Who pays cash for sleds and toys and who finances??
- Thread starter pfi572
- Start date
Cash, which is why I didn't sled this year. Sold my sled to buy my house last summer and didn't save up enough to buy another, put the money into a garage instead. Wouldn't finance a sled. 3 other people I ride with finance, only one other buys with cash.
I have financed two trucks though, a lot different in my opinion as it's used for work. Although still not a fan of it.
I have financed two trucks though, a lot different in my opinion as it's used for work. Although still not a fan of it.
Luke The Drifter
Active VIP Member
I made the mistake of financing my current sled, never again. Cash only from now on for toys.
eclipse1966
Active VIP Member
cash for me too. Hate the thought of making a payment in the middle of summer for a sled or a boat on xmas day.
xc_rider08
Active VIP Member
finance... 36 month loan, but paid off in 15 months.
oler1234
Active VIP Member
With some of the low interest rates out there today 3-3.5% and you are paying cash.You guys seriously need to find a new investment banker cause you are losing your A$$. Just sayin.
X3!! why stress your finances saving up when you can use it elsewhere... must be a age demographic thing??
barleyfarmer
Active VIP Member
Cash! I sold sleds for a winter and saw first hand what the things cost when your done your payments!!Did it once years ago and never again!!Depreciation is bad enough to get screwed on!!
sumx54
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Hey all you lurkers.... Go away this thread is for all the do gooders. Lol cool cash only group here.
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Hey all you lurkers.... Go away this thread is for all the do gooders. Lol cool cash only group here.
trench
Active VIP Member
Remember a few years ago Cat's big sales pitch was 7 yr financing on a sled, we all just laughed about it, thing would be wrecked before it's payed for. I feel fortunate to have been able to pay cash for my toys, but if I was young and wanting to sled I would be financing for sure, borrowing money is cheap right now, as long as you can control the det.
I have to disagree...
At 22 years old I have basically no credit, doesn't do me any harm but certainly doesn't do me any good. I tried to finance my outlander, even with 7K down they wouldn't give me the money(don't think they liked the fact that I just bought a new truck...) I told them "well, let your bank know they just lost out on $1400" and paid cash for the quad.
For $1400, I would much rather have some kind of credit rating. As it is, it will be a couple more years before I have anything to my name. Tough when you are looking at buying a house soon-ish.
At 22 years old I have basically no credit, doesn't do me any harm but certainly doesn't do me any good. I tried to finance my outlander, even with 7K down they wouldn't give me the money(don't think they liked the fact that I just bought a new truck...) I told them "well, let your bank know they just lost out on $1400" and paid cash for the quad.
For $1400, I would much rather have some kind of credit rating. As it is, it will be a couple more years before I have anything to my name. Tough when you are looking at buying a house soon-ish.
RXN
Active VIP Member
I need credit to buy gum. Everything is financed. Truck, two trailers, two Sleds. And the other truck was paid for via the line of credit. Just renting to own through the bank, only hard part is trying to tell the bank they need to buy a new hood for their sled I'm using.
Don't need to finance a sled for credit, I bought a house last year at 21 and credit was no issue. At 18 I financed a $30k truck loan with a co-signer a mere week after turning 18. Also got a credit card, year later 2 more. Credit cards used properly make credit go up a LOT, plus they cost zero interest if used right.
You must have something negative? At 18 they were willing to give me $20k loan without a co-signer.
I mean if you have any credit they will throw a $80k truck loan to you no questions asked.....
- Thread starter
- #34
pfi572
Active VIP Member
This one makes me wonder as you talk about getting new investment banker? I don't think there would be one out there that would be telling you to borrow money and buy a new toy.
But maybe that is why the economy is in the toilet and banks have went broke and needed bailing out.
I don't think you will find any bank that will give out money at 3-3.5% for toys.
Just saying!
But maybe that is why the economy is in the toilet and banks have went broke and needed bailing out.
I don't think you will find any bank that will give out money at 3-3.5% for toys.
Just saying!
With some of the low interest rates out there today 3-3.5% and you are paying cash.
As I understand, vehicles and "toys" are two totally different things when it comes to getting approved for a loan. A vehicle is something you need, a toy...Not so much. I was approved for 50k without a co-signer for a truck, Which is why I thought it was funny when they wouldn't loan me 8k or so for the quad haha.
plio7
GBCA Member
all dependws on where you go and who you talk to, i got a 7k loan for a quad when i was 20 but couldnt get approved for a 19k truck, had to shop and shop for a truck and ended up paying higher interest than on the quad, not by much but enough to make me scratch my head....shopping around is the answer, and yes using a credit card properly for even 6 months will do wonders....
Just wondering this as i have always saved and bought when i have enough to purchase a toy. Can't see paying interest on a want rather than a need unless it is something that i can us for work and get paid for.
cash all the way, if you can't afford to buy it up front don't bother, interest is a mofo
Sure there is! There is 0% to. People are just to dumb to know the interest rate is bought down, and inturn the price is jacked up. There is a reason why it's cheaper buying with cash a lot of the times. Realisticly your looking at about 6-8%.
barleyfarmer
Active VIP Member
A lot of places want you to finance because the company will make more money on the machine in the long run.
Maybe, doesn't make much sense besides for the fact that sleds drop in value quicker and would be a lot harder to repo, not sure how much that factors into financing.
I'd really watch financing a sled, maybe regret it. Buddy bought a brand new turbo cat last fall, $15k. Getting married this year, and realizing there is NO hope in HELL he is affording a house in the near future will be living with his parents for a long while. Combined with the fact he just bought a new $80k truck all financed plus negative equity from his old one. Can't even sell either, if he did he'd owe like $30k instead of $100k and have nothing.
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