Recreational/ATV/UTV Loan Rates

Admins feel free to move if posted in the wrong forum.

I've searched around on here and haven't found anything related so I'm gonna go ahead and ask. What's considered a good loan rate for a recreational vehicle? What should I expect when I apply this weekend? I'm not in a position to pay cash and am looking to finance roughly $18,000.

Details: Will be applying through the local credit union that is financing my home loan. My credit score according to creditkarma.com says I'm 718 on both Equifax and Transunion. The only debt I have is my mortgage. I make a little over 60k a year, single with no kids.

 

The only one I didn't pay cash for was a used 2011 Skidoo Renegade snowmachine. My rate on that one is 3%.

 

Pretty good rate..I assume that was for a used model? If you don't mind me asking, what was your credit score at the time?

 

760ish.

 

Man I know some of those are 26k+ on the show room floor but even 18 blows me away.

That said shoot us some pics once you get it. What are you buying?

 

Yea trust me I know..prices for toys are crazy expensive!!!
Debating between a Polaris RZR S 900 EPS and the same in an 1000 model. MSRP between the two are 16-18k. I've never bought brand new and know its not the best financial decision but haven't came across the right used model with low hours/miles. And the more I see what people do with these machines makes me somewhat hesitant to buy used regardless because of the abuse they take. Anything with a turbo I've seen is 25k+ which boggles my mind but having friends who have utv's I fell in love and will be buying regardless. I feel I'm financially fine with a 300-400 payment but wanting others experiences, opinions, suggestions, etc.

 

Since your single, why are you getting a UTV? The way I see it, you have a Tacoma for when you want to take friends or gear, so why not get an ATV for the other stuff. I'd suggest a Honda Rancher 420, save you the trouble of spending 18K, you can fit it in the bed of the truck so no buying a trailer, and you can do some gnarly trails and terrain.

 

Long term girlfriend, just not hitched yet. We've lived together a couple years now. I've owned a few atv's..not nearly as fun as a utv in my opinion. I've always paid cash since they're obviously a lot less expensive. I already have a 13' utility trailer, so hauling won't be much of an issue. I have quite a few friends with Rzr's and wanna tag along on trail rides, plus be able to take on camping/fishing/hunting trips. I've already made my mind up that I want a Rzr, whether that's new or in the right situation, used.

 

gotcha, well they're pretty simple to work on so buying used isn't a bad idea if you get a good deal on one.

 

You're not wrong about the way they're treated. I roll along on a Honda 450r for fun when I ride with others & a Rancher 4x4 around my place.

About half the guys who ride around me (and a bunch I work with) have side by sides. I can't tell you how many have been crunched or swallowed water & been rebuilt.

 

I think that alone justifies buying new. People buy 15-25k and do dumb shit with them, MacGyver them back together with whatever spare money they have then trade them in a few years later. Anyone else have advise/suggestions on the financing side?

 

I will end up sounding like your dad... I assume that you have already maxed out your retirement contribution, owe nothing on charge cards, own a house with a 15 year mortgage, or have enough money to pay cash. Toys are a blast, but the play now pay later model will guarantee you a life of poverty. As far as a loans go, shop around all some banks, and make sure you put a sizable down payment and send enough money to outrun the depreciation. Call your insurance company and find out how much that will cost. If you carry a note, the bank will demand insurance. Sorry to be the party pooper

 

I got raped in the second tier bracket for the loan on the daughters rapter 90cc


CASH!

 

I still have loans... but when I borrow I have cash to back it. At 38, I've learned the hard way too. Free or cheap money ain't free. When I bought my utv I paid cash and got a significant price break. These places make money off of every turn. Toys cost money and the loan sharks love the smell of blood in the water. Do your homework and make a good decision.