Do you invest your cash? You should consider returns on your money before spending it. If the earnings outpace the interest you'll pay on an auto loan, do the loan. If not, you're not investing well. Err- If not, find a creative way to use your cash that nets you some rewards, such as the CC scheme you mention.
Just know that you can't BT from a Chase card to a Chase card. So you'd need to use someone else's card and then BT to a Chase Slate.
23 years old.
(Assets of $120,000, Liabilities $153,000)
If you'd like to respond that you're 40 with a NW of $1MM, it really doesn't matter.
Smart people have self control and can plan logically. If you can't control your spending, save your money, and exercise a good plan of borrowing vs investing, you won't have your money very long.
I am 23, own my own home, have a decent job ($47,000/yr + bene's) and a small business with revenues around $275,000/year (NI of maybe $55,000). I plan effectively and am admittedly over-leveraged because of student debt. I earn more on my money than I pay in interest on any of my debts, so they only see the minimum payment every month. Around this time next year, I will no longer be too highly leveraged based on my long-term outlay. I save much more than I spend and hold my cash as long as possible to grow it.
Well op we need a lot more information first, how's your credit score? What car are you buying? How soon do you want to pay it off? If you total the car in the next twelve months, do you have the cash to pay off the credit card?
If your credit is good enough to get 20k in cash advances, you should be able to get an auto loan for under 3 percent for up to 72 months. Go to a few local credit unions, check out PenFed, hit up a bank if you're feeling rowdy. It is smart to have your payment for the car taken care of in advance so you can negotiate a cash price at the dealership. At that point, it doesn't hurt to see if the dealership can get you better financing, sometimes they can, but trying to bt money out when there is dirt cheap money available for a secured loan is just dumb.
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I'd knee jerk tell you to look at banks but dealers are often easier to deal with (for the entire project.... easier to have 1 dealer than 1 dealer + 1 bank and coordinating things yourself), and they may offer better loan terms, or some sort of tradeoff (e.g. 0% interest or $X off the car, etc).
The discussion here is, though, what many threads wind up being - put your $$ towards the highest rate. In this case it means if you can get better returns via investment than the rate on a car (which you have a good shot of doing since car loans usually have very low rates), then invest the cash and take the loan.
The other consideration is this - let's say you get in a bad spot in the near future - if you put a big chunk of $$ toward a d/p on the car (or full payment), that's money you won't have later. If you invest it, however, you'll have a larger loan balance but cash in the bank. IF you're in a cash crunch, having lower outstanding loans won't do anything for you but cash on hand will.
It's a local credit union, 3% back on up to $25k balance, then it's like .02% on anything above $25k. Some stipulations like 12 debit card uses, direct deposit, and using billpay (all of which we use consistently). They also reimburse up to 20 ATM fee's that we use outside the network.
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