It's good to see someone thinking their financing through.

All your plans have pros and cons, but I do wonder about some of your assumed pricing numbers. First off, is it realistic to get two new 250Z's for $6,500 OTD? that would be a really great price if you could. I also think that a three-year-old quad is going to loose more that $700 in value as compared to a new one. Like you, I've seen lots of quads advertised - used quads that are priced only a few hundreds of dollars less than buying them new. I do wonder just how many of them actually sell at those prices.

The big thing about financing is having a plan and knowing your numbers - use that to decide what plan is best for you. You are already there - sounds like you'll have no problem deciding on a plan that will work best for you.

Jaybee

 

Best deal yet is to PAY CASH if you can, or just pay it off before the 3 yrs. The suzuki card is fine as long as you pay it off sooner. Good luck I myself know how expensive these toys get when you have 2 boys that like the same stuff I do. [img]i/expressions/face-icon-small-smile.gif[/img]

 

Watch the SLC tribune for used Yamaha Blasters. 200cc nice peppy dependable 2 stroke, light weight, an extremely good starter bike and an adult can have all kinds of fun on one trail riding too.

They are all the same from 1987 to 2002. You can get very good condition Blasters for 2 grand, maybe even bump into a $1500 one that's in good shape. Let someone else take the depreciation, pay cash, ride for a couple years, get 90% of your money back. Kick starter and a clutch, but easy to operate.

Did that myself on several quads.

 

hey shady looks likeyou taught your kids right. nice bunch of quads youve got too. bet they cost you a pretty penny. When i have kids some day they are gonna be taught how to ride at a young age too. I dont think theres anything much more fun than riding on sand, also a good place to teach someone how to ride. spares the quad and the rider some pain. lol

 

Thanks AZ400. It's a real treat now to watch them fly across the dunes. An 80 pound kid on a piped & jetted YFZ going across Dead Horse Bowl with a big sand roost is a treat to watch. It's almost as much fun as riding myself, I turn 'em loose racing on the back side of Thunder and just watch. [img]i/expressions/face-icon-small-happy.gif[/img]

 

If you decide to pay only $49 a month your interest will be more than that. every month you pay only $49 you will owe more than the month before. It is only a good deal if you can pay 250 or so a month.

 

$49 a month, no money down, 5.9% APR is a good finance deal....AS long as you understand that this is a credit card deal with $49 being the MINIMUM MONTHLY PAYMENT. As long as you throw some extra money at it, either by doubling or tripling your payments, or throwing a tax refund check at it, you will do just fine. You have three years to pay it off before the remaining balance is subject to 17.9%, and that is what you have to avoid. There is no penalty for paying more, unlike HONDA's closed end finance deal, where you must take the loan to maturity or they charge you extra!

You can also finance over 5 years at $99/ month, which will easily pay off one Z-250, or about $5,000, or fixed equal payments for 5 years, but that is at 9.9% APR.

The $49 minimum payment at 5.9%, with no down payment is a really good deal, as long as you remember that it is a minimum, like a credit card, not designed to pay the bike off, just get you riding.

 

That's exactly the point as to why I don't like hearing about these 'deals'. It's not $49 per month, or it's not 5.9% interest. You cannot have both and expect to pay off the quad - If you only pay $49 per month then eventually you will pay more than 5.9% interest, if you stick to the time frame of the 5.9%, then you have to pay much more than $49 per month.

As many have pointed out, this can work out OK IF you have a method of paying off the load before the $49/5.9 limits are reached. However, many are lured into buying an ATV only because they can afford the $49 figure, and only have some vague plan to pay more later on - even though they cannot afford to pay more. Basically, if you go into one of these deals without a set plan to get out you are screwed from the start.

Jaybee

 

Well you are right about that. If you go into one of these $49/3year deals without a plan,,,you are screwed.
But the plan can be as simple as making double payments, which would pay off a Z-250 in three years at 5.9% and the interest rate is simply better than the $99/5year plan at 9.9%.
Remember that anything extra you pay goes to principal, not interest, with no penalty. Also remember that making an extra payment here and there does not let you off of the obligation to make that minimum payment each month. You can not make a double payment one month, and skip the next, because that extra payment is being applied to principal, which is the remaining balance.
I'm just trying to explain this so everyone can understand, it is amazing how many people mess themselves up with little misunderstandings like this.....