Buying a bike on a Credit Card?

[Martin6683]

Hey guys,

I was just wondering, are there many places that just let you walk in and buy a bike on your Mastercard? I applied for a suzuki card and got a 17% interest rate. My credit card is 9%. I tried to buy an 08 busa from a dealer in ohio that I found on cycle trader but he said no go on the card. Then Romney Cycles in WV says they would do it but they would add 2% fee which is fine with me but they dont have one in stock and i have been #11 on the waiting list for 3 weeks now. These guys were both charging me $10400 out the door (no tax) untill i register it in MA. Any help on a recommended dealer within 700 miles of MA that would take a credit card on an 08 busa? preferably black/silver haha.
thanks in advance.
Martin

 

[GMbusa]

Why not get a cash advance and then do a bank transfer. It may require some effort to do so, but it'll do the job.

 

[WuzzaCBXRider]

Interest rates on cash advances are usually more than double compared to a straight purchase. Anyone that accepts CCs should let you make a purchase with it no matter the amount as long as it doesn't exceed your spending limit. Most will want you to pay their CC fee (they) are charged by the CC company. Good luck!

 

[GMbusa]

The charge for the advance completely slipped my mind. Back to square one. Why not call the one dealer back that refused the card and talk directly with the manager. Tell him what's up and he'll probly help you out.

 

[Luvanicebum]

DON'T DO IT!
Have we not learned anything? Seriously. People wanting things they can not afford, no matter the consequences.

Interest rates will probably not be this low for the next 50 years, so try to get a loan through a bank or credit union.
Hell, join a credit union. But, DO NOT CHARGE a bike @ 17% or 9% for that matter.

 

[Darkflame]

If you're credit warrants you a cc with 10k on it have you thought about getting a signature loan. You can use the money to buy the bike and since it's back only on your sig the bank doesn't have a lien on the bike which means you can do what you want regarding insurance etc.

Maybe you don't need 10G's to borrow maybe just 8 or something and pony up the 3g's etc.

I think the interest would be less than 17% too.
(Edit) - Shop around too. I've noticed that banks differ in interest. I had the best rates going with credit union style banks. I went and ended up ditching my old bank and putting everything in my FCU simply because the perks were better all around. - (/Edit)

Or I am not sure if this would work but see if you can get the bike on the suzuki card and do a balance transfer to your 9% card.

If they are both the same "Visa to vista" "MC to MC" I think it shouldn't be a problem. I balanced transferred before and it wasn't a big deal. Not 11G's worth though. I always get these cards that offer me like 2% less then what I have now. I call up my CC and explain to them that I got the offer etc...They usually just change it there to keep me as a customer.

Maybe you can talk to suzuki cc company about that one.
Good luck! Hope it turns out in your favor.

 

[him]

bankrate.com has different credit card loan rates.

 

[roadthing]

Do what works best for you, and by all means keep it as simple as possible.

The Suzuki card (HSBC?) will KILL you in the long run. You'll be paying off the interest, and not touch the principal for a long time.

 

[Martin6683]

wow thanks for the informative replies guys. I spoke with the sales person and he had just spoken to his manager, his manager told him the reason they dont take a credit card is because i have the ability to tell the credit card company not to pay the bike dealer (dispute the transaction) for up to 6 months and they dont want to take that risk they said....does this make any sense? I have never called my credit card company and disputed any transactions in my life. I wanted to put it on a credit card instead of through my FCU (6.45%) because then I can do what i want with insurance (saves more money this way). I dont have much saved up only about 3k, so i need the loan.
Martin
PS this would be my 2nd busa i had a 2002 and sold ita few years ago.

 

[Narcissus]

0% transfers rule!

Seriously. Look closely at offers. Look at the minimum and maximum balance transfer fee. Lately it's 3% min, no max, but sometimes they cap the max (used to a couple years ago).

Look at the offer length and see what you can afford. If it's 0% till Jan '09, figure you have 6 months and either need to pay $1700 a month for $10K transfer or be looking for another balance transfer come December. Keep track of everything in an spreadsheet or finance program. Pay attention and note the dates.

I don't believe in paying anything more than 0% for a credit card balance. It's a lot easier to do than you might think, too. Paid for a rental house, my second mortgage on my home, a bike and two cars that way.

 

[Martin6683]

im trying to figure out if i can do the balance transfer. I called my GM Card and they said they only send out convenience checks randomly and i cant request them. However they do do balance transfer at the 9%. So I emailed the suzuki card yesterday and asked them if i could do the balance transfer like a month after buying the bike, still havent heard from them, they probabaly dont wanna hear that haha. Also I dont know if the suzuki card works the same way as other credit cards....visa discover amex......ill keep u posted on suzuki's reply

 

[Narcissus]

http://www.cardoffers.com/partners/links/cpa/all.asp?tempid=271708


BTW, if you're worried about credit scores, your score will dip after a transfer, but only for a few months and comes back as you pay off the balance. If you don't plan on buying a house or getting a car loan in the immediate future, don't worry about it.

