Boat Loan Bank Rates
Should I finance a used Boat purchase with my 0% interest rate credit card or get a loan from a bank at 10%?
I'm thinking about buying a used boat, which is more than 15 years of age. I'm looking for the best way to finance this purchase and need some input. The only loan I have is a student loan of $ 4K and the credit card I have has a balance of $ 11K with 0% interest for the next six months, and then a rate of 8% thereafter. I have some other credit cards, they send me the access checks with 0% interest for one year and I could use to finance the boat. I would use $ 11K on a check access to finance your boat at 0% interest on a second credit card which would increase my credit card debt of $ 22K with 0 interest for some time and then 8% in both eventually. However, I believe I can afford these cards before any interest kicks in. The second option is to take a boat or a loan personnel for the $ 11K and pay about 10% interest. I would like to pay the loan as quickly as possible too. My question is, should I finance the boat $ 11K using Credit Card with 0% interest or get a bank loan?
I did the credit card used in my car … My rate was 4.9% … was cheaper tjhan a used car loan. Consider this, make sure your rate is a floating rate and make sure never late on payments because your interest rate can go up to 30% with a late payment! alwys remember you can do a balance transfer if you get a better offer card credit in the mail!
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