Posted on May 26, 2010.
Should I finance a purchase used boat with my% rate credit card interest 0 or obtain a loan from a bank at 10%? I'm considering buying a used boat which is over 15 years. I look at the best way to finance the purchase and need input. The loan I have is a student loan for $ 4K and the credit card that I had a balance of $ 11K with 0% interest for 6 months, then a rate of 8% thereafter. I have some credit cards other than to send me checks for access to rights and interests of 0% for a year that I could use to finance the boat. I would use $ 11K in access control to the financing of the vessel at 0% interest on a second credit card to increase my credit card debt to $ 22K with 0 interest for a while, then 8% over the last two. However, I think I can pay these cards before interest comes in. The second option is to get a boat or a personal loan for $ 11K and pay interest of approximately 10%. I intend to repay the loan as quickly as possible. My question is, do I finance the boat using $ 11K of credit card 0% interest or get a bank loan?
I did the thing on my credit card used car ... my rate was 4.9% ... it was cheaper tjhan a loan used car. Consider this make sure that no rate is a variable rate and make sure you are never late on payments because your interest rate can go up to 30% with a late payment! Remember that you can do Alwy a balance transfer if you have a better credit card offers by mail!
If you can pay credit cards before it returns any interest, I would like to take this route rather than a bank loan of 10%. I would like to focus on the repayment of any debt my front, I went a boat well.
If I were you, I use credit cards to pay for the boat why pay more for the interest. 8% is still below 10%.
