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MX, SX & Off-Road Discussions
General Moto | Off-Topic Posts
financing prices plus more?
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[QUOTE="zio, post: 147062, member: 19332"] Ditto what someone above said about the ammortization table. I have one that is all dog-eared and held together with tape. Well used. It has come in handy when buying anything that will be financed. I actually don't need it anymore, I have most rates memorized (I think 8%, at 48 months costs $24.88 per thousand borrowed). Knowledge is key when it comes to buying from dealers. When I walk into a dealership (lately, been buying a few used cars) and say to them "this is how much I want to spend, and I know that to finance it will cost exactly $X dollars per month for X months, show me what you can do", there's no bartering going on back and forth. If they try and convince me to spend more than that, out the door I walk. I hate slimey dealers who try and sweet talk me into a sale. It's really hard to be tough, but you have to. That's why I like to tell them up front how much money I want to spend, and that I'm very firm on that. Then they can decide if my business is worth it to them. Second- be very careful about what type of financing you do. Although those revolving credit type deals may offer a lower interest rate, watch out. If you miss ONE payment, you're screwed. The rates shoot up, you get hit with big late fees, and for the rest of your life you end up making payments and never put a dent in the balance. If I were you, I'd opt for the regular, traditional fixed-payment plan. Even if the interest rate is a bit higher (say 9.9% instead of 7.9), the difference over a few years won't be as big as if you were short on cash once and missed a payment. That's what the "Rav Charger" deal is with Honda- a credit card, not a traditional fixed loan. BTW- when I bought my CR, financed through Honda, I didn't have to get insurance. Finally- and this is the hardest lesson of all- be patient. You have all the time in the world. Just like "You Know Who" always shows us that His time is what matters, not yours. You'll always learn long after the fact that you could have waited. And it usually hurts. One more thing- my Father owns the cattle on a thousand hills. Keep that in perspective. And good luck!!! I envy the heck out of you for being able to buy a new bike. [/QUOTE]
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MX, SX & Off-Road Discussions
General Moto | Off-Topic Posts
financing prices plus more?
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