion, don't be lazy and use the Arctic Cat one unless you have it paid off by the end of February. Even if you only have a 1$ balance come march, you'll probably get hit with a couple hundred bucks in interest.

 

[Cat Bandit]

Under 25 must own or buying a home with good credit. Other than that I have seen B credit qualify but they have different types of interest for applicants. If your over 25 and have decent credit good chance you will get the good financing. This is what we have seen I have also seen under 25 get it with out but I think more cautious on under 25. Best thing is to just run it.

Well, I'm 27, and my credit is decent, but their idea of good credit, and "b" credit are probably different than mine... What score would you associate with b credit?

 

[mmsports]

A B

A being above 700 and B being below 700

Well, I'm 27, and my credit is decent, but their idea of good credit, and "b" credit are probably different than mine... What score would you associate with b credit?

 

[Cat Bandit]

Alright, thanks a lot!

 

[Spiced Wafer]

Normally that's not the case

that is totally the case...we deal with ge money in business, and we have been doing financing for 25 years. i have yet to see a company not do this. this is how they make their money, by the consumer not paying it off in time, and then getting hit with finance charges.

how it normally works...say you have 12 months same as cash finanicing...you have 12 months to pay it off with out being hit with a finance charge. however when your billed, normally it's only 4% of the bill, so they never bill you for the total amount to pay it off. it's up to the consumer to pay it off in the time frame. if they don't then interest rates will be applied to the total amount financed, not the remaining balance...

so for an example...you get a 12 month plan...and you finance $1200.00 bucks...your payment should be 100 per month...however they may only bill you for 48 dollars...if you make just their min. payment, you will be paying interest...

 

[TNTCOPP]

I have financed before with AC / Sheffield Financial and I do not believe they hit you for the original loan amount after the interest free period is up. The best thing is to just contact Sheffield direct - they are really nice to deal with and answer your questions promptly be it by e-mail or calling them.

http://www.sheffieldfinancial.com/contact

 

[backcountryislife]

A being above 700 and B being below 700

Keep in mind though... that even if you're "A"... sheffield's rates suck. Of all the things I've financed in the last few years... the rate they quoted me for the 2012 was LAUGHABLE.

(I own 2 houses & have good credit (740ish)... and the best they could do was 9.9.)

If you can finance otherwise, do it. Talk to your local bank, they may help you out.

 

[Woody67]

Sheffield/Arctic Cat is an installment contract. Most of the same as cash programs that are being discussed are revolving (credit card) type loans. Usually those do capture interest back to day one if you don't pay them off by the end of the "free" period.

Straight or simple interest and average daily balance are two different things. 9.95 on a credit card and 9.95 on an installment contract are not the same.

The Sheffield No/No/No program is a 13.95% APR that will show in the truth in lending section as aprox 12.3% because you do get 6 months free financing if you choose. There is a $100.00 loan processing fee that is figured into your payoff regardless of when you pay it off.

The loan does not begin to accrue interest until 03/01/2012 with first payment due on 04/01/2012. Whenever you pay it off you will pay only the interest you accrue on the unpaid balance it does not capture interest from day one.

There are lower interest loans available for sure. Generally credit unions are lower than banks.

 

[mmsports]

thanks

Just as always has been no.no no pay for it in 6 and its almost free .

Ge is and always has been crooks.

 

[JasonAK]

Go to a local Bank rates are around 4% right now.

 

[kidwoo]

I was curious about financing a sled this year, just because I'd never done it. I got a local dealer to fax me AC's 'promotions' and about laughed my *** off when I saw those rates.

You'd be better off getting the money from tony soprano.

I called the dealer back and told him 'never show these to anyone if you actually want to sell sleds' :laugh:

 

[av8er]

arctic cat credit financing sucks azz

the average Joe can do 2 or 3 times better at any bank.

 

[snowmobiler]

sheffield was good.but i think they use a ge credit card now

 

[Cat Bandit]

Yeah, I'm looking into a couple credit unions for a loan. I looked at Sheffield, and their standard interest is like 17.99%! I was like holy shmoly! so if I can find something elsewhere, guess where I'm goin! I work hard for my money, and I'm not real partial to just giving it away...