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Old 03-08-2014, 08:31 PM   #21
bluewave18
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Trying to work a free lid or jacket into a deal isn't a reality. It will be tacked on to the price one way or another. You may get what you want, but you need to understand that you are still paying for it.
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Old 03-08-2014, 11:52 PM   #22
FJRmgm
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Quote:
Originally Posted by zikaprevail View Post
Im wanting the 2014 cbr 1000 rr pearl white non abs non sp

I want to finance because im paying it off early!
You may pay it off early but you will still pay all the interest because on auto loans you pay the interest first, then the principal.
My advice - save for a bigger down payment and only borrow as little as possible. And theft insurance.
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Old 03-09-2014, 12:05 AM   #23
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Quote:
Originally Posted by FJRmgm View Post
You may pay it off early but you will still pay all the interest because on auto loans you pay the interest first, then the principal.
My advice - save for a bigger down payment and only borrow as little as possible. And theft insurance.
Depending on the type of loan ... alot are simple interest loans so if you pay them off early you spend less in interest. Also better to pay more principal each payment if you plan to pay it out. Most cars are like this ... you can finance and pay off early and only pay a small portion of the interest thats why your total loan cost is one amount and when you do an an early payoff quote request its much lower.

Alot of people do not realize some of the credit deals are actually like a retail credit loan (conns for example) so they add on the interest and divide the payments out...so you pay them the interest no matter how soon you pay it off.

Conseco who was bought out by GE Credit is a prime example of this. Had a 4 wheeler financed like that and did not realize until it was too late. I wanted to pay off early and when I realized I was paying the full interest no matter what ... I just paid it out till the end because it really did not matter at that point. This type of credit seems to be the normal for 4wheeler and motorcycles. Try to make sure its a bank or credit union because it will be a simple interest loan vs the retail credit loan. The retail credit loans tend to be decent interest rates because they are getting the interest no matter how soon you payoff.
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Old 03-09-2014, 01:17 AM   #24
zikaprevail
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Quote:
Originally Posted by Rowdy76 View Post
Depending on the type of loan ... alot are simple interest loans so if you pay them off early you spend less in interest. Also better to pay more principal each payment if you plan to pay it out. Most cars are like this ... you can finance and pay off early and only pay a small portion of the interest thats why your total loan cost is one amount and when you do an an early payoff quote request its much lower.

Alot of people do not realize some of the credit deals are actually like a retail credit loan (conns for example) so they add on the interest and divide the payments out...so you pay them the interest no matter how soon you pay it off.

Conseco who was bought out by GE Credit is a prime example of this. Had a 4 wheeler financed like that and did not realize until it was too late. I wanted to pay off early and when I realized I was paying the full interest no matter what ... I just paid it out till the end because it really did not matter at that point. This type of credit seems to be the normal for 4wheeler and motorcycles. Try to make sure its a bank or credit union because it will be a simple interest loan vs the retail credit loan. The retail credit loans tend to be decent interest rates because they are getting the interest no matter how soon you payoff.
My wife's car we financed through a credit.union and its front loaded so each month we pay a little less in interest so paying it off early we don't pay the full amount of interest. I will try and find out for the bike either way i don't think a 4% interest for a year will be that bad seeing as ill have the bike that whole time instead of waiting till i can bbuy it with cash
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