Is Polaris financing on the Polaris star card the best financing for you? Discover the advantages and disadvantages of Polaris credit card promotions.
Polaris has entered the world of motorcycles with its Victory motorcycle line. There is not a doubt that Polaris makes great motorcycles, ATVs and snowmobile products to support an adventurous lifestyle, but is Polaris financing right for you?
Polaris financing has both installment and Polaris Star card financing for each of its product lines (ATVs, motorcycles, snowmobiles). Many people do not realize that Polaris financing has installment loans because the majority of Polaris credit card promotions are heavily focused around its credit card labeled the Polaris star card.
The Polaris star card is not a credit card issued by Polaris. The actual credit card is issues by Household bank, Polariss business partner. Therefore, your payments and servicing on your Polaris star card are all done by Household bank.
Polaris and other motorcycle manufacturers have started focusing heavily on private label credit cards like the Polaris star card. The reason for this is that it is easy to offer introductory low interest rate promotions and at the same time allow customers to easily make add on purchases in the future. It is also much quicker for a dealer to process a Polaris credit card transaction than a lengthy installment loan contract.
However, just because companies like Polaris will try to persuade you to finance on a credit card this does not mean it is the best alternative for you. Many people find that a regular installment loan through a bank, credit union or online motorcycle loan provider is a much better option. The reason for this is that an installment loan can offer a fixed interest rate for a longer term.
To understand why installment loans may be better, you have to look into the details of the typical Polaris star card promotion. For instance a Polaris star card promotion on the Polaris credit card may be a reduced rate of 3.9% APR for 24 months. This appears to be a great Polaris financing promotion, but what many people fail to realize is that after the 24 months the interest rate will increase to 17.9% APR for any unpaid balance. On the other hand, an installment motorcycle loan through a bank, credit union, online lender or Polaris financing may have a higher interest rate like 7.5%, but the rate will remain fixed for as long as 72 months.
To determine if a Polaris star card promotion will benefit you ask yourself if you can pay off the motorcycle, ATV or snowmobile within the short promotional term. If yes, you should take the Polaris star card offer. If no you should highly consider an installment loan though your bank, credit union, online lender or Polaris.
For interest rates between 3.9% APR and 7.5% APR you can used the following calculation to get a quick estimate of the monthly payment required to pay off a motorcycle, ATV or snowmobile on a short term credit card promotion (for an exact payment amount make sure you use an online payment calculator):
- $20+ (Purchase price / Term)
For example, this is the estimated payment for a Polaris credit card promotion of 4.95% APR for 24 months on a $7500 motorcycle.
- $20 + ($7500 purchase price / 24 months) = estimated monthly credit card payment is $332.5
The actual monthly payment using an online payment calculator is $328.70.
Polaris financing on the Polaris star card is one option for financing your new Victory motorcycle, but if you can not afford to pay off the loan in the short promotional term you may wish to seek an installment loan with a fixed rate for a longer term. Try these online motorcycle loan providers to get instant quotes on fixed rate installment loans.
Polaris Star Card - Polaris Financing - Polaris Credit Card
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Be sure you check all three credit reporting agencies (Experian, TransUnion, Equifax).
72 Month Motorcycle Loan - Watch Out For Higher Rates
Consequently, you are paying very little towards the principal on your loan during the first 36 months. If you are forced to use a motorcycle lender that charges a higher interest rate for longer terms, use your credit history to polaris financing negotiate a better interest rate.
No Credit Check Motorcycle Loans - Find Motorcycle Loan Lenders Online
While no credit check motorcycle loans are difficult to find, getting an online motorcycle loan is simple. You will want to look for low interest rates and terms that meet your needs. The reason is that each time a lender runs your credit report, it lowers your FICO credit score. This can result in polaris financing you not being approved. Are you looking for no credit check motorcycle loans?
