Buying a sled with poor credit

[the_real_wild1]

BTW one of my first new dirt bikes I bought myself was a 1993 KDX220 that I needed my dad to co sign through avco at 28% interest lol. Paid that one out early. $4000 dirt bike would have cost me $10,000 if I had gone full term.

 

[lilduke]

I think it is just the way you brought it up. Poor wording maybe? Either way the guy has lots of options. Hopefully he picks the right direction and things work out.

Probably, Im hung over as fawk, drank my face off at thunderstuck last night. Its nice to beable to afford to do that & it's nice to beable to not go to work
if I don't want to.

 

[the_real_wild1]

Today would have been a good day to not go to work.

 

[the_real_wild1]

It snowed

 

[TROLLCAT]

I thought bad credit was part of growing up

 

[rzrgade]

Ironic isn't it ,that there is a thread on how expensive sledding has become ( and many other hobbies), suggesting only the wealthy can take part ....
Yet this young guy needs a co signer just to borrow money to buy the sled ..... No offence to him , but how can anyone not see that he is in no position to buy a sled / let alone participate in the sport .

In my buisness , have run into so many middle aged people that simply stated : " If only someone had told me , if only I had listened ".....
This is not picking on anyone , in fact it might be the biggest favor you can do for a person...!

 

[Giver800]

It sucks because I bet this guy grew up around sleds and wants to continue with it but it just costs so much money. It sucks that sledding is such an addictive sport and requires you to have deep pockets or be financially stable in order to participate. I agree with a lot of the posts above except for some that seem way out to wack and are irresponsible and unethical. I think the best bet is to do what has already been said, either rent a sled for a few days to scratch the itch or find a sled within your means, yes it wont be the prettiest sled out there but it will be yours and when you sell it you will owe nothing to no one.

I have a feeling that this guy may be around the same age as me and I find that a lot of people in my generation right now don't care how much stuff costs or how long it will take to pay off because they want it and it looks cool. For myself I am not part of this group. The only debt I have are student loans. I paid cash for all my vehicles and toys and never carry interest on my credit cards. I don't make a lot of money and don't have a lot of money to burn, I just manage it well and make sure I live within my means.

So basically just pay off all your high interest debt before you introduce yourself to more. When you have done that then just live within your means. Just keep working at it and you will get there and you will likely thank yourself in the future.

 

[meatbag]

Living in your reality is key, financially speaking. We can't possibly know ALL the issues why a person doesn't have the $$ means. Kids, mortgage, booze/drugs, a deep clawed Alberta girlfriend, buys off ebay too much, had to take pay reductions or worse, lost job! Maybe none of those. Unfortunately it takes time to get things right again.
I have no sled this year myself but want one.
Perhaps my answer is probably going to be to go get a super duper ugly as sin smelly greasy very, very, very(3 very's!) old lawn ornament POS rat sled sled...that runs, kinda, and abuse it to get all my pent up sledding frustrations out of my system. Frustrations from surviving 2 sucky years of no snow conditions.
I'm not done yet.
I would then proceed to end the rat sleds life in a wondrous blaze of glory, using fire, great heights and maybe a mannequin, or 2...and film it. I would then put the life and times of the smelly rat sled in a great video I could watch with my friends while partaking in consumptious activities(my own made up words) for years to come.
Just a thought...

 

[handyandy]

I financed a sled when I was 20. Paid 1/3 down and got 7%. Financed it to build my credit. Don't think I'll finance something that doesn't make me money ever again. My income dropped significantly the next year due to not getting paid a large amount of money that was owed to me. Made it a struggle to make the payments, which was SUPER stressful! I sold some unnecessary stuff and paid it off a few months early. It did help build my credit rating but could have easily gone the other way if I hadn't been able to scrape together enough money.

 

[Skegmeister]

I made a mistake a few... ok a lot of years ago buying a VCR at the Brick. Their fantastic offer of "No Money Down, No interest for 6 Months".
The peckers sent me 8 bills with $0.00 balance. It was sent on odd ball dates instead of the end of the month. Anyways I got careless and I missed the final bill which indicated I needed to pay the $465 for the VCR. I was 4 days late.
In their ads they should add "No Mercy" if you are late with payment.
After being terrorized for 5 months by Collection Agencies, I went back into the Brick and pushed the Salesman over a couch because his great plan caused me nothing but grief.
Finally negotiated $350 on top of the $465 to get the Collection Agencies off my back and pay for tearing the salesmen suit.
I do use credit, but I am careful who I do it with and what I use it for.
If it sounds to good to be true, it probably is.

 

[knee deep in it]

I have a feeling that this guy may be around the same age as me and I find that a lot of people in my generation right now don't care how much stuff costs or how long it will take to pay off because they want it and it looks cool. For myself I am not part of this group. The only debt I have are student loans. I paid cash for all my vehicles and toys and never carry interest on my credit cards. I don't make a lot of money and don't have a lot of money to burn, I just manage it well and make sure I live within my means.
.

this is an interesting line. it seems like our society accepts credit as being normal. The best we can hope for is to avoid the interest payment. Not carrying a balance is wise advice but there is another huge problem with credit cards.

