Financing a sled

[xrated]

zach, I know with the Cloquet Coop Credit union you just need an account with 5 dollars in it. That's what I did 6 years ago when I started, just gave them 5 bucks and that's all I use them for is loans. Never touch the 5 bucks.

I know I've always gotten great rate, in fact my mom is a loan officer at another bank and she won't even give me the same rates!

The one thing is that until you are paid halfway down they require a lien agaisnt the title of the sled.

 

[Pit Crew]

Only good advice if you know all the rules

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

Revolving credit will kill your credit rating if your balances get too high........there is a percentage limit that goes into the credit burough formula(I think you need to keep balances below 50% of limits).

I did not know this and have been using the low interest balance transfers for a few years now, it has been great, I have saved tons on interest. However I recently checked my credit score and it was Poor due to the level of revolving credit I was using. I have "0" late reports in 7 years so I thought I was golden.

 

[chadincolo]

Clue me in here! What am I doing wrong?

Thinking you need to drop $12,000 on a new sled? No offense intended, but who NEEDS a new $12,000 sled? I'm betting the sled I just paid a fifth as much for will go pretty well anyplace a new one will. We don't finance anything anymore (we used to, but are now convinced we like not having payments), if we can't buy it outright, we can't afford it. That goes for toys, cars, anything. But then again, I guess somebody has to buy new snowmobilies, or used ones won't be available.

 

[zach477]

Thanks for the info guys, xrated i think im gonna call that credit union and see what they can do. I was planning on paying it off in the next couple months but its looking like it will be pushed back to around a year. Found out my sign on bonus is taxed 60% so I dont even come home with half (I hope all those fuggers with 20 kids and no jobs are effen happy!). I figured I would take about 65% home...and I need a new wardrobe for work and didnt know Dockers where gonna set me back $50 a pair. Oh well if i get it paid off in a year its only about $200 out of my pocket in interest and its just building my credit.