Best way go get $5,500 loan?

NYSpeed Automotive NYSpeed Off Topic
1

So, i’ve come across something that i’d like to buy… I DO have the cash to buy it, as it’s only $5,500. But, being summer, i’d like to keep that $ in the bank incase of a rainy day…
Now I could go and get a car loan, but then i’d have to deal with putting full coverage on a $5k car…and that’s just dumb IMO.
Unfortunately, cash advances on my higher limit cards are like 15% so I’d rather not get soaked in interest either…
There are a ton of credit cards with intro 0% rates for a year, which would be all I need to pay this thing off, but my question is, how do I take my credit and turn it into a cash/check for a private car sale?

I always get those “credit checks” in the mail with like 0% for 6 months, but they are for my lower limit cards ($1500-2000)
Anyone have any ideas?

2

0% credit cards most of the time have a different interest rate for cash advances. An insecure loan is not going to be easy to get a decent interest rate.

3

use a cash advance check on a credit card.

when the 0% 6mos runs out, balance xfer it onto a 0% card.

be responsible about it and you’ll be fine.

4

^ *unsecured, not insecure. lol.

when you balance xfer to a new card it doesn’t matter if the balance was cash advance, signature purchase, korean whores, w/e.

5

Secured personal loan :gotme:

Got any bonds or CD’s worth anything sitting around? Even if someone close to you realizes youre financially responsible and you have the cash on hand, if they could front them just as collateral.

6

Also, depending on your income, you might be better off laying on the cash now and just paying yourself back strictly based upon what your loan may have been.

7

awesome, but how hard is it to find a credit card that offers 0% on a cash advance?
I know they charge like 3% fee… I’m looking on credit cards.com right now…
thanks!

8

Call up CS and ask them to bump the offer to 5k. Or, as needed use two checks. Or whatever. You can xfer the balances to your higher limit 0% / 12mo cards IMMEDIATLY after the advances post if you want to.

And don’t go opening up a bunch of new credit for no reason. Use one of these checks you mention. Even if they charge you 3% thats a pretty good rate to pay on an unsecured loan…

9

you can always pay for a car through paypal… just a thought…

10

if i had money, i would rather just buy the car with my own cash

or pay half n borrow half

11

loan sharks

12

I would be very surprised if you can find a credit card with 0% on cash advance that doesn’t have an insanely high annual fee.

13

the 3% fee is only $165 so you just have to balance that vs. buying in cash and knowing you can always sell the item.

it’s your call, you won’t do better probably.

personally, I’d probably blend… $3.5k cash, the rest from a CC would only be $60 in fees and a lot less interest if you don’t pay it off…

14

rob a bank

15

got the car for $4k. :slight_smile:
paying cash… my savings account interest is like 2.4%
LOL, the car is a better investment i think.

(I kid i kid)

edit- sedlmeier101
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16

+1 go there and tell them you need to make a withdrawl:lol:

17

What was your solution here?

I am somwhat in the same situation where I want to buy a bike but with moving and doing some things this summer, I only want to pay 1/2 in cash and 1/2 on a loan. Most banks require a 5k loan or higher to take them out I have seen. What is the best way to get 3-4k over a few years without using a credit card?

I guess taking a loan for 6k and then paying the first 3 off right away would work for some banks but seems like too much trouble.

18

paid cash.

19

Don’t do this. Either you can afford it or you can’t. If you don’t have the cash for the extra car AND what you think you need for a rainy day, then you cannot afford the extra car.