Do you finance your sled or pay up front?

[Goinboardin]

Your bank pays 3% on money you have in your checking account? What are you high on?

Yep they do pay 3% on checking balance up to $25k if you do a few simple things (I thought it was only $15k). I know it sounds insane. Here's their website: http://lpcfcu.com/LP_whats_new.html#one
Am I reading something wrong? Seems very clear to me.

The LOC is a charge of 10% for qualified customers.

 

[MtnCrazy]

Put it on your visa, she'll never know what hit her!!

 

[Matte Murder]

Jay is right. Find a balance. I'm not a huge retirement saver. I would rather spend money today when I'm healthy(mostly lol) than have a giant 401k in 15 years but I don't want to end up being a burden on my kids or live like a bum when I'm old. Again that's balance. Just remember that shiny new sled is bait(like cheese in a giant rat trap) and if you make one payment late you will usually have to pay some penalty interest rate. If I can afford to pay off a sled in 12 payments I can wait one year to buy it. We all don't get how far into our heads marketing/advertising really is too. That 3-4 year old sled was AWESOME 3-4 years ago. But it doesn't look as cool and it might not go where a new one will go with the same rider. One of the best riders in our group has an older m8 and he can shame all the guys on new iron.

 

[Coffeehound]

If I had to wait until I had the cash I'd still be waiting until I'm too old to ride.

 

[m8magicandmystery]

each year I always bring cold hard cash to my dealer for a new sled...

each year the dealer kicks me out of his showroom with the same ten bucks I have
in my pocket...

 

[doorider]

Paid for

I always pay for my toys with cash... then I ride like I stole it!

F... the insurance company and bank payments, it's all a scam. Don't let man screw you. RIDE FREE without guilt; you'll reduce your own mental limitations and have a better day with out worrying about your finances. IMO

 

[ak ryda]

I always pay for my toys with cash... then I ride like I stole it!

F... the insurance company and bank payments, it's all a scam. Don't let man screw you. RIDE FREE without guilt; you'll reduce your own mental limitations and have a better day with out worrying about your finances. IMO

I pay cash for my toys, but absolutely get insurance. Helps me ride without guilt and limitations knowing the couple hundred dollars I spend a year on insuring something i just dropped over $12K on will have it be covered if I wad it into a rock/tree, it gets stolen, or falls off the trailer.

 

[426h]

Would never even consider to finance a gadget with such fast depriciation and high operating/repair/mod costs as a sled. Cash is the way to go.

 

[rmscustom]

I pay with fives, tens and twentys out of a shoe box... The dealer is always real suspicious of what I do for a living I just tell em its my lawn mowing money

 

[Matte Murder]

And it's none of his business unless its over $10,000. I pay cash for toys most of the time. Cash is more real and painful and I'm more careful spending it. Not too far in the future that won't be an option and then we are truly fooked. Once money is just numbers in a computer any freedom we have left will be gone.

 

[tadder52]

Busted my butt to put a 3k down payment on a 9k sled. Then busted my butt to pay the rest of it off in 10 months. So now I have a 7k down payment on a 12k sled. If I can sell mine! Won't buy the new one until the "old" one is gone!

 

[05M7]

first new sled i bought this year i financed at 5% after a 5000 down payment just because i have zero credit and am looking to buy a house in the next year. I could pay it off but my banker told me to make over my payments for a year and a half or so then just pay it off.

otherwise bought a 93 jag for 500 cash, sold to buy a 2000 zr 500 2000 cash, sold to buy a 2001 Mountain Cat 800 3000 cash, sold to buy 03 snopro 3500 cash, sold to buy a 05 m7 4000 cash, sold to buy 07 m8 3800 cash, totaled for 4500.

same with pickups sold old race quad paid 10k for 02 2500 chev gasser. sold that and new race quad to buy a 03 duramax.

 

[noxis]

financing

It doesn't matter if you borrow a million. If you come out with a million one you are just fine

 

[Ed Fast]

insurance

I try to pay it off asap or cash so that the insurance company cant get me I put full cov on the months I ride and then drop it. My Harley has been paid off and financed several times as it always has full coverage anyway so I just use it as leverage for a loan every few years to avoid insurance. who gives a sh!T just don;t act like a big dick if your dad bought it I say.

 

[arctic2009]

I financed my toys while working through college to build up my credit, so one day I can buy that nice house I want. I was never filthy stinkin rich but I made all my payments on time, and didn't expect a handout from anyone. The way I see it is, if you can make the payments. Pay for it however you want. My thoughts were buying the toys would help buy my house in a round about way lol but I guess I did pay for my M8 with cash, I just think it's nice to have a cash fall back for those unexpected things that come up..

 

[Pro-8250]

I work for a credit union. With my employee discount my 12 pro is financed at 0.24% The payment is ahead of depreciation. I have no desire to pay it off. Using my cash on other things. Worse case scenario I could unload it tomorrow for what I owe on it. Just my 2 cents

I am guessing you mean 2.4%

 

[Pro-8250]

Cash or credit?

I never pay cash, I always right a check.
There is no one size fits all. No one wants to pay interest but it gets in the way sometimes. Credit card debt is probably the worst case scenario. It's been said if you have to borrow you don't need it. Well of course I don't need a sled, ATV, truck, trailer, satellite TV, dishwasher, iPhone, computer, garage, tools, dog, cat, blah, blah! But I want them. Sometimes I do borrow money. So life goes on and I want to have fun while I can. Zero percent financing is great while my 401k is making money. Win Win. I have heard it many times. " I can't wait until I get my tax refund in the mail" Not smart but it works for most people. But why lend the government money interest free?
For you young people.
In my younger days I worked and worked and saved. Bought land and soon after got married. Saved, and saved. We built a house and lived in the basement. Saved and saved. House done, two kids. Saved, and saved. Bought ten times more land. Sold house, built new house. Haven't had a house payment for a long time.
Have fun while you can.
........rant over

 

[arcticmat]

I do what ever it takes because it is the one thing I love to do. I will typically try to put 25% down and finance the rest. I have two teenage kids that I have to support(trying to get them in to snowmobiling a little more=one more sled payment) I need money to travel out west to the good snow. Like it is posted earlier who give's a ****-get on, hold on and have some fun. To me it is well worth the cost just to have 2-3 good weekends a year with friends and family.

 

[H1Pilot]

Justifications...that's all I'm reading. I stop listening when I hear "You only live once" or "build credit". The borrower is slave to the lender and being a slave sucks.

Cash only for anything with an engine for me...

 

[mold]

This year will be sled #13 for me and all were purchased with cash.