Hi all im looking at a 2000 polaris scrambler 500 4x4 and the guy wants someone to take up the payments on it does anyone think 188.00 is high??

Thanks,
Josh

 

Put a down payment on it thats what i did. Im only 15 so i think you can save up to mack one of those i put $2000 down. The paymeants are 90 a month

 

it depends on how much is left to pay, like if it has a year or two or if it has 3 or four, i think if you get a brand new one without a down payment they are about that much.

 

Do yourself a favor, don't make payments on an ATV or motorcycle or car. It is just not worth it. Save your money and walk in with cash and be done with it. The money you will save in interest will about buy your next ATV.

 

a

 

hey u work at Polaris!!! have any inside dirt on the 2001 models? have they alredy started to retool the plant for the new models? what are they like?

 

Quadracer4
The thing you need to do is to figure out exactly what you will be paying. Have him ask the bank what the pay off on the loan is. This is the principal remaining on the loan and the accrued interest from date of the last payment. The best thing then would be to pay him that much in cash and have him pay the loan off and the bike is yours, free and clear. But if you don't have that much cash, find out some details on the loan. What is the period left to pay? What is the interest rate? That payment soulds awful high, but he could have taken out the loan over a short period.

I ran some hypothetical numbers through a spreadsheet that I have that calculates payments. Financing $6,900 at 13.5% for 48months gives a payment of about $186.00. The important thing is what is the principal of the loan to determine if this is a good deal.

Post any additional questions or some additional details about the loan and I will try to come up with a better answer for you. If you haven't figured out, I deal with numbers for a living. If anybody would like a copy of the excel spreadsheet I have developed to calculate payments, email me and I will send it to you.

Register to vote. End a tree huggers reign of terror.

 

Hi all they have only paid 1 out of 48 which leave 47 and i was talking to my friend whos dad is selling it the other night and he was looking at the paper work and after they are through with it they wil have paid $9000, So i dont think im getting it ill probably get a new one but im going to put down about 2000-2500 to get my paments down

 

interest rate is 16.5%

 

Unless your this is a real good friend, this is not a good deal. That interest rate is way to high and he probably didn't put any money down. He is basically wanting you to bail him out of this deal and he will walk away with only making one payment and you are getting a used machine. My advice would be to talk to your local bankers and see if you can find anyone to refinance this machine. The interest rate should not be above 12-13%. I would then put a few thousand down to lower the payment. I always take the payment out for as long as I can and then pay it off as quickly as I can. By taking out a longer term, the required payments are less, but I pay extra on the principal to pay it off quicker. It would amaze you to know how much it costs to finance something over the entire term. Post any additional questions.