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I am going to be purchasing my first fourwheeler. Its going to be a SP500. I was wondering what you guys thought about the Polaris fincancing.. I was reading on the Polaris website that you can put 0 down with payments of $48 per month. Does this apply to the SP500? Anyone know how this works? I will be putting about 1700 down.. How should I work the system? Oh yeah.. I am 18, and realize I will need a co-signer. :-)
Soon to be 2000 SP500 (green) with a 2500 Warn and plow right away!
I agree with the others, the interest rate is too high. I believe it was 18% here in Canada when I bought. In the end you, could have almost bought 1 and a half quads.
However, when I bought mine they had a Polaris financing deal with no payments or interest for a few months (I think this is the common offering). After that, the high interest rates started. I took their deal, grabbed the quad and rode it for a few months. I arranged other financing and paid off the quad loan the day before the interest started. A few months interest free is money in my pocket.
Look for other financing if you can.
PS - an afterthought ... The "Polaris" financing is offered by the dealers but it is actually an independent financing company. Here in Canada it the same high rate finance companies that finance the seemingly "great" furniture deals too. In my opinion, they are out for blood - stay away! They won't be any trouble, as long as you make the payments and don't mind paying high interest.
I would stay away from the Polaris financing if possible. The interest rate is up around 18%. The two local dealers here both offer financing directly through deals they have with local banks. The rate is around 11.5% right now. The best thing to do is to talk to a dealer and see what he has available. Also, talk to your local banker and see what they can do for you. I would put the full $1,700 down and set the payments up for as long a period as they will let you. Then pay as much every month so that you can pay it off quickly. This way, your required payment is less, but by paying it off early, you can avoid a lot of interest. Some people will tell you not to finance this machine, but at 18, you have no credit established and this is a good way to start a good credit pattern. You will need a good credit history later in life for larger purchases. Post another reply if you need payments calculated, I have a spreadsheet that will easily calculate payments.
Thanks for all the great info! I can hardly wait... Ok.. I did some re-working, I should be able to have approx $2000 down with all my graduation money and some from the workmans comp claim.. :-)(gotta put it to good use) Could you caculate the payment for me? I don't know what the going rate on a SP500 is.. THanks much!
Like they all said...go for a bank. Four yaers ago I got 8% financing. This year it cost me about 11 to 12% plus an insurance on the loan which was 850$ canadian! It's expensive but it's the best money I have ever spent in my life...
I ran some numbers on some payments. I had to guess at the purchase price as you do not know what that would be. The list on a Sportsman is $7000. I am figuring that you should be able to buy it out the door for that. (List price less dealer discount plus tax and title). That would mean you are financing $5,000 assuming $2,000 down. At 48 months, here are the payments:
Interest Rate 12% $131.67
Let me know when you talk to your dealer about financing and a firm price and I can run the numbers again and give you a more definite answer. You can see from above what the difference in the interest rates will do to your payment. Hope this helps.
I just bought one today. The rate at the bank was 10.50% That is their best rate for preferred customers. You may not get that even with a cosigner. Your total out the door before taxes should be around $6200.
Thanks for all the great info! For some reason, I thought my payments would be much higher. I am excited about getting this beast! I can't wait! I just want to thank all you guys again. I would be so lost if I had'nt found this forum. Thanks!