financing my raptor

[mrblonde]

I have a question to those who are financing their raptors...when I was at the dealership buying the bike, The secretary was telling me that I need to send out two seperate checks when my bill comes each month to pay for the bike....one going towards the 59.99 minimum payment (8% intrest), and another seperate one with whatever else you want to pay towards the prinicpal of the loan. She said if I sent one check in at say $500 (arbitrary number) then intrest would be taken out of the $500...

is this true?

 

[406elcamino]

unless you have already signed the contract and your now financing i would tell you to go to the bank and get a personal loan that way if you want to pay it off sooner without penalty you can do so. I was thinking about financing my machine but learned about the loan and would never finance anything. friend of mine is financing a wr450 for less then $100 a month and its like a 7 year deal

 

[mrblonde]

its already signed...your buddy is a moron if hes only paying 100 dollars a month...you could pay more than the minumum and I doubt the bank is going to do much better than 8% intrest on 60 dollars a month...I could pay as much as I want and I wont get penalized at all I just dont want them taking out the 8% on my prinicipal towards the loan

 

[Guest]

unless you have already signed the contract and your now financing i would tell you to go to the bank and get a personal loan that way if you want to pay it off sooner without penalty you can do so. I was thinking about financing my machine but learned about the loan and would never finance anything. friend of mine is financing a wr450 for less then $100 a month and its like a 7 year deal

7 years to finance a dirt bike? Your friend has just started down a very slippery slope to financial disaster, unless he suddenly quadruples his income. I hope he makes it out of that trap.

 

[406elcamino]

i think he has had the bike for close to 2 years now, i couldn't believe his parents never tried to talk some sense into him. The stupid part is that he has spent so much money on making it street legal, he has put a pipe on it etcc.... and the thing just sits in same place for the last 3-5 months