I'M LOOKING TO PURCHASE A MOTORCYCLE THAT'S WHY I ASKED.
2007-04-04 13:12:49 · 6 answers · asked by Anonymous in Cars & Transportation ➔ Buying & Selling
There are other issues to consider rather than if you can. It's a big hassle for both you and the business if you spend that much cash. you both have to fill out forms for the IRS. This is a law put into place recently to stop money laundering for terrorists. Expect a background check and a credit check. It's just a big time red flag for many businesses, especially if you are a first time customer with a ton of cash. A better option is to use your bank to transfer your funds. You can go as far as bringing in a print off of your current bank statement and work with the seller to meet your terms if you don't want to finance.
If you can get a really low finance rate, one that's under your current bank account rate go for it. deposit your cash and make a bit of money on your cash. Think about it, the banks just want your money, if you can work a deal to get a rate of %0 for a year, or a low %2.5 option, and your bank gives you a %3-5 rate, why not milk the extra %0.5-2.5. Something to consider.
2007-04-04 13:32:16 · answer #1 · answered by Adam F 4 · 0⤊ 0⤋
it all depends. If you were just to pay 10% downpayment and finance the rest, what is the interest like? Do you know what to do with the rest of the 90%? Do you have any investment tat will generate you more % than the interest? If you do not know or no sources on investment, pay off the motorbike and save on the interest....otherwise invest in a higher return investment that can pay your loan and have additional income for yourself :)
2007-04-04 13:18:39 · answer #2 · answered by Linus N 2 · 0⤊ 0⤋
There will be some debate on this I'm sure. Myself, I like to pay cash and not have to worry about the payments and I don't like paying the interest. Eapecially since it is not tax deductible like on a house.
2007-04-04 13:17:25 · answer #3 · answered by Fordman 7 · 0⤊ 0⤋
If you are trying or need to build your credit, finance it but if you dont need to then cash would be the way to go =)
2007-04-04 13:23:05 · answer #4 · answered by tinker_07 2 · 0⤊ 0⤋
I financed my car
then paid it off in 2 months to increase my credit worthiness/credit score
2007-04-04 13:20:40 · answer #5 · answered by Mopar Muscle Gal 7 · 0⤊ 0⤋
Money talks! Walking with cash in hand will get you a better deal.
2007-04-04 13:19:54 · answer #6 · answered by stayc 4 · 0⤊ 1⤋