What I've done is get a "line-of-credit" loan from my long-time credit union
for 15k. I have checks that I right against it. If I find an interesting car
that I want to buy. I already have the loan, I can write a check (if they
don't accept checks, but will accept credit cards, I put the car on American
Express, then pay off AMX with a line-of-credit check). This works great,
the interest rate is a little high at 11%, but since I usually only spend
$5k or so on it, it works fine.
Another tip is to find a good credit union. Mine will give me good loans on
older cars, for instance, they gave me a car loan for my '88 Porsche, even
though there policy is to not do loans on that old of a car (10 years when I
bought it).
-----Original Message-----
From: RobMGB@aol.com [mailto:RobMGB@aol.com]
Sent: Thursday, October 22, 1998 4:00 AM
To: mcarter@score.com; mgs@autox.team.net
Subject: Re: Getting a MGB
In a message dated 10/21/98 3:20:44 PM Eastern Daylight Time,
mcarter@score.com writes:
<< Other than taking out a second, any other ideas? >>
second as line of credit is good idea. Tax deductible and flexible payment
plan. not only can you finance purchase but also come in handy for major
repairs.
robmgb
74B
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