No 12 month interest free on Snowcheck!!

[Deucer]

I cannot believe this!!! There is not any one of us with any financial responsablity if we are buying sleds. 0% or cash. What a money pit! I have been giving my $$$ away for the last 35 years to buy sleds. ZERO return on my "investment". Cost a fortune to maintain, and then add in the trailers, trucks, hotels, food, accessories, riding gear.

Love my new Pro. Gonna cost me a fortune.

D

 

[TGitt]

Here's how I see it. I'm 21 and don't have hardly any credit built up. I've just paid cash for everything I've had in the past. I bought a 2013 Pro this year and when I heard Polaris doing 0% I jumped all over that. This is a great way to build some credit and not pay any interest. I figured I'll just have it paid off within the year and be good to go. If for some reason I don't get it paid off in a year, I'll go get it refinanced because after one year of 0% it jumps up to 26%.

For the record, I picked my sled up on October 4th and got 0% with no questions asked.

 

[joshua335]

Here's how I see it. I'm 21 and don't have hardly any credit built up. I've just paid cash for everything I've had in the past. I bought a 2013 Pro this year and when I heard Polaris doing 0% I jumped all over that. This is a great way to build some credit and not pay any interest. I figured I'll just have it paid off within the year and be good to go. If for some reason I don't get it paid off in a year, I'll go get it refinanced because after one year of 0% it jumps up to 26%.

For the record, I picked my sled up on October 4th and got 0% with no questions asked.

Is there any additional fees you pay for financing? Also what happens if you pay it off within a year, do you have to pay any additional fees?

 

[Big D rmk700]

No fees in past and can pay off when ever you like!!!

 

[mynewuseddoo]

By the numbers... Assuming a 12000 purchase price.
Paying Cash:

Cost of sled $12000
Market Deprecation value %20: $2400.
Money owed: $0.
Money invested elsewhere: $0
Dollars regained when sled is sold: $9600.
Total loss over 1 year period: $2400​

Finacing 0%

Cost of sled $12000
Market Depreciation value %20: $2400
Money owed: $200 a month x 12 months = $2400
Money invested elsewhere: $10,000 @ 9% yearly return
Money MADE on investment: $938
Total payments on sled: $2400
Total amount paid to bank after sled is sold: $9600
Total recouped using money invested: $938
Total lost over 1 year period: (12000-9600) - 938 = $1462​

FINANCING AT 0% AND INVESTING COULD SAVE YOU $1000 PER YEAR

So keep telling yourself that paying cash is better than financing... Fiscally smart people will take the 0% EVERYTIME over paying cash. You can invest the cash elsewhere at a standard market return rate and actually make money instead of just loosing it.

*disclaimer: not all peoples sleds will be worth $9600 at end of year, some worth more some worth less. not all people will qualify. missing a payment incures all interest at market rate to be applied to loan. Must payoff loan balance before year of 0% interest is up.

That's funny you assume everyone getting a sled on credit has an extra $10000 kickin around also. Let's snap back into the real world and continue. Your numbers might be representative for a single digit % of sled buyers. Like 1 maybe 2%. If you are thinking its anymore than that you are still livin in a dream world. 0% is a great deal yes no doubt. Is a person still obligated to pay it after they lose their job? Yep! Let's just see how over inflated your american economic numbers are after the election is over. I hope it don't plummet again mid November. I may be wrong and the numbers/state of, are being accurately reported in spite of an election looming. We'll see. Should look up default rates for "toys" (sleds, quads etc etc). According to you it's probably super super low. If they all had the extra $10000 kicking around as you've made it clear that they must, I'm sure the default rate would be different. Dreamin.....

 

[tdblakes]

I just pay for my machines outright. Simple, effective and it's mine. I've never understood how people can justify financing sleds, quads, bikes etc.

That's funny you assume everyone getting a sled on credit has an extra $10000 kickin around also.

Didn't you say you don't have to buy on credit since you have $10K sitting around... so all Phatty is saying is that if you are going to spend the money anyway, why not do 0% for 12 months? You'll end up paying the same amount for the vehicle, but you'll have your cash longer and have the opportunity to invest it and earn a couple bucks back before you send it off... plus the "good credit" you get for financing is a bonus... is it really that complicated?

 

[snowmobiler]

u cant argue with phatty.he is mostly allways right.LOL.

 

[Slick]

That's funny you assume everyone getting a sled on credit has an extra $10000 kickin around also. Let's snap back into the real world and continue. Your numbers might be representative for a single digit % of sled buyers. Like 1 maybe 2%. If you are thinking its anymore than that you are still livin in a dream world. 0% is a great deal yes no doubt. Is a person still obligated to pay it after they lose their job? Yep! Let's just see how over inflated your american economic numbers are after the election is over. I hope it don't plummet again mid November. I may be wrong and the numbers/state of, are being accurately reported in spite of an election looming. We'll see. Should look up default rates for "toys" (sleds, quads etc etc). According to you it's probably super super low. If they all had the extra $10000 kicking around as you've made it clear that they must, I'm sure the default rate would be different. Dreamin.....

You should quit while you're only a few feet deep, cause you're getting deeper with your silliness all the time.

