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What are the current interest rates for financing your Spyder purchase?

Knarfoh

Knarfoh

New member
This was a 3.9% loan. I was on BRP's website today and saw they mentioned loans for 7.9%

This was for my 2012 Spyder RT-S SM-5 and I took the loan out in early 2012 when I purchased my new Spyder.

So basically, interest rate has doubled in last year? What are other people finding in today's market?

Scan_20131229_125325.png
 
Interest rates are all over the board. Usually, dealer financing is slightly higher since they can. They get the people that don't want to pre-shop the rates and they also get people that may need help do to prior credit ratings. There is also the "dealer reserve" thing. Bank says 5%, dealer tells you 7.5%. You agree, dealer pockets the difference of 2.5% as a bonus from the bank.

I recommend doing some pre-shopping for rates and getting a pre-approval. This gives you some extra bargaining power sometimes.

I am done with interest payments on toys and will pay cash for my final :spyder2:.
 
akspyderman said:
I am done with interest payments on toys and will pay cash for my final :spyder2:.
Click to expand...
I have my "fun money" which is divided between my checking account and a brokerage account. This is entirely separate from my accounts that I maintain for retirement etc.

I was going to pay cash last year but it was going to have to come from the brokerage account. However with the stock market roaring back my financial advisor told me that would be silly if I can qualify for 3.9% loan. My Dodge & Cox stock went up 26% in the last year. So it was better to leave the money in my brokerage account and take out the loan even though I could have paid cash.

I have many friends who have money tied up in low interest-bearing accounts but I do understand the stock market has its risks and not all people can stomach it.
 
Paid cash for mine . . . I don't finance toys. If I started doing that, I'd max out all my credit cards, buying guns and farkles! nojoke
 
Always weigh options

Knarfoh said:
I have my "fun money" which is divided between my checking account and a brokerage account. This is entirely separate from my accounts that I maintain for retirement etc.

I was going to pay cash last year but it was going to have to come from the brokerage account. However with the stock market roaring back my financial advisor told me that would be silly if I can qualify for 3.9% loan. My Dodge & Cox stock went up 26% in the last year. So it was better to leave the money in my brokerage account and take out the loan even though I could have paid cash.

I have many friends who have money tied up in low interest-bearing accounts but I do understand the stock market has its risks and not all people can stomach it.
Click to expand...

Yep I do the same...heck if one gets better than the other...not going throw away good money to say I paid cash...:clap:
 
Hayfield said:
Paid cash for mine . . . I don't finance toys. If I started doing that, I'd max out all my credit cards, buying guns and farkles! nojoke
Click to expand...
Let's say I needed $20,000 to pay for my Spyder last year. That same $20,000 would've earned me $5200 in my brokerage account.

In the meantime I will only pay $780 in interest by obtaining 3.9% financing (and actually less than that since I'm paying down the principal throughout the year).

But who knew the stock market was going to go up as much as it has this past year? So I'm sure my numbers are not typical.

My real point is financing and not paying cash if you have another use for that money that can earn you more than the interest-rate you're going to pay makes a lot of sense.

Psychologically, I know a lot of people feel good just to have it paid off and no debt.

Each individual has to decide for themselves what makes the most sense for them personally. My answer is not the answer for everyone.
 
Knarfoh said:
Let's say I needed $20,000 to pay for my Spyder last year. That same $20,000 would've earned me $5200 in my brokerage account.

In the meantime I will only pay $780 in interest by obtaining 3.9% financing (and actually less than that since I'm paying down the principal throughout the year).

But who knew the stock market was going to go up as much as it has this past year? So I'm sure my numbers are not typical.

My real point is financing and not paying cash if you have another use for that money that can earn you more than the interest-rate you're going to pay makes a lot of sense.

Psychologically, I know a lot of people feel good just to have it paid off and no debt.

Each individual has to decide for themselves what makes the most sense for them personally. My answer is not the answer for everyone.
Click to expand...

