I apologize for my lack of knowledge as I wasn't ever taught this... From what I think it is, financing is when you pay the fee monthly with interest, and you are only eligible if you have a good credit history. So say you were purchasing a bike with the sales price of $6000, and the dealership demanded an interest rate is 4% for a 12 month period. So would you have to pay $520 a month ($6000/12=500 x 0.04= $20 + $500= $520)?
And there is an interest rate because the dealership is allowing you to pay a monthly rate instead of buying the whole bike...
Is this what financing is?
And is financing a better option than buying the whole bike and owning it forever?
And there is an interest rate because the dealership is allowing you to pay a monthly rate instead of buying the whole bike...
Is this what financing is?
And is financing a better option than buying the whole bike and owning it forever?