If the kawi good times credit is so bad let me ask you guys this. Are all the different brand's credit this bad? Say yamaha or honda for example. Or is it just kawi that is out to screw you? I am going to purchase one tomorrow and my credit is already approved for the good times card. I dont have $4000 laying around so I have no choice but to finance it. The deal seems to be up front and said my payment will be around $80-85 a month tops but he didnt say if that was through kawis credit or a private one that they use. So what should I do? Money is fairly tight for me and $80 would be the most I am willing to go each month. Do the dealers offer a fixed term length finance? Say 3-4-5 years?

 

It's not so much that the dealer credit plan is ALWAYS bad, it's just that it's set up so that it can be very bad if you are not careful.

In my opinion the Kawasaki "Good-Times" credit is a bad deal. The only good thing about it is at least it's up front about what it's charging you. The bad part is the interest rate. In today's market, people with good credit can finance under 5%, moderate credit can be had for 8% to 10%. Kawasaki Good Times credit is at 17.8%. Unless you have really bad credit (bankruptcy, defaults etc.) there is just no reason to pay such a high rate. I'd check around at a credit union and see what's available.

From your numbers, I *hope* that you are getting a better rate than the standard Good Times 17.8%. If you are financing $4,000 and are paying $80 to $85 per month, then at 17.8% you will be paying for 7 years. That's a pretty long time to finance a quad. Also at those numbers, you will pay out just over $7,000 - so the financing will cost you three grand.

As a comparison: If you can get a 6% loan from your credit union for the same $4,000 you can make payments over 4 years at $95 per month. While it may cost you $10 more per month you'll wind up paying out t total of only $4,500 - so the financing will cost you only $500 instead of $3,000.

Buying credit is just like buying a quad - There's no reason not to shop around.

Jaybee

 

Prostreetcamaro,
I hate to say it, but you shouldn't buy the quad. Unless you get a long term fixed payment that will pay the quad off with no suprises, I would wait. Even a long term deal would have you paying too much for the quad over time. I also say this because the payment is only the beginning. You have to buy gear, safety equippment and will probably want to modify it a little. There is also maintenance, insurance and admission fees to ATV Parks. Take a moment, plan it out and evaluate ALL the costs. I recently went on 1 ride that ended up costing me over $1000 bucks!!! I needed skid plates, new tires and wheels. My quad really took a beating. The last thing you want to do is end up looking at a machine you can't afford to maintenance, can't sell it for what you owe and can't afford the payments on. Not trying to preach, but consider all your options.