The bold type says a lot.
 
interesf rates

My credit union is offering me 1.9 percent interest rate till end of Jan for the purchase of my 2014 RTS. Check with credit unions by you. All of them offer different rates for motorcycles. I have two I joined and one offers over 7 percent and another offers 1.9.
 
If you call Sheffield they will probably give you 3.9 again seeing interest rates have Not rely risen.

I financed the RT 3 Years 3.9% with Sheffield and will pay $1,000 Interest!!

But, I got the RT New for $17,000 plus tax and the list price was $21,699 Sooo even with interest I got it at $3,699 below invoice.
 
I just flat-out don't care what the rates are::shocked:
It's most likely my fatal flaw, but I'll buy it because I just LIKE it that much! :2thumbs:
The cost of entertainment is rarely cheap...
 
Bob, you are too clever to leave money on the table

Bob Denman said:
I just flat-out don't care what the rates are: It's most likely my fatal flaw, but I'll buy it because I just LIKE it that much! The cost of entertainment is rarely cheap...
Click to expand...
Bob, you are too clever to leave money on the table I suspect. However, I agree with you - if you want something, buy it! At this point in my life - I deserve it!

I have a lady friend who is in the same financial situation as I am. I bite my lip because of so little she spends on herself. However, she spends tons of money on family members and she has made it clear, she want to leave LOTS of money to her heirs.

Nothing wrong with that I suppose - but it grieves me she spends so little on herself. But, I never say anything! Her choice to make!
 
When I bought my 13 RT/S back in September I just had the dealer do the financing but I had a max rate I was going to pay at 5%. After bargaining with the dealer I got the BEST warranty for free and ended up with 2.75% on the loan through a local credit union. I was really happy with that rate. Generally toys are much higher to finance that autos but when your credit rating is top notch they kinda go out of their way to get your business.
 
Intrest Rates

Last year I bought a brand new 2012RTS-SE5, I went thru Vermont Federal credit Union, they were getting 7.0000%.

I put some money down to make my payments lower. It was easier for me to go thru a Credit Union,( since I was on a time crunch which is called "LIFE").

Deanna777
 
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My 2013 was with Sheffield and the rate was 3.9%. Since I don't have that much excess cash laying around anymore I will see what kind of rate they're offering when the 2014 gets here.
 
Credit Union: YES

I've made more than my "fare share" of financial mistakes and bad judgments over the years, but I believe my best choice has been joining and using my credit union, Pennsylvania State Employees Credit Union (PSECU), for over 20 years to purchase all of my vehicles and motorcycles. Their current rates are

1-36 months: 1.49%
37-60 months: 2.49%
61-84 months: 2.99%

And these rates are good for new and used cars and motorcycles for up to 100% of KBB retail value. Even during those times when my credit score was subpar, they were still willing to work with me and the rates stayed the same. I'd like to think that I've made wise use of the money I've saved, but my wife probably wouldn't agree! :sour:
 
Here's what you do..!!

I go for the most months "same as cash" interest after that period. Usually pay it off by then but if not the interest rate is less with the six months free. But the rates can vary from place to place institution to institution etc...:thumbup:
 
Cash paid for mine. I'm not leaving anything in my estate. I came into this world penniless and plan to go out the same way.

That said, in the past, I always used my credit union of which I have been a member for 40 years.
 
Knarfoh said:
I have my "fun money" which is divided between my checking account and a brokerage account. This is entirely separate from my accounts that I maintain for retirement etc.

I was going to pay cash last year but it was going to have to come from the brokerage account. However with the stock market roaring back my financial advisor told me that would be silly if I can qualify for 3.9% loan. My Dodge & Cox stock went up 26% in the last year. So it was better to leave the money in my brokerage account and take out the loan even though I could have paid cash.

I have many friends who have money tied up in low interest-bearing accounts but I do understand the stock market has its risks and not all people can stomach it.
Click to expand...

I agree with this. Why would you pay cash if that same cash can earn more then the interest you would pay on a loan.
I also would look at credit unions as a lower source for loans. My credit union (SB-1 FCU) is at 3.99 for 60 months and it is easy to join.
 
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