So how long is Yamahas 0% financing offer good for? Is it just a 3 month teaser like polaris was offering or is it for 1yr, 2yr, 3yr? If one of these companies will come out with 36 month's 0% I'd be sold. Color me whatever brand it was (cept honda).

 

I buy quads and bikes on the kawi card, it's 16.9% and I don't know about the new deal, but it seems every one is going to 0% for some type of time period.
The card works good, it's a revolving credit, wich means interest is compounded monthly like a credit card instead of nailing all of it to the front side of your loan like finance companies.
I have had very good luck with the kawi card, they have been very good to us.
Our kawi card shines as we use it when you walk in and they have that big sale on a bike or quad and just slam her down and go home with the bike.
It works graet, I walked in to get some parts one day, seen the lakota on sale (hardly ever see bikes or quads on sale) and walked out with the lakota $3600 out the door. It list for $4099 and has been that price sense I bought mine. I could of even got the mojave for about $3300 at one time.
But the moral to my story is it is good to have and get the killer deal, but I pay my bikes and quads off at an average of 9 to 10 months.
If you try to go the term, well you can buy a car with that much money.
If you buy like this you can always get a lower interest loan or roll it over to one of the credit card 0% interest deals.
Nothing is written in stone, how you treat and use your finances is how good of a deal you will get.
and I know all of us can use an extra buck!!!!
Good luck

 

I don't know what the Yamaha terms are. Since they don't make anything I want I haven't checked into it besides seeing the 0% offer.

 

Last time I checked, the Yamaha 0% deal was just a teaser. You get 0% for three or six months, then get socked with all the interest from day one at 17.9% unless you pay the whole thing off. Unless you knew you had the total amount for the bike coming in in a few months and wanted to get a new ride now, this is no deal.

As to the Kawi 16.9% - well, you're paying for the convenience. I've got a Visa and a MC with 9.8% or a LOC at 7 - all of which could get the good timly deal without a killer interest rate. Gaff is doing the smart thing by paying off so soon so he is still getting a good deal. Stretch out 16.9% payments over three or four years and the savings you had on the low purchase price fade right away. It's just that there are too many places out there trying to sell money that nowadays there's no reason to pay a double digit interest rate.

Jaybee

 

Just a little note.
If you barrow $4000 @ 16.9% and payed 100 dallors a month, at the end of four years you would damn near still owe $3500.
So this is without doubt not the way to go, these cards are good to get what you want but you must do some thing about getting out of this very quickly.
Thier is so many 0% offers out there rite now for balance transfers you can't go wrong. This will get you one year interest free, this is a aprox $650 savings i n interest.
In one year you could have that $4000 down to $2800, now this is getting closer to do something about.
Although in personal loans, the less you barrow the more interest.
Enless you have a real plan to jump on one of these cards, by all means stay away from them.
If your credit is on the poor side, you won't even qualify for one of these options and now your looking at 20-30% interest.
All in all have a plan. We all have families commitments and so on so plan your deal then work the plan!!
Be smart about this
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For those with financial savy....
Which is better- 10-12% bank rate financing or 6-8% credit card financing.
I know theres a difference on how the interest is calculted (daily/annually), but have yet to figure out where the two equalize. Or at which point one is better than the other.

 

All other things being equal, the 6-8% credit card will still beat out 10-12% bank financing. The big difference will be in how much you choose to pay back each month. Most bank loans are set up for a certain time frame. So say you borrowed $5,000 at 12% for three years, you would be paying $166.07 per month. If you put that same $5,000 on your credit card at 6%, you would come out better - BUT only if you made a comparable payment, in this case $152.11 per month. Where the credit cards get you is they will send you a statement saying that you only need to pay...say...$35.00. Don't get caught in this trap. If you only pay the minimum amount on a credit card you could be paying for that ATV for over 20 years. Not a good deal. The other tricky part about credit cards is that you may have other charges on that card. New purchases tend to get lost in the pool of debt so it is very easy to add more and more debt to a card.

In the above example - a 5K loan for three years at 12% will cost you a total of $5,978.52. The same thing at 6% (if paid off in three years) will cost $5,475.96. If you work it right and are careful, you can save over $500 on the deal.

Just be smart about it. Just like if you can't afford a top of the line fully tricked out bike at $8,000, make sure you know what kind of payment you can make. There are only three ways to lower your monthly payment - 1. Borrow less money 2. Get a lower interest rate or 3. Pay over a longer period of time. #'s 1 and 2 are good, #3 can be a trap. Be careful. And watch out for the 0% balloon payment loans. Most of those are short term, if you go over in any way they cost you big time.

Jaybee

 

And another thing - Consider getting a new credit card just for your ATV purchase. Don't get one of the company cards that charge 17%, get a card that pays you back and also has a lower interest rate. I'm planning on buying a new ATV next week (probably an Eiger). I'll pay with my BPVisa card and since I have the cash, I'll pay off the Visa bill in full before I get any charges. The thing is, Visa will send me $50.00 in gas cash cards for making that purchase. Fifty bucks in gas will keep me riding for a good part of the year.

 

WoW, thanks for the help. I know I should save up and pay cash, but paying $200-300 a month is a lot easier for me to stomach than yanking $8,000 out of my savings account. Plus my wife would flat blow a gasket if I said
"no new house for you, how do you like my new toy?"
Anyhow we currently only owe money on our present house, her car and the bedroom set. The last two are 0% interest. Our credit card balances are $0.00 and I plan for them to stay that way. At least until were in our new house, then your described plan sounds like a winner. I've also heard of people who switch cards each time the low interest period ends.

 

DaveC - You might want to consider one more thing.

If you are planning on getting a new house in the near future, you might be better off to delay a new financial obligation like an ATV. Home mortgage loans are very dependent upon other credit obligations. Even if it looks like you can afford both an ATV and a new house payment, it is much wiser to get in the house first as the home mortgage rate will vary depending upon your other outstanding credit. More outstanding credit = lower credit score = higher interest rate.

That's the bad news. The good news is that once you got your new home it will not create any extra problems to finance an ATV.

Jaybee