 

[polaris dude]

A little touch of jealousy I see. Like I said before, not sure how people justify financing toys. Any financially responsible person I know has the same view.

Meh, I was gonna respond but I see phatty beat me to it. Even at 5% its better than nothing on 10,000. So I guess anyone I know who is good at economics/financial decisions would prefer to leverage the money and make a profit if possible. Typically with the market its possible to attain 4-5% while being moderately conservative with where you put your money.

And I'm not even going to mention the fact that if inflation goes up it saves you even more money to finance it.

Honestly, I've considered taking out school loans for the amount of college I pay yearly so I can leverage it and save/make some money. I estimated that if I did that for the next 4 years with just the 5k I make a summer if I did it for 4 years in total I could make 2,500$(assuming 5% growth a year which is pretty low imo).

 

[Pro-8250]

Is there any additional fees you pay for financing? Also what happens if you pay it off within a year, do you have to pay any additional fees?

No, and no.

 

[Pro-8250]

I think a 0% interest rate is pretty low if you ask me. The lender is hoping the borrower makes a mistake. If you make your payments on time, and pay it off within the 12 month time frame, the lender loses money. The borrower does not.
People do this for different reasons that fit their financial situation. No need to lecture them on their financial decisions.
Good luck,Big D rmk700!

On a lighter note, it's snowing out west.

 

[Big D rmk700]

Talked to dealer yesterday morning he called me. However he never did get back to me to tell me if he got 0% or not. I am going to wait to hear from him and assume I will be get a statement in a month or so.

 

[phatty]

That's funny you assume everyone getting a sled on credit has an extra $10000 kickin around also. Let's snap back into the real world and continue. Your numbers might be representative for a single digit % of sled buyers. Like 1 maybe 2%. If you are thinking its anymore than that you are still livin in a dream world. 0% is a great deal yes no doubt. Is a person still obligated to pay it after they lose their job? Yep! Let's just see how over inflated your american economic numbers are after the election is over. I hope it don't plummet again mid November. I may be wrong and the numbers/state of, are being accurately reported in spite of an election looming. We'll see. Should look up default rates for "toys" (sleds, quads etc etc). According to you it's probably super super low. If they all had the extra $10000 kicking around as you've made it clear that they must, I'm sure the default rate would be different. Dreamin.....

Everybody's situation is different. You have to be fiscally responsible for your own situation. I didn't come here to bash, or assume everyone has cash lying around, I wanted to provide information to people. Those that can buy a new sled with cash and do so are losing an opportunity to save a little bit of money. Even investing a couple thousand dollars and taking the 0% will save money. And in today's economy its all about saving every penny you can.

 

[Matte Murder]

The 0% is a trap. I bet less than 25% of 0% buyers actually don't screw it up and get tagged with at least one payment at the default rate. There are several ways to default. I did a few of these back when I financed crap and I set them up on auto pay from my bank account and used an account that wasn't my daily account. Still felt like I had a gun to my head for twelve months. NOTHING IS FREE... Read the fine print, the penalties can be very high. When it worked out I sure felt like I had robbed them instead of the other way around. Getting financial advice on SW is like getting snowmobile recommendations from your bank teller, lol.

 

[Big D rmk700]

Well since I have heard nothing back from my dealer i am assuming that he got my 0% to go through!! And by the way this will be the 4th polaris vehicle i will have used the 0% on and to date i have not payed 1 penny of interest or fees on the other three!!! It is a matter of making sure you know when your 12 months are up and pay it off a couple weeks before that date!!!Real simple way to keep your money for a extra year!!!

 

[poman]

The 0% is a trap. I bet less than 25% of 0% buyers actually don't screw it up and get tagged with at least one payment at the default rate. There are several ways to default. I did a few of these back when I financed crap and I set them up on auto pay from my bank account and used an account that wasn't my daily account. Still felt like I had a gun to my head for twelve months. NOTHING IS FREE... Read the fine print, the penalties can be very high. When it worked out I sure felt like I had robbed them instead of the other way around. Getting financial advice on SW is like getting snowmobile recommendations from your bank teller, lol.

I've used it several times to buy toys, never got hurt. Send in the minimum payment as soon as you get the bill , and send it CERTIFIED. And just be sure you can pay it off in full by the end of the yr.
I don't see the problem...

 

[snowmobiler]

what if you dont pay it off in 12 months.does the first years interest get slapped on the loan?

 

[Teth-Air]

The last time I tried to use the zero percent thing, the application fee was more than what I would pay for interest for 1 year on my line of credit. No point.

 

[gcmci]

when i want a new sled i ask my gramma and she buys it for me.bam,i win.

Yes but she's cheep and buys you skidont's LOL

 

[Matte Murder]

Whats the fine print say? Do you have to make a payment each month? If you mess up does the 0% end and then you have to pay interest or does it retro back to the start of the deal and you have to pay a calculated interest amount at a high rate? On a 0% deal I did once if you paid late at any time you had to pay about 25% interest from the start of the loan up to the due date you missed then 25% from there forward too. If that is the case and you borrowed $10,000 and paid the last payment one day late you would owe $2500 in interest alone. Those finance companies have all this down to a science. They don't charge Polaris a penny to take these notes, they just want to get their hooks into people and start the bleeding if someone makes a mistake.