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Something else to remember with all finance is that the seller gets a kickback.
Make sure the deal you get is better than any cash deal you can find and make sure they throw in some extras as and incentive for you to finance through them. Go to a couple of dealers and make the same offers as they will match or better the offer and then deal with the one who will provide the best service to you. When you finance via a factory finance facility you may be able to wangle extra warranty and not pay for it as it comes from the factory not the dealer back pocket. Just make sure you are not paying a premium for the pleasure of them charging you interest.
Get a copy of the finance agreement up front and go home and read it or pay someone like Choppa to advise you if there is anything you don't undrstand.
Last but not least - the best finance is no finance. Not always possible but look at what else you can sell so you only have to finance the bare minimum.
Very last - some dealers have access to "damaged stock" out of box , display or last year model etc and the factory give them incemntives to sell it. Ask as last years model compared to this years may be mechanically the same and you will have less debt.
If you do pay for the current model make sure is is only a few months old as many dealers have old stock on display and it does affect resale price when you sell as no one ever believes you when you tell them that it is stamped a 11th month 05 evinrude but it is the 06 model and you hgd it fitted in July 06. On resale it will be a 2005 in many peoples eyes.
Very very last. Speak to your local wrecker and independant mechanic and ask what problems that generation of motor has had or is having and see if any are their being wrecked as surprising hoiw many 4 strokes are not being repaired after mechanical faults due to expensive parts. Might save you a lot of pain as some brands keep having the same failures so you may as well learn what their archilies heel is and take any preventative steps possible.
On the credit history side I am a bit old and paranoid as when I took out loans I didn't need to give all those details so to give them up to a company to have them all confirmed in their data base is giving them something they would normally have to pay for.
They ain't doing it for nothin as you confirm their database details and they can use those details to validate other databases.
I just don't like giving private companies details regardless of so called privacy protections.
Hey Choppa is there more than one database or do these companies now share??
You have
Veda
Old CRA
baycorp and there was another new one starting .
baycorp is the one in australia,,,, craa was govt backed and it was sold to private enterprise that in turn split it up and it is known via 2-3 different names throughout the states/territories,,
a few interesting comments have been placed and some are founded but not all,,, the important thing to remember is NO MANUFACTURER has their own finance division,,, the legalities alone through the Uniform Credit Code disallows this as it would open a monopoloy on a market similar to that of one of the larger lenders who now own 100% of all plastic cards (excluding visa/bankcard/amex)
some suppliers (not all) do get a kickback on finance,,, its much the same as getting an interest free loan through a furniture outlet,,, but this is normally based upon the average writing rate (interest) and volume that the supplier sells the finance on,,,, this kickback is paid by the lender,,,,, NOT THE CUSTOMER
to clarify this,,, if you borrowed 10 grand from the supplier at 9%,,,the supplier receives a bonus of (hyperthetical value) $300 for the deal,,,, if the supplier sold 20 of these in one month its good money,,,, BUT on top of this because of the total volume he wrote for the month he then also receives a volume bonus which could equate to another 500 or so,,,
IF YOU WENT TO THE BANK,,,, THE SAME PRINCIPLE APPLIES,,, BUT THE BONUS'S ARE KEPT IN HOUSE ON A SMALLER SCALE,,, as each branch has the monthly/half yearly/yearly goals to achieve
the company who i work for is a bit unique within the industry,,, simply because of our size,,,,, within the motor finance area,, WE AVERAGE 4 MILLION PER MONTH IN FINANCE SALES,,,,,,of which 1.5 million comes from my department/area on the sunshine coast
theres not too many,,, if any banks or lenders that can claim the same values on a month by month comparision
its funny to see the comments re don't finance,,,, pay cash,,,, buy old in lieu of new etc etc ,,,,, but we live in a finance world now,,,,, statistics prove that 80-85% of people FINANCE there cars in some form or another,,,over 87% of the australian population use a credit card of some form daily,,, and we all see and hear the adverts re the benefits of refinancing your mortgage with this or that mob because they can do it better,,, its neverending
you know the interest free loan market by the lender that i mentioned above represents over 50 million dollars in active accounts just in vic,,,nsw and qld on a daily basis,,,, as one account is finalised theres 3 more being signed up,,,
My comments about finance relate to the fact that so many people get in over their head when their circumstances change and it can cause real hardship for them and their families. It also relates to so many of the boats I see out there that look great when bought on finance but then I see them deteriorate as the owners don't have the funds to keep safety etc all up to date. Advice was more a "do it inside your means " rather than a don't finance and make sure you are comfortable with the numbers as they will lend you far more than you can afford when you concuder all the other running costs that add up.
Nothing wrong with debt as long as it is the right sort and affordable.
In my early days we used to get a bigger upfront wack and trail from Esanda as the margins were huge and so few players.
Nothing wrong with toys. I've got plenty and love 'em, especially the 540F with the non-smelly honda 130 on the back I've just bought.
If you're the same and still have cash up your sleeve, good onya - you've worked hard, been smart or both.
My point was that maybe it's worth considering saving for a bit instead of going into debt for a rapidly depreciating asset like a boat, a similar point to what cormorant was making. If that can be avoided, then down the track, you'll have more $$$$ to throw at boats or whatever your poison is.
I don't intend getting into a bunfight over it, was just presenting an alternative viewpoint which has stood me in good stead.
Toys are good. Boats are the best toys.
Cheers,
Jigs
Last edited by jigsnreels; 26-07-2007 at 01:47 PM.
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