This month we'll tell ya how to get one! But first things first. While having a discussion with my editor-in-chief about this article and expressing my dismay about the topic being a little dry he said I should interject a piece of my personal financial life so as to amuse the masses. "That will liven it up a bit" says he. So for those of you who have been hosed in your financial life through no fault of your own, listen up! If I can make it to the other side so can you. Hopefully you have the ability to laugh at yourself a bit. On the other hand, if you're the type of person who is so serious that you iron your blue jeans this may not be for you.

Very very long story short...... High school love, college love, got married, law school wife, wife passed BAR exam, no more wife! Yep, you guessed it! Wife gone, bills stayed.Like a challenge? Try divorcing a lawyer! An old country and western song comes to mind, "she got the gold mine and I got the shaft!"

Nonetheless I had 100% of the bills (mortgage, truck payment etc.) going out and only half of the income I had before. It was a struggle but not impossible. I covered all my obligations and dug my way out. Things went good and I even had great credit! I was even able to finance my new ATV without a problem.....but she would have the last laugh! Just after I procured my new ride I get a letter from the student loan people and guess what? You guessing? Yep, the loans were in default and since I was the co-singer they were determined to make me pay! How much you ask? 18,000 bucks! OUCH! Well I was able to rely once again on my good credit and fight my way out of yet another jam. The burning question.....how much did I have to pay? I was able to negotiate them down to 12,500. Still a sizable number but not unlivable. Sometimes I feel like I live in the Twilight Zone! All I know is, if there are dunes in the Zone I am ready.

With that out of the way lets get to it!

RULE #1: Do not and I can not repeat this enough, do not impulse buy. Salesmen get rich on impulse buys! Shop around and you will be surprised at what you can come up with! When I was shopping for my new ATV I got all the classic lines like "these are selling like hot cakes so we are not even dealing on price!" Or my personal favorite "we don't have any now because they sell right off the truck but you can leave a deposit to hold one. You better do it now as the manufacture only allots us so many a year". Now I am not saying that all sales people operate like this but......... 

RULE #2: Take your better half with you. I can't tell you how many times my wife has spared me years of payments on something I just had to have but later realized that I didn't need or even want the item in question. Men, we just have to come to terms with the fact that when we see something cool,that goes fast and has lots of shiny parts all reasonable behavior goes right out the window. Women on the other hand do not seem to be affected this way so they can help pull us back from the other side. You know,the afformentioned Twilight Zone we were talking about.

But you say, "I don't have a better half". If this is the case take a friend to keep you from doing anything stupid!

I am sure that more rules could be added to the list but these are etched in stone. Break them and pay the price! Ask me how I know........ d8^}

Ok so you have settled on the make and model you just can't live without. So how do you acquire one? Well if your well off in the cash-o-la department (not that there is anything wrong with that) go directly to your local riding area and blast away! If your like the rest of us hard workin' mugs read on! So what are your options? There are many to choose from, so let's look at a few.

You have your "Buy now and make no payments until 2000" plan. Exercise caution and check the fine print. What might happen is you may get charged for all the interest on the money you have borrowed but have not been paying on. There are a number of variations on this basic theme. Remember nothing is free so due diligence is the order of the day. One exception is the "90 days same as cash" plan. If you plan on paying off your purchase at the end of the 90-day period this is a great way to go. Be careful here, if you miss paying off the loan by one day you eat the interest. Caution: when eating interest always wear protection as it can get messy!

Most dealerships have several credit companies that they work with. A couple big names to take note of are American Honda Finance and Bombardier Capitol. I spent a few minutes talking with a finance manager at a local dealership and got the inside scoop on what's what when it comes to money. Our finance expert says the number one thing that people get hung up on is credit rating. Having good credit helps, but not as much as you would think. Right now a good finance rate would be at or near 13% with the average rate being 15.5%. People with less than ideal credit would expect to see a rate around 18% and perhaps even higher. "People don't understand what a good rate is. When I get them a good rate (13%) they get upset saying that they just bought a car a month ago and the rate was 6.5%. What they don't realize is that even though they have great credit and can get a good rate on a car, lending institutions look at ATV loans differently. Cars are a necessity and ATV's are toys. Rates are higher for these types of loans," says our finance expert.

Down payment can also be a factor. A substantial down might get you a better rate because the lender has less risk, not to mention giving you a lower monthly payment. Most lenders require you to carry insurance to protect their investment but if the down is large enough they may waive the insurance requirement. Work every angle you can and you might save some dough!

Our finance expert also warns that some of his peers might not have your best interest in mind. "Some finance departments have their favorites they like to work with. These lenders may have a higher rate then could be found elsewhere and dealership kickbacks might be the reason. Pay attention here and remember that your finance rep works for you. If he does not have your best interest in mind you might want to shop elsewhere."

Credit Unions and banks are also a good source for financing your new ride. If you belong to a credit union there might be some good things they can do for you. In talking to my credit union my finance officer said I could get an excellent rate on a secured loan. What's a secured loan you ask? It is when you offer some type of collateral to guarantee that the lender will be repaid. If you own your vehicle for example and it has a certain market value (this rules out all you gremlin owners!) you may be able to post it as collateral. In my case I was quoted an 8.5% interest rate. The only down side to using your vehicle as collateral is you have to


carry full coverage insurance. The reasons for this should be obvious. Banks (at least the one's I talked to) seem to be less interested in loaning money for things like ATV purchases. Talk to you banker and see what his take is on recreation vehicle financing. Again taking the time to check every avenue will save you money in the end. There are many options when it comes to financing your new toy and more than likely one is right for you.

So what about you out there that can't afford or even want a new ATV? Well there is hope for you to! With lots of people buying new ATV's the market is flooded with used equipment. This is a good situation for buyers and you might be able to pick up a nice ride for a good price. The Quadzilla project comes to mind. Getting financing for a used ATV might be a trick but they are ways to get it done. Talk to your financial institution and see what they are willing to do. Take your time when looking for a used ATV, do your homework and sooner or later you will find deal that makes all the hard work worth it.

Hey kid.....do I have a deal for you!

Bottom line: ask questions and be an informed consumer. Doing a little homework now will save you money in the end.

Next month we will do a places to ride piece featuring Glamis sand dune area and a ride report update. Till then.......


Now what does that sign post up ahead say?..........