Do you finance your sled or pay up front?

[sp_20022006]

I've borrowed money on three sleds , $1000 for a 03 m1 800, $2000 for my 07 m1000, and $5500 for my wife's 09 m8. I paid them off in a timely manner and because of that I have good credit with is making much easier for me to buy a house .

 

[snow_god]

First sled I bought 4 years ago financed almost the whole thing. Busted my *** on side work to pay it off in alittle over a year. On my current sled I paid cash the trade difference. At that point in my life where for my toys if I cant pay cash Im not buying unless I get 0%. Anything else is like throwing money away.

 

[phatty]

Because most people don't have this much money that they can just plunk down that much on their house or the vehicle. But in case your really really wealthy than it doesn't really matter. But most of us have to budget our money. And if I can pay off something that takes 500 dollars out of my budget every month or more then I can move that money to the next debt. It builds momentum and motivates you to pay off more. But if you plunk the entire amount on your mortgage you still owe on your truck and your house and you may get discouraged long term. My interest rate on my house is 3.5%. I start making a $500 dollar extra principle payment every month that will make a difference as well.

My points is that is is hard to build wealth when you have so much cash going out per month to payments. 0% is pretty uncommon now days for a long term truck payment. I've seen it for 6 months or so to suck you in but that is about it.

But if you have the cash to pay off the truck/sled, why not INVEST it in a market somewhere and let it make money for you. Setting aside the payments you know you are going to make for the year. You can actually MAKE money that way. Using the money gained from investment to pay on top of other monthly payments. You would actually be acquiring money and paying off debt instead of just paying off debt. Its a great way to enjoy toys now and work towards paying off debt. Not to mention you have assets in case of emergency... Much easier to sell stock than a house these days...

 

[lost]

For example, the local credit union has recreational vehicle loans at 2.65% for 36months and pays 3.00% on checking accounts up to 15k.

Not to be rude or anything, but getting 3.00% on a checking account in today's world is unheard of around here. Haven't been able to even find a CD that will pay much more then .50%. May have to go on a road trip and visit your Credit Union.

 

[GoBigParts]

But if you have the cash to pay off the truck/sled, why not INVEST it in a market somewhere and let it make money for you. Setting aside the payments you know you are going to make for the year. You can actually MAKE money that way. Using the money gained from investment to pay on top of other monthly payments. You would actually be acquiring money and paying off debt instead of just paying off debt. Its a great way to enjoy toys now and work towards paying off debt. Not to mention you have assets in case of emergency... Much easier to sell stock than a house these days...

Well you could but how many people our doing this if they borrowing money in the first place? Have you seen the market lately? Pretty up and down and there is now guarantee of a good return unless your in something really safe like bonds. There really don't see bonds doing much right now or in the next five years. Still wondering where all you guys are borrowing money at 0%?

 

[MORSNO]

I've always paid cash for recreation whether it's snowmobiles, ATVs, or vacations. I save up until I can buy what I want for recreation/entertainment, then it's mine not the bank's.

 

[christopher]

 

[cbc24]

I wish i made enough money to purchase with cash! Being 20 when i got my assault i said screw it and financed put 7000$ down..

 

[enpatte]

Finance on the 14 freeride, 36 months.
Paid my 12 bcx in cash.

 

[Leaf27]

My motto is If u can't pay cash u can't afford it.


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So for the guys that don't have 12k sitting in the bank to blow on a toy are SOL to ever ride the latest tech.

Screw that, if I had to finance to get out and sled with the latest hardware..I am signing on the dotted line...you only live once and to sled is something I think most of us dream of 12 months a year.

 

[volcano buster]

After charging for your online Snowest subscription...

 

[yzviper366]

I financed part of mine. Usually I go by if you can't pay it off in a year then you probably shouldn't buy it. I think financing a sled can lead to an ugly situation by how fast the depreciate.

 

[AndrettiDog]

Because most people don't have this much money that they can just plunk down that much on their house or the vehicle. But in case your really really wealthy than it doesn't really matter. But most of us have to budget our money. And if I can pay off something that takes 500 dollars out of my budget every month or more then I can move that money to the next debt. It builds momentum and motivates you to pay off more. But if you plunk the entire amount on your mortgage you still owe on your truck and your house and you may get discouraged long term. My interest rate on my house is 3.5%. I start making a $500 dollar extra principle payment every month that will make a difference as well.

