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Discussion Starter #1
Has anyone had a balance transfer to a 0% apr credit card???
Give you 12 months to pay off some of the loan until the end of 12 months when you could just transfer again....
plus you would "own" the bike, so you could just do liability and save even more money there...
 

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I would do it, just keep transfering until the loan is paid off, plus you will have the title to the bike and if you decide to sell it later, there wont be a hassle of waiting for the title and you can save some money at the same time.
 

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Discussion Starter #4
i dont see how it would, as long as you made payments on time.
Honda wont tag me for paying them off. Neither would the credit card....
mmmuuuuwwwwaaaahaaa, my plan is foolproof! :twisted:
 

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transfering balances is a red flag to the credit industry I believe.. Not sure what time period is considered a red flag though.
 

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usually those 0% offers are if you transfer other CREDIT CARD balances...not loan balances. just make sure that is the case before you do the transfer. if you can get 0% w/ the loan transfer, absolutely do it, just make sure you dont get yourself stuck payin 22% or something. find out how long you have to pay off the transfer. if its unlimited....it seems like a pretty "risk-free" transaction...just double check all the details first
 

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Transfering balances is definately a negative on your credit report. Long term stability is as important to your credit as making payments. I would only do it if i were going to try to pay the loan off quickly using the 0% interest.
 

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i took out $2000 on a credit Card Cash Advance check and used that money to pay for my bike. I put $6500 cash and $2000 from the Cash advance. So in turn i payed my bike off in full using cash. I only payed liability and it worked out for me! You should try it!
 

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sometimes Credit cards offer 2.9% APR on such cash advances. Its still better than paying off a loan. Less APR, you own the bike, and you can just get liability
 

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Discussion Starter #11
I did a little bit of homework, and it seems like transfering the loan to a credit card won't work. if i had bought the bike with a card that would be different.
i think i'll end up just keeping my honda loan........
they only make 1,500 off me over 5 years if i pay the minimum, not bad
 

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Hold on. 401k loans are a really bad idea.

http://moneycentral.msn.com/articles/retire/basics/4714.asp

Also, if you make your payments on time, there's no "negative" affect on your credit. Having a large outstanding balance (which you'd get from transferring this thing around) will affect your ability to get new or additional credit, but that's not becuse of the transferring... it's because you've used the credit. Opening lots of new cards, without closing the old, will also adversely affect your credit.

That said, I successfully did this when I bought my RR. I purchased on a card which got me miles, then 30 days later, transferred to another card which I get 0% on until May. I had the cash already saved and I'll just pay it all off in May (unless I decided to open another account... which I probably won't since I already have 2 cards).
 

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Defnitely don't take a loan against your 401(k)....very bad idea. Pretend that money doesnt exist until you are age 59.5
 

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If you're looking to get lower rates, the best thing out there right now is a "prime equity line". But you pretty much need to be a home owner to have one of these. PEL rates were 4.75 last week, but just got bumped up to 5 this week. There will be a slight variation depending on the bank, but not much.
 

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nutz said:
I bought my bike with a credit card. I got 1.9% for the life of the balance. No bank could beat it.
Thats an excellent rate! However, if you're credit is good enough, there are plenty of credit card companies that are willing to issue 0% interest credit cards! I'm not there yet!!!
 

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I could have got a 0% but those rates expire. the 1.9% is good for the life of the balance, and with interest rates on the rise I didn't want to gamble with a temp rate.
 

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You actually can get a 0% fixed for life credit card, but people who qualify for them are few and far between. Almost anyone can get a 0% intro rate.
 

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Some credit card companies will send you checks you can use to transfer balances. You could use one of those checks to pay off the loan. Call your credit card company to see if they can make those checks available to you.

I got one of those checks @ 2.9%APR, deposited $5k to my account, then transfered that credit card ($5k) to a new credit card account at 0%APR <--that sounds redundant, doesn't it?

Anyway, I added $2.5 to the initial 5k and paid cash for the bike. The 5k are almost paid off already.

I don't use those transfer offers very often, but I have done it from time to time. I haven't seen any adverse effects on my credit...last I checked, I was in the high 700's. Main thing is keep making your payments on time.
 
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