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Discussion in 'Terminator Talk' started by 01trublue cobra, Sep 27, 2010.
Any one here use this option? Is it worth using?
Nothing really new about this as far as a program. Even eBay has been promoting it for months. You spend $250. or more and pay it off over 6 months with no interest. However, if you don't pay the total within 6 months you will pay 6+months worth of interest at 19.99%! I do not recommend buying anything you can't pay for in 30 days. That's being financially wise which will pay off in the long run by reduced overall debt. Don't let the lure of paying for a big purchase over 6 months lull you into having to make payments you can't afford. Hopefully we've learned some lessons since the economic meltdown, in part due to American's putting too much on their credit cards. I see this type of a program helpful IF you take the total amount, divide by 6, and know that you can afford that payment for 6 months without affecting your overall budget. If not, do yourself a favor and save your money until you can pay for it in 30 days. JMO.
Yes I have. Its great if you expect to have the money saved up and ready to pay off in 90 days. I bought my 10.5 wheels that way last year becuase I knew I was getting a check about the time it was due. Paid it off and no interest paid. I have used it at several different places for my wife and daughter. ToysRUs, AM and a couple of other places. Sign up and they will send you emails of promotions. Its a great way to save money.
Do you make the payments on the American muscle website. I prefer making payments online.
Honestly, I wouldnt use a line of credit to buy mods for my car.
No you pay BillMeLater. They have the loan until its paid off. You can search it up and read about them. I paid online directly with Billmelater.com.
BillMeLater makes money off those who find they cannot pay off the load within the prescribed time period. Those who can't end up having to pay 20% interest from day 1. So again, before you use it be sure you have the financial means over that time period (3 or 6 months) to pay it off. This is especially important if you plan on using BillMeLater for a high dollar order.
I have to agree with Bob, that in general, these programs are not a great idea financially speaking. The reason is, that shit happens, and you could lose your job, or some other catastrophic thing could occur that draws on your resources - then what? I'd say for anything mod related, it is best to save up first, then pay in full, that way if things turn ugly, it's one less thing to worry about. The only possible exception I can think of would be if your engine blew, or something on a daily driver, and you needed it fixed immediately. Other than that, it is a suckers game, like roulette inmo.
This is only for the financially responsible individuals. Don't get yourself into $$$ trouble over a set of wheels/tires or cool looking lights for your ride. Screw this up and your credit could be tarnished for years.
i'm with you on this option... :thumbsup:
Honestly, I think that as long as you know you can pay it off in 6 months, do it! There's nothing wrong with financing stuff. That's how credit is established. That's why a lot of people would rather finance a car rather then pay for it straight up. It's all a matter of how responsible you are.
Well I can pay it back in half the time, but I save my money and pay it out right. Plus I wouldn't take more than I half of what I have in my savings right now.
Save up and pay for them, credit for mods (like mentioned) isn't a good route to use.
VERY well put !! :beer:
Yes, that is a big key. But you'd be surprised at how many people lack in responsibility. As a society when we want something we find a way to acquire it. Waiting is a difficult option when there is a means being dangled in front of you. One of the reasons why credit cards and Bill-Me-Later financing are attractive and used so much. I have only used one of these "pay it over time with no interest" programs a couple of times in the last 10 years. I really do resist using them. That's because back in 2000 I made a decision to only have two credit cards and I absolutely always pay them in full each month. Haven't had a finance charge in over 10 years. And I won't change that. If I can't pay for it in 30 days I either live without it or save for it. I don't think American Express and MasterCard like me very much. I don't even pay for the cards. Neither have annual fees. And I even get money back on the Amex. LOL!
The larger the amount financed, the more careful you need to be with projecting your monthly payments beyond 3-6 months. As noted above, things could change (like losing your job or having to take a pay cut) where you might no longer have the money to pay the loan off. Or you might have an unexpected emergency expense (like a home repair) that pushes your neat budget out the window. Assuming you don't have a sufficient amount of liquid funds to handle it. And you absolutely don't want your credit rating tarnished.
Sorry I belabored the point about the ills of financing over a period of months with Pay-Me-Later type programs. Finance is part of my job here and I am keenly aware of how high amounts of credit can and have hurt families and businesses. And a nation!
I have use this option for every purchase that I made at americanmuscle and other sites. It's a credit line.
I don't want to whip out my debit card everytime I make a purchase on my work computer. Just put in your last 4 digits of you ss# and date of birth. I pay it off pretty quick though.
I'm not going to give u a Dave Ramsey speech but it's a legit service. If you don't mind credit use it. Billmelater don't report to the credit bureaus.
You pay billmelater. They send you a statement like a credit card company does. You can pay on their website. I usually use billpay through my bank to pay them.
In regard to using a line of credit to pay for your car mods (or anything for that matter) I am a big fan of it! I mean obviously only if there are perks to be had! I bought a truck last year with my Amex, gained the points then paid it off.
I do agree that you can sink quickly if you are not careful!