FINANCING THE SPYDER

[Derwin]

Well, it looks like I will be financing a portion of my Spyder SE5 purchase. I will have around $7,000 to $9,000 CASH to put down on it, but I will need to get the rest through a loan. I just started a new motor company, and placed an order from a factory for a bunch of scooters which I'll be markting. This left me in a little "cash crunch" as far as the TOTAL amount is concerned.

So, I need your help. Have any of you had your Spyder financed, or a portion of it financed? If so, was it a good rate? Did you get good terms? What institution did you use? I would really appriciate any help you can give me in this. Thanks.

Derwin

P.S. Another way you could help is by buying a scoo......NO, I won't say it! :yikes: I'll buy advertising space from Lamont if I ever have to go that route....but I doubt this is the community that would be interested, even remotely, in my new business! Well, just in case.... www.FlyTheRoadNow.com

 

[NancysToy]

We financed about 40% of the total cost. We went through our credit union and got a great rate, with a big down payment on a brand new vehicle, even though they knew nothing about it. At first they wanted to charge more, but then did the research, as my wife patiently directed them, and found this one was road worthy and licensed. You may have to work things a bit, but shop around and I'm sure you can do well. Sorry, neither of us can remember the rate, but it was 2% lower than the nearest competitor. Good luck in your new venture, BTW.
-Scotty

 

[Derwin]

Thanks, Scotty. I really appreciate your kind words of support.

Does anybody else have any experience in financing a portion of the Spyder purchase? If so, please share your story. Thanks!

Derwin

 

[Smylinacha]

Financed the whole thing with my local credit union - at 6%

 

[Derwin]

6%? Wow! That's a great rate! :thumbup:

What is your monthly payment? How many months/years is the loan for?

I'm just curious, because I really have never financed anything in years.

Thanks again.

Derwin

 

[pphantom538]

6% for 3 yrs on $18,000 - 555.80 month or 30.87 per $1,000 financed. 4 yrs = 429.07 5 yrs = 353.21

 

[pzim]

I did 1/2 cash & 1/2 on a NO interest credit card from my bank!:2thumbs::clap:

 

[cobweb]

Hi Derwin
I financed 10,000 of mine at a rate of 5.8% I belong to a CU that normally can outdo any banks or other CU's. I don't know if they go outside the federal employee's but I can give you there name and phone # if you like!

 

[vnmous1]

financing

I see your sig says "Chicagoland". Me, too. Oak Park. Try Consumers Co-Op Credit Union. www.myconsumers.com I got hooked up with them the first time when I financed a motorcycle in Libertyville. They're in Lake Co. Offices in Mundelein, Waukegan, etc. Rates are outstanding and they do a TON of rec vehicles and bikes.

bj

 

[LittleJohn]

I also did about half down cash, and financed teh other half for 3 years at 3.99% at my CU :2thumbs:

 

[spyderbitten]

Local credit union did 4.5 % for 5 yrs. I financed 15k, using payroll deductions. Never see the money or a payment coupon. Left my money alone since it's making more than 4.5 %.

 

[Derwin]

Wow! You guys have been INCREDIBLY helpful in this. :thumbup:

I will be looking up a few credit unions since it seems they are offering some fantanstic rates. 3.9%....Unbelievable!

:2thumbs: Thank you so much for all the help! :2thumbs:

Derwin

By the way...I'm located in the Joliet area.

 

[LittleJohn]

I will be looking up a few credit unions since it seems they are offering some fantanstic rates. 3.9%....Unbelievable!

Thats what I thought!!!
After the full term of the loan, I willhave paid only about 1400 in interest. Not bad for using someone elses money.

 

[Buelldog]

Do you have equity in a home??Might want to check out a home equity loan......tax advantage, payback time, good rate!Lots of folks buy toys with Equity Dollars!

 

[Smylinacha]

6%? Wow! That's a great rate! :thumbup:

What is your monthly payment? How many months/years is the loan for?

I'm just curious, because I really have never financed anything in years.

Thanks again.

Derwin

5 years - payments are $336 - cheaper than my Harley was!

 

[Derwin]

Spyder Certificates

As many of you know, I ordered the Spyder SE5 back in December from a dealership up in Benton Harbor, MI, and I live in the Joliet, Illinois area. Well, since I ordered, there has been a NEW dealership spring up just 10 minutes away from me. This would save me a 2 hour drive up to the original dealer if I could get it locally.

Well, I was just informed by my dealer that they would be able to TRANSFER my brp certificate to the dealer that is close to me in Wilmington, Illinois, and they would also transfer the deposit. This is what a secretary told me, but I never got confirmation of this.

My question is very simple...... Is this really possible? Has anybody actually had this done? If so, please give me the details!

Here's wishing for a miracle! ray:

Derwin

 

[Diggittt]

Financed the whole thing with my local credit union - at 6%

same here....

Diggittt

 

[Derwin]

FINANCING THROUGH BRP

I need your help....

A very simple question....DID ANYONE GET FINANCING THROUGH BRP?

I was told that I cannot get financing through the dealer if I am "out of state", so I want to know if any of you DID get financing throught the dealer, even though you did not live in the same state.

My local dealer said that they do financing all the time for people that are not in Illinois. They simply put it through brp, who has an agreement with GE Financial. But the dealer that has my order is in Michigan, and they say no.

Heck, I'm putting $10,000 down on the thing. I wouldn't think this would be a big problem!

So, please give me some feedback on this. I am on the verge of giving up on this again.

I know....Don't say it.

Derwin

 

[NancysToy]

I need your help....

A very simple question....DID ANYONE GET FINANCING THROUGH BRP?

I was told that I cannot get financing through the dealer if I am "out of state", so I want to know if any of you DID get financing throught the dealer, even though you did not live in the same state.

My local dealer said that they do financing all the time for people that are not in Illinois. They simply put it through brp, who has an agreement with GE Financial. But the dealer that has my order is in Michigan, and they say no.

Heck, I'm putting $10,000 down on the thing. I wouldn't think this would be a big problem!

So, please give me some feedback on this. I am on the verge of giving up on this again.

I know....Don't say it.

Derwin

We're in Michigan, and three different dealers said that BRP could not finance the Spyder. Said BRP had no financing program. They did have hook-ups with banks, etc. as an alternative. Maybe it is something peculiar to Michigan. Prices for dealer financing were all at least 2% above the credit union, BTW.
-SWcotty

 

[Greg H.]

I used GE. 9.9%