catalac
Active VIP Member
yikes not sure about that advice but I guess that’s your job.
Total commitment at 14% x $13,000 is $18149
Total commitment at 6% x $13,000 is $15,079
Total commitment at 26% x $13,000 is $23,353
Financing rates suck
- Thread starter Randi Morgan
- Start date
Total commitment at 14% x $13,000 is $18149
Total commitment at 6% x $13,000 is $15,079
Total commitment at 26% x $13,000 is $23,353
What I’m saying is at 14%, which is within the range the OP is being quoted, its only $50 a month more than 6%. Compared to what it costs to actually run the sled it’s not really that material. A third of a tank of gas for his tow vehicle. The guy has $5000 down so if he really had to he could liquidate after a year or two and probably owe nothing. We’re not talking about a million dollars here. I would be much more concerned for someone with a $500,000 mortgage coming up for renewal and their rate is going up 2%. That’s an extra $10,000 a year.
Radar78
Active VIP Member
I’m honestly just kinda shocked at how many guys on here are buying sleds with cash. Is it just this small group of sledders? Because you can’t tell me that when I pull into the staging areas in BC in my rusty 02 dirtymax and my old ‘16 Cat up on the deck, that all the new or next to new diesels pulling 4 place enclosed trailers full of new sleds were all bought with cash. Am I wrong?
drew562
Active VIP Member
All cash. But When I was younger I bought a $2500 sled. Long tracked it rode it for a season. Next year I bought a better sled. Couple sleds later I traded new. Once I got a new sled I flip every season doesn’t cost as much.. I’ve been flipping one year-old sleds for since 2004. Back when Alberta was booming I was snow checking a new lake sled and a new mountain sled every year. Some years Alberta didn’t get snow I’d keep my ditch banger for two seasons. It cash is best. I could see if you guys riding 30 to 50 days a year at least you’re getting your use out of your sled. But I’ve sold Sled‘s one year old with 5000 K on them and you lose a minimum five grand. If it’s financed you may still owe the original amount so you need way more than five grand to get the next sled
Stompin Tom
Active VIP Member
no your not wrong. The vast majority are financed to the hilt trying to keep up with the Jones's.
gotboost
Active VIP Member
Mines all cash if you pull up beside me
struglin
Active VIP Member
First rule of finance, NEVER Borrow for toys. You will never become wealthy borrowing for toys .
Out of the 10 or so guys I ride with I think maybe one financed his sled just saying..
Out of the 10 or so guys I ride with I think maybe one financed his sled just saying..
But your bank will lend him some $$ if he wants to finance some toys haha
I like your syle
jhurkot
Active VIP Member
Interest rate on sleds should be 0% because the sled is worth more at the end of the season with 2500 hard miles.
neilsleder
Active VIP Member
Can’t take money with you when you leave this sh!ty world
catalac
Active VIP Member
And we wonder how banks show billions in profits, “ah don’t worry it’s only $50 a month more“ even though that’s a 20% payment premium over 6%. Next thing buddy looses his job and there’s how to make the payments on the house, sled, sxs, truck, camper, sled trailer, boat.
Shermanator
Active VIP Member
I'm afraid the old term " cash is king" is long gone, dead and buried in today's world. The " entitlement factor " is way more important than worrying about loans or bank rates. I honestly don't know how today's attitude can sleep at night when saddled with so much debt, and writing it off to "you can't live forever!". It certainly keeps the banks happy, and the sled dealers, and the oil companies, and and and. Sucks to be old and retired! 
mclean
Active VIP Member
I am extremely lucky to only have my house financed. I've wasted a ton of money on toys and have lost on everything i have ever bought. I still have lots of toys but going forward, with so much going on, if I can't afford "cash" I won't buy it.
Caper11
Active VIP Member
I have never financed a sled.
Radar78
Active VIP Member
It wasn’t my intention to offend anyone or call anyone out. I’m just surprised. I just assumed that financing all this stuff was the norm. I consider our household income to be somewhat reasonable but with 3 active children and a cost of living that only keeps going up, my next sled (likely coming in the next week or two) will be financed. Granted at 5.99% and not 20%, but financed nonetheless. Obviously paying cash is the goal, but it just is unattainable for me right now. Again though like I said earlier, the rigs I see at the staging areas are unreal. I understand that people make more money then me, and are potentially in a different situation then me/have different lifestyles but holy balls. I guess it’s no different then rodeoing. My girls are starting to run barrels and we pull into High School Rodeos and are blown away by the new diesel trucks and 4 place living quarter horse trailers full of $20,000 horses. It’s kind of overwhelming!! And again. I assumed financed to the 9’s but maybe I’m wrong?
skegpro
Active VIP Member
Hmm I didn't know that.
Where does one look for available franchise?
ABMax24
Active VIP Member
Some are, some aren't. But just like fish stories when a bunch of guys get together and start talking about money the truth often gets stretched. One guy will talk up that he only has a mortgage left, but doesn't disclose that balance could be well north of $500k, the next guy could have a mortgage, truck loan, sled load, and boat loan, but because they are half paid off could owe in total far less than the first guy.
At the end of the day do what makes you happy, it's nice having the newest stuff, but what's it all worth if a guy works his life away to pay for it?
cattechsummitrider
Active VIP Member
Back when I was a young buck ( Frick am I getting old for saying that!!!! )
I financed toys and didn't care what the end result was , But I had a TON OF FUN, so I cant fault anyone for doing the same, Now I won't buy any thing unless I can pay cash or it is at a lower rate of interest then i am getting from my bank and can keep my money in the bank or investments
I financed toys and didn't care what the end result was , But I had a TON OF FUN, so I cant fault anyone for doing the same, Now I won't buy any thing unless I can pay cash or it is at a lower rate of interest then i am getting from my bank and can keep my money in the bank or investments
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