My points is that is is hard to build wealth when you have so much cash going out per month to payments. 0% is pretty uncommon now days for a long term truck payment. I've seen it for 6 months or so to suck you in but that is about it.

I don't understand your animosity Paul. Everyone is in a different situation and I don't have an access of cash laying around. When my wife and I do our bills we just concentrate on paying anything that is costing us. Our truck and my 2013 Pro are 0% interest, we just make the payment. We concentrate other money on bills that do cost us money such as our house. We have no CC payments by following this method. As someone else stated here, I go through sleds every two years so I just get them to the point where I can sell them for what I owe. Some years that takes more effort, some years I end up with cash leftover. Anymore it's getting harder and harder to do.

I said earlier even if I had a million dollars I wouldn't pay off my truck. Why? It doesn't cost anything!

 

[Racer220]

Financed. I'm with Powderhound. Last sled I bought I got under 1% from my CU for 36 months. That's hard to pass up. Cheap payment, boosts credit, and still made quite a bit of cash back selling it 2 years later. Plan on doing it again with sleds this fall.

 

[GoBigParts]

I don't understand your animosity Paul. Everyone is in a different situation and I don't have an access of cash laying around. When my wife and I do our bills we just concentrate on paying anything that is costing us. Our truck and my 2013 Pro are 0% interest, we just make the payment. We concentrate other money on bills that do cost us money such as our house. We have no CC payments by following this method. As someone else stated here, I go through sleds every two years so I just get them to the point where I can sell them for what I owe. Some years that takes more effort, some years I end up with cash leftover. Anymore it's getting harder and harder to do.

I said earlier even if I had a million dollars I wouldn't pay off my truck. Why? It doesn't cost anything!

I guess I agree and which is kind of my point. Eveyones situation is different. Please send me a place where I can borrow money for free though. I guess my other point is even if I had millions adventually I would want to free myself of debt even if it is 0%. It is very hard to build wealth if your in debt especially if you have no wealth at all. I have found no places willing to lend me money for a truck at 0% until the truck is paid off.

 

[Blk88GT]

I'm paying cash for my 2014. I don't like owing money on anything, regardless of how it will make me "rich" in the end. Debt stresses me out!

 

[wjl]

Pay cash for toys because I am not sure about what is going to happen tomorrow.

What if
Someone gets ill or injured or hurt doctors bills?
Loose your job?
Get a divorce?
Home stuff- Roof, windows,............

If you own it outright, no need worry where the money may come from.

Title in your hand is better than in somebody else's hand.
Its misleading 0% credit and I know people who think that is great they have 0% on there boat, snowmobile, home appliances, ATVS and other things. They still have to make the payments.

 

[phatty]

I guess I agree and which is kind of my point. Eveyones situation is different. Please send me a place where I can borrow money for free though. I guess my other point is even if I had millions adventually I would want to free myself of debt even if it is 0%. It is very hard to build wealth if your in debt especially if you have no wealth at all. I have found no places willing to lend me money for a truck at 0% until the truck is paid off.

i agree everyone's situation is different, which is why sometimes it takes unique approaches.

There are endless car places that have 0% on newer vehicles. Sometimes you can lower payments and get a better, brand new vehicle at 0%. Polaris usually offers a 0% or a 1% in december on last year hold overs.

Im not advising it unless you have financial discipline, but you can always transfer any loan balance to a 0% credit card (usually 24-36 months promotions). debt is way easier to pay off when it isn't accruing with interest.

I dunno, im no finacial advisor, but you got be creative to acquire money these days since the 1% seems to be hogging it all...

 

[allied1]

If every one paid cash for everything, our economy would crash, resulting in my inability to make money in the stock market so I can pay cash for my toys so KNOCK IT OFF with the pay cash for toys sh!t already! JEEZZUS!

 

[Sneddonrider]

There's no such thing as 0%!!!

In Canada if you want a duramax they will give you 0% on it or a $9,000.00 or so $ credit if you choose to not go with 0%. It equals about the same. The same deal with my 08 summit they offer 0% but you are paying for it if you compare it to a cash price. GM and Bombardier aren't in the business to finance people especially these days. Check it out thy offer 0% or another option that is about the same cost as the interest.