Just curious how payments can vary and how much you bought your wheeler for assuming good to excellent credit (mid 700's)
How long will they finance for? What is a typical payment? I've always thought $150 or so for a $6k quad, but have heard Can-Am's advertised at "as low as $59/mo" for 400 cc class. What should I expect?

 

that low is usually just paying the intrest first then you have to come up with the rest at the end of the time period

 

Stay away from those "only $59/mo offers - all the brands do them from time to time. They are basically a legal scam that will end up really screwing you over. The only way that those low initial payment plans can work is if you already have the money needed to buy the ATV, or youwill be getting some windfall soon. Otherwise, you will either go into debt beyond your means, screw up your credit rating or loose your quad - maybe all of those.

Say you buy a $7000 quad and finance it at the low interest/ $59 a month for two year plan. Here's what will happen: You happily pay your $60 a month payment - easily affordable on your budget. After two years you have paid about $1,200 towards the principal of your debt. At this point, your two year old quad is worth $4,500 tops. Then, your payment jumps to the $150 to $200 per month range. Unless you can afford the extra, you are screwed. You cannot sell the bike - at least not for enough to pay off your balance as you're still upside down. Your only hope is a complete refinance - but you can only refinance up to the value of the bike in it's current condition ($4,500) not the $6K that you need topay it off. So even in this case you are screwed unless you have an extra $1,500 laying around.

I hate these plans as they are only designed to suck someone in to buy a quad. They should be illegal.

 

I'm still trying to figure out mine. Let me start off saying I can pay these things off anytime I want and will not be using Polaris financing for long. I got the $99 a month deal from Polaris at 9.9 interest for the life of the loan. Got the first bill and paid it. When the next bill came I noticed that the full $99 went to principal and there was a differred interest amount. I called the finance company and asked what would happen if I sent a $250 payment. They said it all comes off the principal so the interest is defferred. I asked what interest rate the deferred interest is charged at and was told 9.9. I think what would happen if I intended to keep paying the minimum is that once the pricipal was paid, the tem of the loan would be complete as would the 9.9 interest. Then the defferred interest would be charged at the normal 17.9 rate. Of course I have no intention of letting things go that long but it's fun to try and figure out how they are screwing you [img]i/expressions/face-icon-small-happy.gif[/img]

 

Thanks for the replies. I'm aware the ballooning payments, and fact that they try to get you low payments, then stretch the loan over 28 years. Just trying to get an idea how much most of you pay each month. If I were to get payments for $100, or there about...I would plan on paying double most months and applying towards principal. It's just nice to know I only HAVE to pay $100. Having said that, I think cash is king...I'll do my best to save up for a while so I can either swipe the debit card, or at least pay a large down payment. Thanks again for the replies!

 

I looked into the "Great" loan deals last year as well. After punching some numbers into the calulator and understanding how much, or little, I would be paying on the principle I had to rethink my plan. I finally called my local bank that owns my pickup and several other cars over the years and financed it though them. Same interest rate as a car and I'm done in 3 years. I was unsure of knowing I was paying $140 a month for a toy I would get so little use out of. I just got something I knew I would have in 10 years so I could justify the yearly cost.