[DML] Re: Financing

[Scott Donnelly <oharajem@xxxx>]

No one has mentioned credit cards as a method of financing. This was my plan a couple months ago
when I had a close brush with buying a Maine Delorean - I wrote a "convenience check" to my
bank who in turn wrote a cashiers check made out to the dealer. My plan to pay the debt down was
to calculate what would be a conventional auto loan monthly payment (not the credit cards
minimum payment) based on the cars purchase price and a three or four year term and at an
interest rate of say 10%. I didn't bother to run the numbers of interest costs of conventional
auto loan vs. credit card as I planned to have it paid off in less than two years. However, with
credit card promotions offering enticing 3.9 - 6.9% on balance transfers, one could move this
credit card debt around as promotion terms expired or lock into a low fixed rate.

Scott Donnelly

PS. Never did buy the D - a non-start condition and suspicions of frame rust scared me off.
Still lurking...


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