Financing equipment with a credit card?

A stupid idea for a lot of reasons, one is when you have a problem with the truck where does your income come from to cover those bills?

I mean you think these companies are going to say they will waive a payment or two or three then not force you into a 25% or more interest rate?

What's your cash advance interest rate by the way, I'm betting that it ain't no 0% or even under 10%.

And there is something else about credit ratings and if you need to get a loan, a lot of junk credit can hurt you, especially if you max out card quickly, then like the above problem the truck breaks down or you have an accident or something else happens which takes that revenue out of the picture so you can't make payments, you will have a hard time getting a loan to get out of the situation.

ALSO just thinking about it, do you know how the credit card system works in our country?

 

I hit my high beams & can see where this is going. I did fly to Chicago once and picked up a brand new Volvo for Werner, Paid with a corporate Visa. Got a Hotel room too. Too bad the dash fell out in less than 10 miles. When I stopped I took out my wallet, & kissed the Pic of my old Freightliner.

 

The thing you also have to factor in is if the company you are going to buy the equipment off will let you purchase on credit cards. There is a 3+% interchange fee that they have to pay and many will not stomach that on 35k worth of equipment. It is the reason you can't buy a regular car with a credit card.

Go the line of credit route. There will be too much fine print on those 0% on balance transfers. If you don't pay it off in the time frame they usually back charge you interest on the outstanding balance for each month plus it is also then considered a late payment and your credit score will take a dive as you will have late payments on record for a year or more on 30K of debt. You won't be able to get another card for many more years.

 

0% for the first year is a win, especially if you can be disciplined enough to make payments. With a traditional loan the interest hits you pretty hard the first year.

 

We must go to different dealerships. The ones that I have seen that will accept them will make you pay the interchange fee so you are going to be paying more for your car or there is a limit, usually your deposit. I haven't been in one in a few years. I drive my cars until they don't go any further rather than change them every few years.

 

5 Beers into a great night. I am home. Ok I always rely on ME. I don't put YOUR pants on in the morning. I was told many years ago I won't make it. One of the coolest things you can Say to me, is YOU can't do it. I keep my mouth shut, and prove them wrong. All their saying is They can't do it, and want to include YOU.
That is how the Dog caught the car.