Financing rates suck

[Randi Morgan]

trying to get financing for my 2022 snocheck, with a $5k downpayment these guys are quoting between 14 and 26% rates on roughly $13k. Is anyone else as choked as me at these ripoff numbers? How did credit card rates become the new norm for financing chit that was 6-8% a decade ago? My own bank is quoting just under 20% (but wont actually say what the rate is when pressed). Are there any better options out there?

 

[mclean]

I'll do it for 12% haha

 

[moyiesledhead]

Pretty good sign of runaway inflation. Mortgage rates hit 20% in the '80's and bankrupted a lot of people. Our memories need to be longer when we vote.

 

[ferniesnow]

Pretty good sign of runaway inflation. Mortgage rates hit 20% in the '80's and bankrupted a lot of people. Memories need to be longer when people vote.

I am pretty sure when "we" voted, our memories were just fine!!

 

[Got boost want snow]

Those are the kind of rates that will slow spending. absolutly hate giving my money to banks so it will be cash for the new toy. Probably be my last new sled

 

[1100]

Ouch. I’ve always payed for my sleds cash. But at 20-25k that’s getting harder to do. Guess I’ll just keep on beating on the old t3 for a few more seasons.

 

[lilduke]

trying to get financing for my 2022 snocheck, with a $5k downpayment these guys are quoting between 14 and 26% rates on roughly $13k. Is anyone else as choked as me at these ripoff numbers? How did credit card rates become the new norm for financing chit that was 6-8% a decade ago? My own bank is quoting just under 20% (but wont actually say what the rate is when pressed). Are there any better options out there?

Best option is to pay cash for toys....

 

[kingcat162]

Ouch. I’ve always payed for my sleds cash. But at 20-25k that’s getting harder to do. Guess I’ll just keep on beating on the old t3 for a few more seasons.

Yeeeesssss! Let's bash the T3's

 

[lilduke]

Yeeeesssss! Let's bash the T3's

I might pick up a t3 for the price people are asking for 5 year old worn out g4's not worth it.

 

[kanedog]

Financing/mortgages are so misleading. You see posted rates of 1.4% but when you go into the bank the best rate you can get is 3.0% with 800 credit score. Haha. Like, what kind of people get these low rates? Martians?

 

[kingcat162]

I might pick up a t3 for the price people are asking for 5 year old worn out g4's not worth it.

The T3's are a good machine - I think they are alot tougher than the g4's imo

 

[lilduke]

The T3's are a good machine - I think they are alot tougher than the g4's imo

I think so too, i had one with 15000km on it.

Im not as confident about the g4's reliability

 

[Clode]

With inflation rising, financing anything would be foolish. Interest rates are going to climb big time in the coming years. Pay cash or walk away.

 

[Jorgy]

Pay cash. Problem solved. My rule of thumb is if I cant pay cash for something I dont need then I dont buy it.

 

[lilduke]

If you can find a better rate sure, but at 26% id say fuk that

 

[2kDoo]

I'll do it for 12% haha

rofl

 

[Caper11]

I am pretty sure when "we" voted, our memories were just fine!!

Junior is doing a good job at following in his old man’s footsteps. That I didn’t forget when I voted. I tried.

 

[pfi572]

If credit rating isn’t great the rates are going to be high I understand.
If you have assets with good Equity take line of credit out if you think it’s important to have the toy ?!
Pay it off quickly and you won’t pay much interest.
Wants are cash only . IMO

 

[moyiesledhead]

I am pretty sure when "we" voted, our memories were just fine!!

Ha, ha! Ya, I'm pretty sure "we" did just fine. Too bad our vote is irrelevant.

 

[Truebro]

Financing/mortgages are so misleading. You see posted rates of 1.4% but when you go into the bank the best rate you can get is 3.0% with 800 credit score. Haha. Like, what kind of people get these low rates? Martians?

Pro tip- don’t negotiate with your local branch call the actual bank and negotiate with them. You will get the 1.4% rate....