Financing a sled

[zach477]

Just had a quick ? for you guys. Im looking on getting some new sleds for my wife and I. I have always financed my sleds through a local bank back home but am moving to Duluth here in a few weeks so thats kinda out of the question. Is there any place thats better than just a bank to get financing through? I should be able to walk into wells fargo this afternoon and walk out with a check but just curious if I might get a brake on interest somewhere else. I'm looking at a 08 IQ600 race sled in the crate for me, dont have anything picked out for the misses yet. Also who has cheap insurace?
Thanks a bunch

 

[Skogen]

I dont finance toys.

 

[BowSheet]

Try searching for a credit union in your area, many times they have lower rates than a bank. The rules for who can join have been relaxed in the last few years, so don't let that limit your search.

 

[xrated]

In Duluth check out Cloquet Members Co-op credit union. Very good. Every loan I have except the house is with them.

 

[Good to Go]

Toys are cash or I don't play, so can't help there.

There's a good thread on here already running about insurance.

Clicky

 

[zach477]

Thanks for the info guys, now that I’m not a poor college kid trying to make ends meet I don’t like the idea of financing toys either. I’m planning on paying the sled off as soon as I get my sign on bonus from my new employer but it will be another 40 days down the road and its damn near impossible to get your hands on an 08 race sled so you have to jump on an opportunity when you get one. The insurance thing is kind a no brainer have had sleds since I was 14 with no insurance so my luck is gonna run out soon.

 

[MARV1]

Apply for the Polaris star card, 0 down, 0 interest for 6 months right now. Pay it off once you get your bonus.

 

[PJ-Hunter]

I dont finance toys.

Must be nice! I don't know how some of you do it! I have a great job and so does my wife but to be able to drop 12,000 cash on a new sled is impossible, let alone a sled for her and a Mini Z for my son!

Clue me in here! What am I doing wrong?

 

[Skogen]

Must be nice! I don't know how some of you do it! I have a great job and so does my wife but to be able to drop 12,000 cash on a new sled is impossible, let alone a sled for her and a Mini Z for my son!

Clue me in here! What am I doing wrong?

It is never easy, takes a lot of commitment and discipline. Knowing your budget helps. Setting some aside every month for retirment, savings, that lil rainy day fund. Putting some aside and investing it.


As far as me. I work as a Business Banker for Wells Fargo, run some cows on the side and feed a pen or 2 of cattle every year. Oh, I am also single. A budget for just me is a lot easier then one with a wife and children.

 

[MountainPowder]

I haven't financed my 2 sleds or 3 quads, but then again my toys are all mid-late 90's, except my boy's '03 Predator 50 But they all run good and I still have a blast!

 

[Good to Go]

Must be nice! I don't know how some of you do it! I have a great job and so does my wife but to be able to drop 12,000 cash on a new sled is impossible, let alone a sled for her and a Mini Z for my son!

Clue me in here! What am I doing wrong?

Wrong?? No labels being thrown here. It's just choices. Toys were mostly used through the years. My trailer is not filled with new sleds (yet..???), but used ones that we have kept upgrading as money allowed. The more we got into it, the more funds we diverted from other things (like food). Kicking two kids out helped too...

 

[Skogen]

Kicking two kids out helped too...

This just fits...

19. Tell Your Children Over Dinner. "Due To The Economy, We Are Going To Have To Let One Of You Go."

From the Insanity post yesterday. Classic.

 

[cpa]

You almost always will find a better interest rate at a credit union vs. a bank.

 

[zach477]

So whats the difference between a credit union and a bank. From what I have read on the internet you need to be a member of a credit union? Can you be a member and just borrow money or do you need to have an account with money in it as well? A bank might just be easier, plus I'm planning on paying it off early so that extra couple of bucks in interest isnt going to kill me.

 

[MountainPowder]

If you're planning on paying them off in 40 days, I would be more concerned with loan initiation fees rather than interest rates.

 

[Dirtydude]

I usually end up taking whatever special deals the manufacturer is offering to get me going.

Then I transfer the loan (once its about to jump to 18-21%) to one of those credit cards that offer 3% for the life of the loan on all balance transfers.


keeps my credit score higher n hell and I don't pay much interest.


Just make sure you have the disipline to not charge other things to your card that you have the new toy on!

I don't even activate the card

 

[Dirtydude]

auctually disregard my advice on all things fianancial ROFL

I got 3 cards, one I use daily instead of a debit card/checks (racks up air miles) I pay it off monthly. Anything that can be set up for auto pay is paid thru this card. Utilities etc.

I got one that is 3% for the life of the loan on all transfers (bought a Yammy Grizzly thru yamaha credit then transferred)

Third card took over a vehicle loan, again it's 3% for life also.

My AC fianancing for the M8 is thru a local company (think credit union) I pay heavy on this one to pay it off early.


What I'd like to start doing is send part of my paycheck to a bank savings that the wife doesnt see, it will be our play budget instead of fianancing everything. My wife tends to pay everything high as she can to pay it off early, but it leaves us feeling broke all the time

 

[Dogmeat]

I financed my YFZ540, and I will never finance another toy again ...

You get horrendous APR's, and I even have a fair amount of perfect credit ... and I didn't even finance through a MFG ...

And, they depreciate so fast, so you pay a lot of interest on a depreciating item ..

It's just not a good idea, and I would never finance a toy again ...

Or another vehicle.

From this point on, I am only gonna finance stuff that will eventually make me money, heh

 

[Supplicate]

I can't give much advice on this, I just financed the first toy ever. Always paid cash for the toys up till today.

We'll see how it works out.

 

[Summertime Blues]

My wife tends to pay everything high as she can to pay it off early, but it leaves us feeling broke all the time

ditto ^^^^^
AGGGHHHH