I am thinking of buying a 1972 VW Beetle. Cost will be around $2500. Hoping I can talk him down lower. Well I will have to get a loan. Or today I got a thing from my credit card. Credit card access checks and it says "Extend your new 0% APR through Febuaray 2006 on balance transfers and access checks."

Now I was considering using one of these. But doesn't this mean that after Feb 2006 the APR will go up? I've never used these before and was just wondering.

Moving thread to Finance Discussion forum.

Now I was considering using one of these. But doesn't this mean that after Feb 2006 the APR will go up? I've never used these before and was just wondering.


Correct. It's usually xx% plus prime.

I would call your credit card company and ask them, what's my normal rate after the promotional APR expires?

I would also check with your credit card company to see if there are any fees associated with using those checks. I believe there are some associated with cash advances and checks but I've never done either.

well I just found there is a $75 dollar fee to use the checks. Why do they charge so much higher rate for getting cash from your credit card?

I'll give them a call. But I will probably go with a car loan afterall.

If you finance your vehicle, since there will be a lien holder they may require full coverage insurance.

Just something to consider. With those cc checks you own the car with a free and clear title.

Oh wow didn't think of that. I guess I better call and get a quote on the insurance anyways. My parents have offered the money but I thought getting a loan might help my credit rating.

but I thought getting a loan might help my credit rating.
If you're approved yes it should help. Assuming you make all your payments on time of course :)

First call and get an insurance quote.

We just came back from driving it. The transaxle is whining but my dad talks like that isn't a big deal. He says I won't find one in this good of shape for $2500.

He said I could just get a personal loan and not get a car loan. I'm not sure I could get a personal loan. My parents said if I didn't buy the VW they would LOL They said just to go ahead and get it through the credit card and if I don't have it paid off by Feb 06 then they will pay off what is left and then I pay them back.

He said I could just get a personal loan and not get a car loan. I'm not sure I could get a personal loan.
You're right and it depends on your credit history and debt to income ratio. If everything is perfect then I'm sure borrowing $2500 on a personal loan wouldn't be that difficult. Personal loan rates are around 14-17% so that's something to keep in mind. You can always make larger payments and pay it off sooner, saving interest.

This won't be a daily driver, or will it?

No it won't be a daily driver. Its really close to original so I am going to finish restoring it. It is a 3 owner car. Pretty rare for VW Bugs I think.

Well I called the guy and told him I would take it at $2500. That is the price without the Empi wheels. They kinda look like porsche sporty wheels. I don't like them so he is putting on the originals. He didn't want to take one of my visa access checks. He wants a cashier check. I told him I would have to put the money in my bank account from my credit card and was unsure if it would be in there tomorrow. He said as far as he was concerned it was mine and he was in no hurry. He would park it under the garage.

I called Wachovia tonight. They said the money transfer would be 0% until Feb 2006. AFter that it will be the regular 10.9% not the 18% rate. I'm sure it will be paid off by then but that is great news to hear. Well I did the transfer from my credit card to the bank account. She kept calling BB&T... BK&T?? Gave her the routing and bank account numbers. I hope she got this right. Said there would be a $75 fee and it would take from 3 to 6 days! Wow I was surprised by that. I thought it would be like 2 days at the most. But I guess they double check information.

So I'm going to call the guy tomorrow and tell him the deal. I hope next tuesday or friday is okay with him.

You have physical Wachovia credit card checks in your presence, right?

Why not write yourself a check and deposit it at your bank? After your bank confirms the check is good, you should have access to it in 1-2 days.

yeah I do have them. But I was hoping that by calling they could have it in there tomorrow. I was wrong. Hopefully it will be in there by Tuesday.