Financing rates suck

[Stompin Tom]

I agree for buisness or investments. But If someone wants to buy a sled or furniture or what ever with a home equity line of credit doesnt matter to me. I wouldnt though.


Back to the original post. Buy it with.a credit card. Mastercard gives me 16% thats 10% better!

I pay my card off every month though...

26% must be more to the story im thinking....

I buy almost everything personal on my LOC over about $5000. I make more money on investments than what I pay in interest, considerably more. Why waste your cash? Use the cheap money to make money

 

[lilduke]

I buy almost everything personal on my LOC over about $5000. I make more money on investments than what I pay in interest, considerably more. Why waste your cash? Use the cheap money to make money

Absolutely

 

[gotboost]

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?

Well give me a DM I will help you out. We own a bank and will get you a pretty good rate depends on your Credit Score

 

[Bogger]

I just pulled a personal loan from my bank (RBC) $70K at 5.25% over 5 years to buy our lakelot.... We were quoted the same rate earlier in the year on $80K for a boat that we never pulled the trigger on.

My LOC attached to the mortgage is Prime+2% so I could have pulled the loan at 4.45% on the LOC but I like the structure of the 5 year fixed term as opposed to a floating LOC where it's as easy to spend as it is to pay down...

 

[Longhairfreak]

What bank do you own?

Well give me a DM I will help you out. We own a bank and will get you a pretty good rate depends on your Credit Score

 

[drew17]

my rate on my new summit turbo is 5.99 not sure I’ve ever had a loan offered over 6.99 so something must be up

 

[mclean]

I'm still here at 12% lol

 

[gotboost]

What bank do you own?

ATB Agency in our town

 

[ABMax24]

the guy didnt ask for your opinions or that he shouldnt buy a toy if he cant pay cash LMAO. He asked if anyone knew of better rates. Pretty simple.

I think what you've just witnessed is the S&M version of compassion.

So you see a guy driving toward a cliff, do you stop him and say "hey man there's a cliff there, probably don't want to go there" or do you say "hey, nice ride, grab 5th gear, let's see how fast that thing goes".

Interest rates that high aren't offered to people in good financial health with good credit, hate to see a guy lose everything because they overextended themselves on toys.

 

[Longhairfreak]

ATB Agency in our town

I didn't know banks franchised. Bruderheim is looking for a bank if you want to expand.

 

[gotboost]

I didn't know banks franchised. Bruderheim is looking for a bank if you want to expand.

I seen that on the news and yes most of the ATB Agencies are privately owned

 

[mclean]

I didn't know banks franchised. Bruderheim is looking for a bank if you want to expand.

Hmmmm. Interesting

 

[catalac]

Yikes can’t think I’d have ever been desperate enough to play that I’d have ever paid those rates.

 

[Levithan]

Credit score is super important and you should know it going in.
Line of credit will be your best bet at 5-8%

 

[Legend14]

I have a line of credit at prime rate, even one of the guys at the bank was wondering how we got it, but we almost never use it now, only cash.

 

[Bogger]

I have a line of credit at prime rate, even one of the guys at the bank was wondering how we got it, but we almost never use it now, only cash.

Thats not all that common, most LOC are Prime plus (+1, +1.5, +2 etc..)

 

[Grouser]

Monthly payment on $13,000 at 14% is $302. Monthly payment on $13,000 at 6% is $252. Five years. I’m a lifelong banker and not encouraging people to take on unmanageable debt, but really for $50 a month if the guy is young, has good prospects, and will have a ton-o-fun on a new machine he should do it. Life is short.

 

[lilduke]

Monthly payment on $13,000 at 14% is $302. Monthly payment on $13,000 at 6% is $252. Five years. I’m a lifelong banker and not encouraging people to take on unmanageable debt, but really for $50 a month if the guy is young, has good prospects, and will have a ton-o-fun on a new machine he should do it. Life is short.

The guy was saying 26% lol

389 a month over 5 years. Over 10000$ in interest on a 13,000$ loan....

 

[Legend14]

Thats not all that common, most LOC are Prime plus (+1, +1.5, +2 etc..)

We have no plus, if we don’t use it once a year they delete it,pricks.

 

[Legend14]

ATB Agency in our town

I bet gotboost is the password to the vault!!