 

[BlueHaya]

I put $9,000 of my bike purchase on my cc. Then paid it off when the bill came.

They were not going to tell me no since I had to remind them to take my payment, I had all my paperwork and everything. I almost got a free bike, they might have caught it at month end.

 

[GA_boi]

Do what works best for you, and by all means keep it as simple as possible.

The Suzuki card (HSBC?) will KILL you in the long run. You'll be paying off the interest, and not touch the principal for a long time.

+1 I bought mine on a Suzuki card. After a year I found that only 50 a month went to principle. Thats a 100 a month just in intrest. I took out a private loan from the bank, paid the card off and now have the title and just make a payment to the bank. I got a better rate but a higher payment but that will keep me from having to pay for the next 8 years.

 

[BlueHaya]

...oh, and I used my Cabelas CC so I got $90 in points to spend on hunting gear.

 

[BayBusa]

<div class="iF-Passage"><div class="QUOTEHEAD">Quote:[/Quote]<div class="QUOTE clearfix"><span class="quoteBegin"> </span>
Hey guys,

I was just wondering,  are there many places that just let you walk in and buy a bike on your Mastercard?  I applied for a suzuki card and got a 17% interest rate.  My credit card is 9%.  I tried to buy an 08 busa from a dealer in ohio that I found on cycle trader but he said no go on the card.  Then Romney Cycles in WV says they would do it but they would add 2% fee which is fine with me but they dont have one in stock and i have been #11 on the waiting list for 3 weeks now.  These guys were both charging me $10400 out the door (no tax) untill i register it in MA.  Any help on a recommended dealer within 700 miles of MA that would take a credit card on an 08 busa? preferably black/silver haha.
thanks in advance.
Martin[/quote]As long as you pay of the credit card immediately afterwards . . .

I assume that you are doing this to get the 'points' or whatever program is associated to your credit card.

Dealers (and all sales transactions) pay a percentage to the credit card, often between 2% and 3%. So you offering to purchase using a credit card is asking for a discount of around $300. Offer him to pay this as well.

Transactions over a certain limit (depending on card usage) trigger 'red' flags and dealers may get caught in the middle - they transfer title, but the credit card is fraud. Not a good situation.

Show you credit history to the dealer, show him how long you have stayed at your current address. If he trusts you he will take the credit card.

If it is not about the 'points', offer a cashier's check, or a regular check that the dealer withdraws. A regular check will delay thinks by about a week, so the dealer knows that the check was cleared and was good.

 

[DaCol.]

I tried to buy my 06 Busa on my Mastercard (for points mainly) but the Dealer couldn't give me the same GREAT DEAL he offered me for cash. Why

, because of the Card Fee they are charged by the Company. So, I just paid cash. Done Deal

 and I rode away

.

Now I hear that on the East Coast alot of Service Stations will NOT accept Credit Cards

 for Gas. DEBIT Cards, OK, Cash, OK, but NO Charge Cards. Why

, again the Credit Card Companies are raising their charges to the Companys who accept them and a slim profit is lost.
I know, our Charge Cards we accept have just been raised to 3% of the sale. The reason is because of SO MANY Maxed out Cards with people who can't even pay the min now. Geezzzzzzzzz, when you live above your income, what do you expect to happen. I don't feel sorry for them, and I resent being charged by my CC Company for their nonresponsibility for their bills.  

 

[DC TONY]

Hey guys,

I was just wondering, are there many places that just let you walk in and buy a bike on your Mastercard? I applied for a suzuki card and got a 17% interest rate. My credit card is 9%. I tried to buy an 08 busa from a dealer in ohio that I found on cycle trader but he said no go on the card. Then Romney Cycles in WV says they would do it but they would add 2% fee which is fine with me but they dont have one in stock and i have been #11 on the waiting list for 3 weeks now. These guys were both charging me $10400 out the door (no tax) untill i register it in MA. Any help on a recommended dealer within 700 miles of MA that would take a credit card on an 08 busa? preferably black/silver haha.
thanks in advance.
Martin

Try Martinsburg Motorsport in W.VA they will blow any dealers right out the water. I dealt with Romney Cycles back in 2001. Martinsburg Motorsports concerns are moving quantities of bikes. Check them out.

 

[Max Speed]

Not to be a jerk here but.... Credit card? why.... Ya going to put the bike on a card then put it into someone else's name and and that way it will not exist as a personal asset. Then go bankrupt? That is the only reason to buy something at high interest rate.

OK OK call me a jerk.....

 

[SANDFLEA85]

when i got my bike i went online and filled out an app,and banks competed for my business,i had a ck from a chase bank out in CA by the weeks end,think it was like 5% intrest,i dont know,i paid it off in a yr