Buying buggies

[xjpaddler]

How do most go about buying rigs??

I know some people have the cash to do this, but with as many rigs as there are being sold/ built, ot cant all be cash.

So what other options?? Most banks will not loan money on something without a vin# or a true value.

And if it is all cash,, then i must be doing something bad wrong in life!!!! Lol!!

 

[TBItoy]

Re: Re: Buying buggies

Home equity loans/line of credit.

I'd say most of the people buying high dollar buggies outright are business owners that either have the capital or easy access to credit

 

[fl-krawler]

How do most go about buying rigs??

I know some people have the cash to do this, but with as many rigs as there are being sold/ built, ot cant all be cash.

So what other options?? Most banks will not loan money on something without a vin# or a true value.

And if it is all cash,, then i must be doing something bad wrong in life!!!! Lol!!

I know of a few shops out west that have financing set up for when you order your new car from them. Every buggy I have ever sold, was paid for in cash. Two of them I know the buyers had successful businesses, and they bought the buggies through the business as a "promotional expense" using the businesses line of credit at the bank.

 

[race_jeep]

When I bought mine a few years ago I had a shop do an appraisal on it, and I took that to my bank, and they gave me the money for it, it was as easy as buying a car. :****:

 

[John Galbreath Jr.]

Cash is king. NEVER finance toys.

 

[Big David]

You could take out a 401K loan.

 

[wont work]

Cash is king. NEVER finance toys.

This. Always pay for your toys in full. Never borrow the money.


With that said if you did want to finance one use a local bank and not a big branch

 

[The-Boss]

Cash is king. NEVER finance toys.

Save save save then cash for toys. However I probably just don't have it figured out since I know people that write off some of their rigs and the fuel pulling them through their business with no trouble. Never would have dreamed that or people getting financing for a buggy.

 

[01tj]

When I bought mine a few years ago I had a shop do an appraisal on it, and I took that to my bank, and they gave me the money for it, it was as easy as buying a car. :****:

On the buggy Gillis has now?

 

[race_jeep]

Cash is king. NEVER finance toys.

I used to never finance anything, I was terrified of debt, but I also didn't have anything, the only way I can have things is to finance them maybe 1 day I can figure out how to save money

On the buggy Gillis has now?

10-4

 

[civicmindedex79]

I bought ALL of my small things over a two year period and had an 87 wrangler that I was building with the drivetrain I wanted. When I got ready to actually have my chassis built I used my tax return of that year to buy tubing and did use a 401k loan for whatever the balance came to that I didn't have. I know it maybe stupid in some people eyes but its what I enjoy and and I am somewhat young for now and hopefully have time to recover Like has been said before it is the traveling and fixing that puts you in the poor house not the initial investment.

The biggest thing that got me was when you think you have ALL of the small stuff and still spending a grand a week getting wiring and plumbing. Also this should go without saying but if you buy parts over a two year period like I did make sure you open every part that come in and check it out because by the time it is two years old (even though brand new) they won't do **** for you if it is found to be defective.

 

[01tj]

I used to never finance anything, I was terrified of debt, but I also didn't have anything, the only way I can have things is to finance them maybe 1 day I can figure out how to save money


10-4

Honestly never would have thought a bank would loan on something like that.

 

[race_jeep]

Honestly never would have thought a bank would loan on something like that.

I know of quite a few that have been bank financed with an appraisal

 

[TacomaJD]

I used to never finance anything, I was terrified of debt, but I also didn't have anything, the only way I can have things is to finance them maybe 1 day I can figure out how to save money

I've been financing **** since I was 15 (i.e. dirt bikes, atv's, sportbikes, cars, trucks), through my dad's name starting out when I was underage. He signed the loans and I paid full payments on whatever I bought. Never missed a payment and between selling, trading, upgrading, over time you (slowly) build equity in all the **** you've been paying on. The vehicles that I've not bought new have usually been financed via signature loan at local bank(s), with the exception of about 2 more expensive vehicles that I used title as collateral. My dad signed with me for a long time until the banks were familiar enough with myself to just do the signature loans in my name only. I actually have a good friend that is now a loan officer where I bank now and all I have to do is text him with details on what I want to do and he sets it up for me. But, I'm only 26 and do not have the kind of expensive **** a lot of folks have. I'm also not that far in debt either other than my mortgage. If I stopped right now and made no more financial moves, just paid my bills and lived life, I would be free of any extra debt besides my mortgage and utilities in exactly 1.5 years.

