okay so its my ffirst time for filling one of these out...when you guys have done it before how much do they usually require for a downpayment at a bank?

 

My wife is a loan officer and more often than not her bank will not require a down payment, however she says alot of banks will generally not require more than 10 percent.

 

I took out a loan in 2001 when I bought my DS650 new. I did not have to make a down payment since my dad co-signed on the loan. Since it was my first loan, I got a HORRIBLE interest rate...something like 12.9%! When I sold the ATV and payed off the loan, I decided I would NEVER take out another loan except for a house and a vehicle.

 

A rule of thumb on a loan is 20% to get a better interest rate if you can't get your daddy to co-sign for it.

 

Edited by ATV Connection Moderator

 

Gunman is just bitter because he had a bad experience with his Polaris and just recently found out that his Kawi isn't as fast as he thinks it is.

Back to the subject...If you can afford to put some money down on the loan, do it. You'll probably be given a better interest rate. Offer to put down $500 or whatever you can safely afford. What are you getting the loan for?

 

WIscrambler,

I'm not a banker so I don't understand why they would charge you 12.9% when you have a qualified co-signer?

I have rented property before and am more comfortable when a co-signer is required because this puts the co-signer on the hook too. The co-signer has to qualify to meet a higher standard because they have to show they can pay their own debt and your new loan should you not pay. If you are late making the payments the bank has to call the co-signer, in this case your Dad, and he will make sure the payment is made. If not, his and your credit is hurt. You can see why I think having a co-signer is better for the lender.

I would think you should get a break for having a co-signer. Maybe jayri can please ask his wife about this for us.

 

That was 2001, I was 19, and probably shouldn't have bought the ATV in the first place. I put a $500 non-refundable deposit on the ATV before getting a loan, so I didn't have much choice but to accept the horrible interest rate. Less than a month after that, I took out a loan for my Jeep at the same bank and got a 15.99% interest rate![img]i/expressions/face-icon-small-blush.gif[/img] Now the only loan I have is my student loan at a fairly comfortabe 3.4% interest rate.

 

If you are getting a new one, look for deals like 0 down and 0%interest for the first year or 6 months. Go that way and save up money just like you were making payments and then refinance it with the extra money you have saved up and you already have the debt so they should be less likely to say no. You will still get the new ATV rate as your quad will still be that year model. This is what I did when I got my Scrambler, 1 year no payments, by the time the year was up I had payed almost 2000 of it off and refinaced the rest at my credit union at 3% for 2 years [img]i/expressions/face-icon-small-smile.gif[/img]

 

Hey jimk72,
Not to change the subject, but I see you go to the Cliffs. I haven't been there yet. I do go to Megacross, but was wanting to check out the Cliffs. What do you think of them.