How monthly payments work?

Question

Ok I want to get a pgo 250 dune buggy for me and my little brother. I make 400 every 2 weeks. how would I go about making monthly payments on it? like do I sign something and then give them first months payment or what? and do I pay the store where I get the dune buggy from or what?or do i have to get a loan?(i hope not). do they do a credit check before they let u make monthly payments? cus i dont have any credit.

Answer 1

First, before you set off looking for a loan, make absolutely certain that your credit report and credit score are in order. Experts have advised that a significant majority of credit reports actually contain inaccurate negative information. Therefore, by making sure that you credit report is in order and completely accurate<!--you will be in the best position to get the loan that you need at a most favorable rate.By following these pointers, you will be able to make the quest for financing for whatever your particular needs far easier.

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Second, do not settle on the first lender that comes down the pike. In the 21st century there can be some significant differences in the interest rates and other fees that are charged from one lender to the next. By spending some time shopping around, you will be in the best position to find a loan at the most-->reasonable rate around.You need to make sure that you understand all aspects of the loan, including charges and fees.Finally, if you are seeking financing, do not overkill. You need to be prudent and responsible when you are in the market for a loan.

Answer 2

Some stores do self-financing, where you just send them payments once a month until it is paid. Other places will have you go through a third party financing company.

If you have a big enough down payment, you might be able to talk the dealer into giving you finance terms.

For example, if you come in and want to buy a $3000 buggy, go in to the office with $1000 as a down payment. Then ask them to give you 90 days or 120 days to pay it off. Take in receipts from your job and they might take it.  

Also, you may arrange your own financing at your bank. Just tell them what you want and they will cut the dealer a check, then you just make payments to the bank like you would a car.

My suggestion is that if you do not want a loan, then save the money to buy one with cash or just buy a used one.

If you do take out a loan, they will run a credit check.