Credit card or financing
- Thread starter Rongotti
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BigDawg_03Busa
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No significant difference as it relates to how they affect your credit score. Harder to get approved for a Credit card as it's just like a department store card. You buy a Busa and some accessories, pay the Busa off, buy more accessories and charge it. With financing, you're paying on a loan, once the loan is paid off no more contact unless you want to go through another credit app. If you can get the credit card go for it man, you can use it over and over as long as you make payments on time.
It's highly unlikely you'll get approval for 0% financing on $10,000+ charge. It'll be harder to get a credit card company to let you charge that amount. But if they will for you, go with the lowest intrest rate(no real difference between loan or credit card).
Be careful though, make one late payment on C.C. and you'll lose your intrest rate(especially 0%). Just one late payment and your intrest rate goes to 20 something percent. Loans are less risky in that regard.
Be careful though, make one late payment on C.C. and you'll lose your intrest rate(especially 0%). Just one late payment and your intrest rate goes to 20 something percent. Loans are less risky in that regard.
jumbo
Registered
I would go for the loan not the credit card. Reason the loan will be paid off in a set amount of time say 60 months. The CC will have a minimum payment of only the intrest if you wanted to. Unless your really good about making the full payment it could be easy to make only the min payment and you will be paying for it for ever. Unless the CC has a much lower intrest rate and you will make all the payments stay with the loan. just my .02
I put the whole thing on my air miles card and then paid the card off with a loan from the bank.....................might as well get halfway to a roundtrip ticket and a month with no payments!!!!!!
Thats's not necessairly true. I just got a card for around that amount with 0% interest for several months. then it goes up.. Alot of banks are doing the 0% percent for 6-12 months. As a matter of fact I'm thinking about doing the same thing.
Rongotti
Registered
I think I am leaning towards the load bs the credit card. We went to buy our wedding rings from Kay jewelers the other day and I got approved for $4,800. Any one know if that is good or not? I dont know how that compares to a bike loan but I guess we shall see. I am heading over to the jacksonville zuk dealer today, compare some prices there and in st augustine and see who is going to give me a deal.
BigDawg_03Busa
Registered
Yeah bro that's pretty friggin good. I was under the impression you were talking about a Store Card like Dezzy mentioned the Suzuki Card. If you're talking about a credit card (ie master card or visa) that's different. Yeah major responsibility comes into play. I don't think that would be a problem for you as it seems you've got your credit in check. Keep the fam posted.
BD
Rongotti
Registered
Sorry, I was reffering to the zuk credit card, I was just using the kay as a refference point. I am always nervous when applying for credit lol scared of rejection I guess. Just didnt know with my school loan, jeep and credit cards if maybe i had "to much credit out". But I was thinking that $4,800 wasnt bad from a jewler so $12,000 from suzuki shouldnt be out of the ?
I am glad you stated Suzuki card. In most states it is not legal to purchase a new automobile with a CC.
No, but you can get cash and pay that way.I am glad you stated Suzuki card. In most states it is not legal to purchase a new automobile with a CC.
That's how I did mine. I often get low interest check offers with no fee. I did a transfer to my account, got cash the next morning and bought it cash later that day.
As an added bonus, you have the option to not get full insurance if you don't want it.
Another drawback, though, is that interest payments are calculated month-to-month, instead of being constant for the duration of the loan. So, as stated above, if you fall into the trap of paying the minimum, you will pay a lot more in interest payments.
The ideal thing is to learn delayed gratifaction. Invest and buy all cash when you have a surplus of savings. I wish I had done that four years ago, instead of buying and shortly after losing my business cash flow.
I have awesome credit and it would be very hard to find a C.C. that would approve a CHARGE of $10000+ at 0% for more than 6months. Not saying impossible but you'd better have perfect credit. Also, just 1 late payment and that 0% turns into 20 something % instantly. Definately read the small print.
DaddyPhatSaks
Registered
all depends on finance charges and interest rates , if you can get a loan from your personal bank at a fixed rate lower than a credit card that would be the best way to go , cc's screw people's lives up so if you use a credit card be wise about it and check for all the little hidden charges they hit you with . yea , being approved for 4,000.00 at a jewelry store is pretty good but whats more important busa or rings? right now ? cuz more you have on your credit the lesser the poissiblities there are for getting one or the other , meaning if you got 4g's wrapped up in rings then try to get a loan on bike unless your debt to income ratio is great then i wouldnt see a bank giving you a loan but if you get the rings with a cc and then buy the bike with a cc ( i wouldn't do it ) but having both on credit cards thats a wee bit much for my taste but i dont know your income so i guess its up to you . rings = credit card from jewelry store bike = see about a loan from your bank
Last year I bought a 2003 Yamaha Raptor with the Yamaha cc also purchased exaust as well as some other mods and some riding gear (4 wheeler related).
My experience is with a minimum payment of $39 if I make a payment of say $100 they have different catagories of payment and they choose what goes where. For an example of the catagories:
#1 Wheeler
#2 Mods
#3 Gear
You get the pic. I am not sure if the Suz. card is the same. Let me just say I will never again go the factory cc route personally.
My experience is with a minimum payment of $39 if I make a payment of say $100 they have different catagories of payment and they choose what goes where. For an example of the catagories:
#1 Wheeler
#2 Mods
#3 Gear
You get the pic. I am not sure if the Suz. card is the same. Let me just say I will never again go the factory cc route personally.
GeebMan
Registered
I did the credit card deal last year. 10K out the door with 0% apr for the first 6 months. Once the 6 months was over I did the balance transfer to another card with 0% til August. Then I'll just tranfer it to a different card again. The credit card shuffle. No interest paid on it at all.
You just need to be careful even with 0% offers. Unless it specifically states that it has no transfer fee, on $10K, that can be as little as $50 and as much as $100 or even more.
What the big print giveth, the small print taketh away. But as long as you read both and do a few calculations, you will be fine sorting the real good deals from the 'wool-over-your-head' deals.
What the big print giveth, the small print taketh away. But as long as you read both and do a few calculations, you will be fine sorting the real good deals from the 'wool-over-your-head' deals.
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