There is nothing wrong with financing toys as long as you have conservative money managing skills. Don't borrow it unless you KNOW you can pay for it. No way I'd ever have saved enough money to start paying for toys in cash up front. I'd never have had half the toys I've owned if that had to be the case.

 

[rocfun]

Spend your money on tools and build it yourself

 

[TBItoy]

Re: Re: Re: Buying buggies

I've been financing **** since I was 15 (i.e. dirt bikes, atv's, sportbikes, cars, trucks), through my dad's name starting out when I was underage. He signed the loans and I paid full payments on whatever I bought. Never missed a payment and between selling, trading, upgrading, over time you (slowly) build equity in all the **** you've been paying on. The vehicles that I've not bought new have usually been financed via signature loan at local bank(s). My dad signed with me for a long time until the banks were familiar enough with myself to just do the signature loans in my name only. I actually have a good friend that is now a loan officer where I bank now and all I have to do is text him with details on what I want to do and he sets it up for me. But, I'm only 26 and do not have the kind of expensive **** a lot of folks have. I'm also not that far in debt either other than my mortgage. If I stopped right now and made no more financial moves, just paid my bills and lived life, I would be free of any extra debt besides my mortgage and utilities in exactly 1.5 years.

There is nothing wrong with financing toys as long as you have conservative money managing skills. Don't borrow it unless you KNOW you can pay for it. No way I'd ever have saved enough money to start paying for toys in cash up front. I'd never have had half the toys I've owned if that had to be the case.

I pretty much agree with you.

People don't "need" big diesel trucks, RVs, etc to tow their buggies with and stay in either but I'd venture to say that most of that stuff is financed

And some people can still enjoy things when they are making payments on it.


That said, no way I'd finance a high dollar buggy! At least till my house is paid for

 

[Nuts]

I bought ALL of my small things over a two year period and had an 87 wrangler that I was building with the drivetrain I wanted. When I got ready to actually have my chassis built I used my tax return of that year to buy tubing and did use a 401k loan for whatever the balance came to that I didn't have. I know it maybe stupid in some people eyes but its what I enjoy and and I am somewhat young for now and hopefully have time to recover Like has been said before it is the traveling and fixing that puts you in the poor house not the initial investment.

The biggest thing that got me was when you think you have ALL of the small stuff and still spending a grand a week getting wiring and plumbing. Also this should go without saying but if you buy parts over a two year period like I did make sure you open every part that come in and check it out because by the time it is two years old (even though brand new) they won't do **** for you if it is found to be defective.

That's about how I'm doing it now. Side jobs pay for some of the large items, then trading and reusing get some others, and I have slapped together two samurais and a dually truck to sell for cash to fund my current build. Its not the fastest way but my junk will be paid for when its done.

 

[tonybolton]

Re: Re: Buying buggies

I'm for whatever makes the purchaser happy and still allows them to live within thier means.

Also....with some rates dipping pretty low, if you have some money invested in other high yield return areas and dont wanna(or can't) touch it....a small loan at 3-4%(with your good credit) wouldn't be as financially irresponsible at initially sounds.

 

[al1tonyota]

Cash is king. NEVER finance toys.

I don't completely agree with this my old buggy and two before it were 100% financed! Appraisal and insurance plus credit are the things required! Full coverage on something with no vin is the biggest problem! It can be done though! It cost a lot in upkeep and expense to play with the big dog when you add that plus insurance then monthly payment! You better have a lot of disposable income$$$ hope that helps

 

[DirtMonkey]

I think financing is part of why the UTV market is so hot. I often laugh when I hear someone paid 16k for a SXS, thinking I could buy a clapped out YJ and build a more capable buggy for that $. But you cant just walk into the bank and say "I want a loan to build a buggy" -but you can easily finance a UTV...