TYM vs Yanmar

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I've been reading about car financing and saw that dealers often push financing because they get a kickback that allows them to sell for less, if financed.

So for the customer, if you actually can afford cash, its important to see if the contract allows paying off the loan early. That might get you the best price of all.

Usually, auto dealers were making 1% for financing.
Seldom is there a pre pay penalty on low percentage loans and I wouldn’t rush to pay off a low percentage loan if my money can work for me elsewhere.

 

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I had a financial advisor once who wanted me to leverage everything and invest everything. Even down to an interest only home loan.

My personality doesn't rest well with owing anyone anything. So, we went through life only paying things in full. Including our last home, property, tractor, cars...

Now, I am good at math. So I understand interest and ROI. I also place value on risk and peace of mind.

Now, we have averaged 13% in the market for a couple decades. I might have been more wealthy if I had leveraged my life. I might have also spent a lot more, knowing I didn't have to have the cash to buy it at the time.

I have a lot of peace of mind. I retired early. Maybe I'd be more wealthy. Not sure the anxiety would have been worth it.

Definitely about how a person is wired.
Im aware of guy as a prime example.
He had a $5000 fuel bill coming up that he didn’t have the money for so he took the money he had and went to play 21 at a casino.
He parlayed his money into 20 grand and started what we now know as the FedEx company.
A commonality of big money ppl is their greater risk tolerance.

 

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You cannot be legally required to get THEIR insurance, you just have to be covered for the collateral on the loan...just like any other collateral based loan.

Also,
Some manufacturers’ insurance is more comprehensive. Ours covers mice damage.

 

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This is exactly right.

I had been shopping Kioti, LS, Mahindra and TYM sub compacts. Every one of them with the low/no interest for a zillion months deals required loss/damage insurance, plus you will pay near MSRP prices since the low interest loan is in lieu of any rebates or discounts.

I didn't even price what the insurance would cost. All I know is the $16k all-in out the door price I paid for my little TYM T224 with FEL and 54" MMM would have been $20K+ financed, not including insurance costs for the duration of the loan.

Financing is really purchasing time.
Time is a commodity no different from a sack of grain.
It all Depends where the hunger lies.

 

[WM75Guy]

We use credit wisely. Kubota offered 0% for 48 months or $300 cash discount on our RTV-X purchase. The $15,000 financed will make $600 annually in our money market account. Payments are made out of monthly cash flow, not pulled from the money market account, so it made sense to finance it. Insurance wasn't an issue as all of my equipment and tractors are insured, financed or not. Kubota Finance accepted my Texas Farm Bureau insurance in lieu of KTAC insurance.

 

[JTKub]

You cannot be legally required to get THEIR insurance, you just have to be covered for the collateral on the loan...just like any other collateral based loan.

The only make I shopped that mentioned damage/loss insurance was available through the manufacturer was Mahindra. Those details never came up with Kioti, LS, etc.

Times have changed. In my younger days, I would take loans out for personal water craft, snowmobiles, etc and no insurance was required back then, for the loan or otherwise. This was 25+ years ago.

I know everyone's situation will be different, but insurance is out of control in the PR of NY. My auto policy is $8K/year as I cover my 19 and 21yr/old sons on my policy (they pay me) along with the bride and I. 4 low cost vehicles, only 2 with collision coverage. Home owner's insurance goes up every year. I'm in the ~$1600/yr range for that as well.

I was recently bounced off of NY Central Mutual for filing two deer hit claims and one glass claim in a 24mo period. I had quotes as high as $13K/year during that shopping fiasco for a replacement policy. My 23yr/old daughter went off on her own policy (she moved out of state), which dropped me from 5 to 4 vehicles.

 

[JTKub]

Financing is really purchasing time.
Time is a commodity no different from a sack of grain.
It all Depends where the hunger lies.

I'm with you. Everyone has their own belief system and needs at the time. I actually took a 401k loan for my little TYM T224. I'll be paying myself back weekly.. for a lot of weeks at relatively high interest.

You have the Dave Ramsey followers and you have everyone else. LOL

 

[CloverKnollFarms]

I'm with you. Everyone has their own belief system and needs at the time. I actually took a 401k loan for my little TYM T224. I'll be paying myself back weekly.. for a lot of weeks at relatively high interest.

You have the Dave Ramsey followers and you have everyone else. LOL

Dave Ramsey team actually wrote an article about our family