Vending machines that accept credit sell, on average, 30% more per transaction. Because the buyer is not pulling out cash, it is easier to spend more because it is just a number on the screen, not actual dollars.

The single biggest scam I know of is reward miles. I had over 100,000 miles in a couple of years before I wwised up. The value of those miles was under $1,000 and I probably spent an extra $10,000 to get them. I could justify just about any purchase with the thought that I was getting miles. I apid of the card every month but, in retrospect, getting the rewards credit card was one of the stupidest things I ever did. I pay cash whenever possible now. Debit is next. Credit cards are used only where there is no other option like booking a flight

 

[rzrgade]

I have to disagree with the credit card point . Credit cards are great , IF you pay them off every month ...
ZERO interest , can't do better than that ...
Now for those that do not pay them off on time , ( the bank loves you )they are a nightmare ... I agree with that !
Debit cards ... Ohh boy now there is a rip off ! A lot of people don't realize the fees on the transactions ( depending on your account set up) and pay for example a 2$ fee on a 15$ purchase ... Now that is pretty well fraud in my mind . Banks love the rules & small print!
But used wisely a credit card is a great financial tool . Fact is that the less informed pay for the free use of cash , by the ones who use their credit wisely....


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[arff]

I agree with rzrgade credit cards that collect points or cash back are great. As long as you pay them off each month.

Vegas and Mexico vacations get paid by my WestJet card collector money.

Just be smart about it and don't pay interest on the card.


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[Lund]

I met and sledded with a guy that had poor credit one year. He bought his sled on credit and pretty much lived on credit.
He never told me this but it was obvious after spending time with him. Numerous times his card got declined and i had to cover. After a while this got old especially when he wouldn't help with gas while i provided the wheels. Generally a dude with poor credit has poor credit because they are over extended and can't pay for what ever reason. I personally won't sled with someone like that anymore.
The worst part was the guy had a very young family.......he never grew up, he was 25 years old with the responsability and mentality of a 14 year old.

First grow up then man up, pay your debts and fix your credit. Then buy a sled. Till then suck it up butter cup.

 

[sc800]

I agree with rzrgade credit cards that collect points or cash back are great. As long as you pay them off each month.

Vegas and Mexico vacations get paid by my WestJet card collector money.

Just be smart about it and don't pay interest on the card.


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I agree, what's the difference if you are going to buy and make that purchase if you use your debit or credit card? We pay ours every two weeks on pay day to a zero balance. Our bank account gets used very very little. We have had a Mexico, Hawaii and two Disney flights all paid for with our RBC Avion points. Plus I get an extra year warranty on anything I buy with the visa. It's a win win you just have be be trained to pay it off. I have a auto payment set every pay day to pay it to zero!

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[Lund]

Young had no credit a few cell phone problems I have been busting my but to get my credit clean I bought a new car two years ago at 30 % interest after had that for a year traded it in got down to 18 % I know they are hight but I am trying I have paid off some old bills just three left

I feel off my chair when i read that. I didn't even know that was legal. Ever heard of USED.

 

[sc800]

I feel off my chair when i read that. I didn't even know that was legal. Ever heard of USED.

I see this all the time!

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[Lund]

I see this all the time!

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REALLY.....That's just criminal imo. I realize people do get them self into predicaments, such is life but that is just using and stealing from some one who made bad choices.
The simple answer is the person should not be allowed to have credit of any kind till he pay's off what he has owing. Then a small credit could be issued if responsability is proven at a certain standard and that could take years for some.

 

[ferniesnow]

The simple answer is the person should not be allowed to have credit of any kind till he pay's off what he has owing.........

So what you are saying is there should be more government controlling us. Give me a break. They can't get credit/financing, then they need to grow up and realize how life works.

 

[knee deep in it]

I agree, what's the difference if you are going to buy and make that purchase if you use your debit or credit card? We pay ours every two weeks on pay day to a zero balance. Our bank account gets used very very little. We have had a Mexico, Hawaii and two Disney flights all paid for with our RBC Avion points. Plus I get an extra year warranty on anything I buy with the visa. It's a win win you just have be be trained to pay it off. I have a auto payment set every pay day to pay it to zero!

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that is great for you. It is obvious that you have the discipline to pay off the credit card every month. You are the minority and should be proud. Here is the reality


60% of Americans carry a balance every month. No Canadian numbers handy so I used them. I doubt if we are too different.

The average credit card debt per household is $15,675 with an interest rate of 16%. That is $2500 in interest the average family pays every year. You paying zero means another family pays $5,000 just to keep that average. Those vacations are not free for most people.

Most young readers on this forum will have not your discipline. If they follow our society's advice, most will be in over their heads. The other thing is it is absolutely beyond question that using a credit card encourages larger and more frequent spending. I am sure that vendors at the last snow show could verify this. If they did not take credit cards, their sales would tank.

if you have some time, google the phrase - do credit cards encourage spending.