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  #1  
Old 05-02-2012, 12:55 PM
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Default Opinions on financing....

I'll keep it short.

I want to buy my fiance and I some atv's. I have two options

1) Save up for a few months (im estimating 4-6), and buy them outright.

2) Put a decent down payment ($2-$3k), finance the remaining balance ($3-$5k)

IF i go with (1), we wont be able to ride this summer

IF i go with (2), i'll have an added payment and lose a bit of money on interest, BUT i have plenty of extra funds to do an early payoff, AND i'll be able to ride this summer.

-The only "debt" i have is my truck payment (other than rent/tv/internet/energy)
-I dont have a credit card
-I could probably use the credit building a finance would provide, considering i dont have much in terms of credit


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Old 05-02-2012, 01:08 PM
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How stable is your income? It definitely wouldn't hurt to build your credit a bit...
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Old 05-02-2012, 01:09 PM
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I wouldn't normally recommend this.. but if you will have the money in 4-6 months, go ahead and finance them and use the money you would have saved in those 4-6 months to pay them off early. But do it in 6 months. Usually that's the minimum for something to be reflected on your credit, iirc.

As long as you don't get raped by the interest. If it's more than 10%, don't. And make sure there is no early payoff penalty or silly crap like that.
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Old 05-02-2012, 02:34 PM
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How do you make that much and NOT have a credit history? Jeebus.

My advise is this: absolutely do NOT start by financing anything or picking up a payment that isn't dictated by yourself. Get a low interest credit card and pay it off every month. Use it for the same thing every month (like your electricity bill for example) so you never forget what is charged on it. With the exception of your house and car, I don't believe that any other purchase should be financed. That's just me though.

My other piece of advise: stop renting ASAP.
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Old 05-02-2012, 03:06 PM
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Quote:
Originally Posted by Fatboy501 View Post
How stable is your income? It definitely wouldn't hurt to build your credit a bit...
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Old 05-02-2012, 03:08 PM
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Quote:
Originally Posted by TaylorFade View Post
I wouldn't normally recommend this.. but if you will have the money in 4-6 months, go ahead and finance them and use the money you would have saved in those 4-6 months to pay them off early. But do it in 6 months. Usually that's the minimum for something to be reflected on your credit, iirc.

As long as you don't get raped by the interest. If it's more than 10%, don't. And make sure there is no early payoff penalty or silly crap like that.
If i cant get a decent interest rate, there's no way ide finance. The only reason i have a truck payment is because of the low (virtually nonexistent) APR i got on the unpaid balance.
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Old 05-02-2012, 03:08 PM
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Energy as in drinks. Lol if so that is awwesome that you budget for that. Making payments on them builds credit. If your credit is already good. Your interest rate would not be too terrible.
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Old 05-02-2012, 03:10 PM
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Quote:
Originally Posted by SPLEclipse View Post
How do you make that much and NOT have a credit history? Jeebus.

My advise is this: absolutely do NOT start by financing anything or picking up a payment that isn't dictated by yourself. Get a low interest credit card and pay it off every month. Use it for the same thing every month (like your electricity bill for example) so you never forget what is charged on it. With the exception of your house and car, I don't believe that any other purchase should be financed. That's just me though.

My other piece of advise: stop renting ASAP.
As far as not having credit, I never needed it. Between scholarships and commercial fishing, I made it through college debt free.

And yes, renting sucks


I guess what im getting at is that i want ATV's for this summer. The tradeoff is going to be that it will cost me XXX dollars in interest in order to be able to do that. Paying them off in a timely manner isnt a problem.
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Old 05-02-2012, 03:11 PM
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Quote:
Originally Posted by SPLpizzaguy View Post
Energy as in drinks. Lol if so that is awwesome that you budget for that. Making payments on them builds credit. If your credit is already good. Your interest rate would not be too terrible.
All i can tell you is it was just above 700 6 months ago. I dont know boo crap about credit scores.
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Old 05-02-2012, 03:15 PM
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when did you want to act on this? like is this something you want to do tomorrow? be sure to shop around loan rates and if you want to finance possibly wait a little while just to build your down payment up to lower your monthly payments
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