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Only $10 for all 2024 SX, MX, and SMX series (regularly $30).
Might shop around too, sometimes all it comes down to is a finance person that isn't great and finding rates.
I financed bikes many years ago when I didn't have $8k-$10k to drop on a bike but enough disposable income to spread the cost out over a couple years of payments. I always made a concerted effort to pay off the loans as early as possible, usually paying a couple hundred more dollars towards the monthly payment. Getting the lowest rate possible is obviously in your best interest. If you're facing a rate above 15% I would think long and hard about whether you really want to incur that kind of debt. Rates for OHV loans are rarely favorable, even in the best of economic times. Credit unions that offer OHV loans generally have the best rates.
No Way. That's wild. I'm with BofA, but not sure if they offer competitive financing or how I could get financing with a CU. Could I move a good chunk of money there and qualify for some financing?
all those guys that say that don't have any money, have little mans disease and small dix. Do what you gotta do to get it if you want it lol.
The Shop
Lol yes, that's awesome. Those old Yamaha plans were so nice. Very flexible. If you were smart/responsible with your money, you could really take advantage of that card. I overlapped a few bikes like that and it made things very easy. But those who couldn't really afford the bike and bought it with 0 money down or didn't pay it off within that window could get into trouble, with how it was set up. For me, it was pretty nice though.
Yep. Life is short.
FWIW, your dirt bike loan is not a "revolving loan".
"Revolving credit lets you borrow money up to a maximum credit limit, pay it back over time and borrow again as needed. Credit cards, home equity lines of credit and personal lines of credit are common types of revolving credit."
Probably gonna have to finance my fuel this summer the way it's looking right now 😕
How did you get the cash back?
OP - there are plenty of 0% introductory rate credit cards that remain interest free for 15-21 months. Most dealers are going to charge you 3% to use a credit card on a purchase as costly as a dirt bike, but that still beats the high rate they're offering. Just try not to charge (finance) half the value of the card's limit to not adversely affect your credit.
Gas is still significantly cheaper this year compared to last year.
I financed one of my recent bikes and used a credit union. I bought the bike $1k under retail, threw $1,000 cash at it, financed the rest. I never stepped foot in the CU, was in and out of the dealership in 15min, painless. Absolutely zero regret. Bike is almost paid off now. I’ll probably sell it next year. Use 50% of what I sell it for a down payment and finance the rest.
I do not remember it being that low in 2001 probably closer to the teens. …. But that was a long time ago.
You could buy parts with your Yamaha card too.
Rates for OHV loans are rarely favorable,
They were up until this year...I was offered 0.99% by Sheffield and Roadrunner on 3 different BRP products...2020 Atv was 36 mo term...2021 Ryker was 60mo term...2022 Snowmobile was a 36mo term...Now there 7-9% APR...
6.5% interest on $8k (assuming a down payment but there are great deals on 2023s going on right now) over three years is about $850 in interest expense. Or $283 year, or $24 month, or $0.77 day. I certainly would not let that get in the way of a bike if I really wanted/needed it!!
Just think, if you wait a few years those rates may drop to 3%, a whopping $400 savings. You can then use those savings over the three years of not having a bike on alcohol/drugs ................in order to help you get over not having a bike.
YMMV
7.19% at my local credit union. Buying a used 450 for $6k, financing $3k, using their money costs me 118.56.
Creative Finance With Falcon
I think I have one of those Yamaha credit cards. Haven’t used it in a long time. I bet the rates have changed…….a lot!!!!!
Pit Row
Only on vitalmx would people take financial advise from someone who needs or would borrow money from a bank for a dirt bike. Warren Buffett also is probably listening in learning a thing or two.
Borrower is slave to the lender.
just trying for 8 pages🙃
Just do the math.... figure out total cost of loan.... ask yourself if you're going to feel great paying 13k for a 4 year old dirt bike when you make that last payment. I don't care at all about how wise it is, but towards the end when you're still paying on something you don't even want anymore but you're under water and don't really have a choice.... that's not so fun.
Good advice: 75% rejection rate. Seems right.
Do what it takes to get a bike under your ass. Be prudent, no need to be crazy, but if you want it, it'll happen.
Get riding.
Well a new bike is just too expensive to pay cash. Period. Most people don’t have $11K sitting around. So if you have to finance, find a new bike leftover, preferably sever years. Or pay cash for a beater and fix it.
If you’re responsible with your money, then do it. Don’t get suckered into a stupid interest rate.
it’s okay to finance things if you’re responsible. Those Dave Ramsey cult followers will tell you different. It’s YOUR happiness.
Finance a toy, good idea. Better yet extend the loan, get two.
I agree that you shouldn’t finance a bike, but your comment has a little bit of a prideful haughty edge to it.
If you finance pay more than just the payment amount so it goes against the principle and reduces the interest amount
That’s simply not true. A lot of people can and do pay cash for a bike. Most people don’t have the money to simply decide one day to drop 11k on a bike. However, if you plan ahead and save for a bike you don’t have to finance. Tons of people who are financing their bikes think they need a new one every year and end up upside down on every bike they buy.
The best and most sensible thing you can do is pay cash for your bike, keep it for 3+ years and during that 3+ years put $50 per paycheck into an envelope and put it in a safe. After 3+ years you’ll have in excess of $3600 in that envelope. Now sell your bike and use that money toward a new bike. If you are $1000-2000 short and don’t have that much money to spare to make up the difference then you truly are involved in the wrong sport.
$50 per paycheck is less than what a meal costs for you and your significant other at the Texas Roadhouse on date night. People don’t bat an eye when they head over to the local convenience store every single day and buy a $9 sub, $3 drink, $3 bag of chips and a $2 snickers bar for lunch. Gotta spend the extra $2 for a piece of American cheese on that sub too. Or spend $5 per beer at your favorite bar. Or put race fuel in their dirt bike because they won their local C class once. But tell them to save $50 per paycheck and they lose their mind.
like I said, I don’t think financing is always bad. 0% interest or a very low interest rate is a great time to finance. Especially if it’s the first new bike you’re purchasing and you’re looking to pay it off and keep it a few years. The problem isn’t the fact that some people can’t afford a brand new bike. The problem is some people have absolutely no self control. They get the idea of a new bike in their head and they just go finance it rather than keeping their perfectly fine bike for an extra year or two til they can save enough money to pay cash. I mean, sure I understand those stunning new graphics on that brand new bike will absolutely make you faster but come on, save a little longer.
Just got 7% on my 23' 450 sxf with the $2000 rebates from KTM (720-730 credit score). Got it for $8600 OTD with TTL. Never financed a bike before so planning on paying it off within the year.
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