Financing a sled with bad cred

[0neoldfart]

Gymbrat, I suspect the only place that will look at a sled loan on "sketchy" credit would be finance companies like HSBC and such. Toys are high risk to lenders, even banks have much higher interest rates on sleds, quads, etc. My suggestion would be that he should save for it - one five week hitch would pretty much cover it, and he probably doesn't want payments with break up around the corner. As a toolpush, I can safely say that this spring is going to be a long one (like till fall for most rigs), as the current production in N. Dakota is driving oil $$$ down quickly. Put the cash away for a rainy day, as a storm is brewing... just my 2 cents.

 

[Dwishl]

He can come see my wife she is a loan's manager at the bank she might be able to help him out

What bank ? I need help with a similar problem . If you don't mind shedding a little light on my situation ..

 

[Dwishl]

Just wondering who/where would a guy finance a new/newer sled with bad credit? My son can throw down a couple grand no problem. Makes AWESOME cash on the drilling rigs as a Motorman. Just wants a good trustworthy newer sled and he is not brand specific?

Gymbrat talk to Robert in sales and Duncan in finance at Martin Motorsports in west edmonton they just got a 09 xp with 800 k or something 154 and it's a nice sled. He wants 8800 and can set you up with financing probably.

 

[tmo1620]

Only way will be to have a reputable co signer, when I bought my first new sled 7 years ago i had very little credit, not bad just had never had a visa or any loan before so i had no credit, and that was the only way I could get a high risk loan (which is what sleds are) got dad to co sign and all went through good, paid the loan off in a couple years and have never needed the help since

 

[JaySimon]

Would paying off a high risk loan like a sled in time, or ahead of time, move your credit score into a better position faster? Makes a guy wonder.

 

[rzrgade]

Just keep this in mind if you get behind on the loan,if your a young guy. It WILL cost you potentially 10`s of thousands of dollars more when you go to buy your first house.....I see young couples all the time who "wished " they had never took a loan out for that toy...
Spoken like an old guy i know,but very true.
IMO if you have a credit problem allready,unless you can`t buy it cash(TOYS),you don`t need it.....

 

[MrHankey]

What bank ? I need help with a similar problem . If you don't mind shedding a little light on my situation ..

The bank in wandering river with a loans manager with big cannons

 

[kenvb]

signed for someone in 99 for a new truck., he lost it a yr later and I cant get F---all for credit since then, and he has financed several toys and 2 homes since, so be carefull Dad if thinking of co signing .

 

[hbar218]

The bank in wandering river with a loans manager with big cannons

love the details..LOL

 

[MrHankey]

See for yourself in the tailgate section

 

[GYMBRAT]

Thanks for all the replies everyone

His creddit isnt pooched per say, he just has an outstanding credit balance that hes paying off BUT has hurt him for puchasing a toy...

His truck issue is just his work truck trans, his "good" truck sits at home lol

 

[gotboost]

gymbrat i see you are from sylvan lake my cousin owns the DQ there

 

[brutematt750]

gymbrat i see you are from sylvan lake my cousin owns the DQ there

Does he do sled loans ? Lol


Sent from my iPhone using Tapatalk while working extremely hard

 

[Cat401]

signed for someone in 99 for a new truck., he lost it a yr later and I cant get F---all for credit since then, and he has financed several toys and 2 homes since, so be carefull Dad if thinking of co signing .

If you co-signed....why did he lose it? That means that YOU also went into default on the loan. Shouldn's sign for someone if you can't afford to take on the payments in case of a problem.

 

[Cat401]

Therein lies the problem...

Let the boy figure it out, and become a man.

Sorry, I disagree with you. Nothing about becoming a man....too many young kids buy a piece of crap because that is all they can afford and then go broke trying to keep it going.

If you have a son or daughter that would stiff you on a loan....I feel sorry for you.

When I was 18 and had NO credit, my parentshelped me out and co-signed for me.....I made sure all the payments were made and haven't looked back since. I am grateful that they helped me create my own credit.

When my son started looking for a vehicle, I watched as he tried going from bank to bank getting frustrated because each loans officer gave him "false" hope saying, "yah, come on in...I think I can help you" and then each just wasted his time with the same result....sorry, you can't get a loan by yourself....need a co-signer.....what a frikken waste of everyone's time.

In the end, it made sense to go for a new truck as there were great finance plans available. Co-signed for him, and the very next day, he has a new Chev truck and I have no doubts, he will make the payments. Next time around, he will have enough of a history that I won't be needed to sign.

Did the same for my daughter, she is driving a new Nissan.

If they are responsible, why would you not want to help them get a good start? And again, I stress, if you can't afford to take on the payments if something happens, then of course, don't do it....but if you can, and you trust them, and what they are wanting makes fiscal sense....then I say help them out.

 

[gotboost]

If you co-signed....why did he lose it? That means that YOU also went into default on the loan. Shouldn's sign for someone if you can't afford to take on the payments in case of a problem.

Thats what i was thinking but i didn't want to say it haha

 

[GYMBRAT]

gymbrat i see you are from sylvan lake my cousin owns the DQ there

Thats cool because they were kind enough to sponsor my 5 year olds Dynamite Hockey team...........If you talk to them tell them Ashton and his parents say THANK YOU VERY VERY MUCH

 

[JaySimon]

Sorry, I disagree with you. Nothing about becoming a man....too many young kids buy a piece of crap because that is all they can afford and then go broke trying to keep it going.

Isn't that a part of growing up? It was, in the not so distant past.

There is no reason a kid should be financing a brand new vehicle. Odds have it your first vehicle will hit the ditch. Encouraging kids to take the depreciation hit on a brand new ride makes no sense to me as well. "Hey, why don't you take six grand and set it on fire" which is effectively what you do when you drive that new ride off the lot. Let someone else take that hit, and buy something used. Granted, you won'y know exactly what has been done to it, but again, if you're 17, it's time to learn how to maintain stuff, rather than just take it in every time something is wrong.

Just one dude's opinion.

 

[GYMBRAT]

Isn't that a part of growing up? It was, in the not so distant past.

There is no reason a kid should be financing a brand new vehicle. Odds have it your first vehicle will hit the ditch. Encouraging kids to take the depreciation hit on a brand new ride makes no sense to me as well. "Hey, why don't you take six grand and set it on fire" which is effectively what you do when you drive that new ride off the lot. Let someone else take that hit, and buy something used. Granted, you won'y know exactly what has been done to it, but again, if you're 17, it's time to learn how to maintain stuff, rather than just take it in every time something is wrong.

Just one dude's opinion.

I started working the Oilpatch at 15, why? Because I wanted a set of wheels like most everyone else! I chose to give my oldest son his 1st 2 vehicles and will give my daughter and youngest son theirs as well, because I never wanted/want him/them to lose their best young yrs of being a kid over having to work everyday like a dog. He has always worked hard even while in school.

 

[Cat401]

Isn't that a part of growing up? It was, in the not so distant past.

There is no reason a kid should be financing a brand new vehicle. Odds have it your first vehicle will hit the ditch. Encouraging kids to take the depreciation hit on a brand new ride makes no sense to me as well. "Hey, why don't you take six grand and set it on fire" which is effectively what you do when you drive that new ride off the lot. Let someone else take that hit, and buy something used. Granted, you won'y know exactly what has been done to it, but again, if you're 17, it's time to learn how to maintain stuff, rather than just take it in every time something is wrong.

Just one dude's opinion.

I agree, this wasn't their 1st vehicle.