UTV Loan Lenth

[rut-ro]

My wife and I have been debt free for several years. trying to keep our credit score up without it dropping we finance something every 5 years. Her vehicle will be paid off in a couple months and we were thinking of adding another UTV to our fleet at the ranch. how many months are people financing these for and what kind of interest rates are they getting ?

[Ginja Ninja]

Looked at financing one once. The interest was like 10 or 11%. However, if I took out a personal loan at the bank and took cash, the interest on the personal loan was like 5%.

This was a couple years ago. Decided to just buy used and pay with cash that I had.

[rut-ro]

Looked at financing one once. The interest was like 10 or 11%. However, if I took out a personal loan at the bank and took cash, the interest on the personal loan was like 5%.

This was a couple years ago. Decided to just buy used and pay with cash that I had.

Yes we will more than likely go through our credit union. Paying cash would defeat the purpose of trying to keep the credit score up. The fact that your credit score gets dinged for having no debt is very frustrating to me

[TxBowHntr]

Yes we will more than likely go through our credit union. Paying cash would defeat the purpose of trying to keep the credit score up. The fact that your credit score gets dinged for having no debt is very frustrating to me

Admittedly naive question here. Does the credit score actually get dinged for having no debt? My wife and I have been completely debt free for years (except mortgage) and our scores are high (low to mid 800's) and have remained that high ever since. I thought the main credit score affecter was the debt to credit ration. As long as we don't cancel cards and pay off in full every month, our ratio is lo, and our scores are high. Is this not the case?

[BigCountry101]

My wife and I have been debt free for several years. trying to keep our credit score up without it dropping we finance something every 5 years. Her vehicle will be paid off in a couple months and we were thinking of adding another UTV to our fleet at the ranch. how many months are people financing these for and what kind of interest rates are they getting ?

What do you consider debt free? Not being a jerk, truly wondering. Maybe I have been misunderstanding people when they use the term.

I try to go 3 years. I financed a camper the other day for 3 years on a personal loan for about 10% interest (I know it's high, waiting to refi). I imagine if you finance through dealer you will be looking at 5-7%.

[rut-ro]

Admittedly naive question here. Does the credit score actually get dinged for having no debt? My wife and I have been completely debt free for years (except mortgage) and our scores are high (low to mid 800's) and have remained that high ever since. I thought the main credit score affecter was the debt to credit ration. As long as we don't cancel cards and pay off in full every month, our ratio is lo, and our scores are high. Is this not the case?

Ours actually dipped. We had everything paid including our house and paid cash for the previous two vehicle. We noticed our scores went into the 500s after many years of no debt. We financed the last car and boom back into the low 800s. Like I said it is very frustrating system

[BigCountry101]

Polaris website mentions 6% at 36 months for prime credit.

[MikeyG]

The credit score is based on an algorithm tied to several aspects of your credit history. One of those is making payments on time. If you don't have any payments to fulfill the "on time payments history" criteria for several years, that can have a negative impact.

[BigCountry101]

Ours actually dipped. We had everything paid including our house and paid cash for the previous two vehicle. We noticed our scores went into the 500s after many years of no debt. We financed the last car and boom back into the low 800s. Like I said it is very frustrating system

Weird, okay I see what you meant with by debt free but having vehicle loan.

[rut-ro]

What do you consider debt free? Not being a jerk, truly wondering. Maybe I have been misunderstanding people when they use the term.

I try to go 3 years. I financed a camper the other day for 3 years on a personal loan for about 10% interest (I know it's high, waiting to refi). I imagine if you finance through dealer you will be looking at 5-7%.

Everything paid off our house, our ranch, all our vehicles ( besides the one we financed to establish credit). We just recently got our first credit card in 15 years and use if for gas and pay it off every month. However, I hear it is not good to pay it off every month as it shows no debt.

[Mayhem]

Ricky I think most of them will go 5 years on a UTV. I know Honda did in the early 2000’s when I had a foreman 450.


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[60 Deluxe]

I checked my credit score this week. 805. Seems to stay between 800 and 807 with or without having the kind of debt you are speaking of. I do use my credit card for nearly all purchases. The balance is paid in full every month. I once heard Dave Ramsey say that he would like to have a credit score of zero. That is pretty independent thinking but understandable for a guy that shuns using credit.

[rut-ro]

I checked my credit score this week. 805. Seems to stay between 800 and 807 with or without having the kind of debt you are speaking of. I do use my credit card for nearly all purchases. The balance is paid in full every month. I once heard Dave Ramsey say that he would like to have a credit score of zero. That is pretty independent thinking but understandable for a guy that shuns using credit.

Yes sir "0" would be nice. We did the Dave Ramsey plan a long time ago. Its stupid but it works. We are trying to maintain a high credit score because within 10 years I plan on buying land out of state and don't want to empty everything at once ( unless the right place comes up before) . Not sure that even makes since but that's the way I'm thinking.

[Greenheadless]

Admittedly naive question here. Does the credit score actually get dinged for having no debt? My wife and I have been completely debt free for years (except mortgage) and our scores are high (low to mid 800's) and have remained that high ever since. I thought the main credit score affecter was the debt to credit ration. As long as we don't cancel cards and pay off in full every month, our ratio is lo, and our scores are high. Is this not the case?

Not sure I understand the philosophy of I need to some debt from time to time to keep my score up. To me debt free is just that, debt free……..

That being said, I will usually something each year with a little value. This year I bought some Swaro EL’s. While I could easily pay cash for these items, I will ask if they offer some type of consumer 0% financing promo. I will ask for a cash discount as well in lieu of the financing promo. If they won’t off a cash discount, I will sign up for the plan and pay it off a month early.

If it were me, I would ask for a cash discount up front over paying any finance fees. For a UTV, that would need to be some serious dollars. If not, I would pay cash. I am not in the mood to pay folks for the use of my money.

I also use a CC for everything, but it is paid off monthly (sometime sooner). I do it more for the cash back incentives I get.

[Mitchell8]

I checked my credit score this week. 805. Seems to stay between 800 and 807 with or without having the kind of debt you are speaking of. I do use my credit card for nearly all purchases. The balance is paid in full every month. I once heard Dave Ramsey say that he would like to have a credit score of zero. That is pretty independent thinking but understandable for a guy that shuns using credit.

This is what id do. Cost $0 in interest and can get a cc with rewards. TSC or flight miles