I need to buy a Honda scooter and it costs $3,400. Maybe you saw my math question in the forum, about figuring out interest rates? Well if so, then you know I need $2,500 pretty much, to cover the cost. I already have $1,000 in cash and I need about $2,500 more. Maybe only $2,000. How do I get this money, I am wondering..........

I saw a commmercial for LendingTree.com and thought, hmmmm.... wonder how it works? I've never used a site like theirs. I start filling out the form, and it asks for my social security number. I am scared. I don't continue. I also wonder, if filling this out, IF I did continue filling out the form, would it show up on my credit report as an inquiry? LendingTree only finds you places in your area that might be able to lend to you, right? They are not actually the ones doing the lending, correct? So why would they need my social security number?

I already have one credit inquiry in the past week while at the Honda dealer. I asked them about financing options, and they ran a credit check and got me approved from Honda for some riduculous rates.

I still need $2,500.... If I could just get that in CASH, (LOL!) I could walk into the dealer and have some bargaining power!! I could avoid all of that interest!

I have enough credit on a credit card to put the entire purchase down. The credit card has an interest rate of 3.9% until Dec. of 2010, over a year away. Then it jumps up to 14.2%. Is this an option I should consider? I could put the entire amount down on the cc, then send in a $1,000 payment immediately...is this a bad idea? I think so.......

My bank, JPMorgan/Chase, quit giving out unsecured personal loans 6 months ago. I called them yesterday, so they are not an option. What a disappointment!

What about a local bank I'm not affiliated with? I guess they wouldn't even give me a shot, eh? They'd want me to have an account with them first probably....

I could borrow the money from Mom, but do NOT want to do this. So this is NOT an option, please! I am trying to figure out how to get this money myself.

So far, I've looked into: Financing through Honda themselves, my bank, my credit cards and looked over LendingTree.com. Can you guys think of any other avenues I need to look down? Is LendingTree a good way to go? I have never had to get a personal loan like this, so I'm in the dark..... My credit is Good, and I only need $2,500. I could probably really just do with $2,000. Any ideas?

[quote=blackberrybunny;3293899]I need to buy a Honda scooter and it costs $3,400. Maybe you saw my math question in the forum, about figuring out interest rates? Well if so, then you know I need $2,500 pretty much, to cover the cost. I already have $1,000 in cash and I need about $2,500 more. Maybe only $2,000. How do I get this money, I am wondering..........

I have enough credit on a credit card to put the entire purchase down. The credit card has an interest rate of 3.9% until Dec. of 2010, over a year away. Then it jumps up to 14.2%. Is this an option I should consider? I could put the entire amount down on the cc, then send in a $1,000 payment immediately...is this a bad idea? I think so.......



QUOTE]


Hi!! If you put the $1,000 down, then you have a balance of $2,500, right? I went to this site to caculate what it would take if you used your credit card for the remainder of the balance:
What will it take to pay off my credit card?

If you went with $2,500 and paid it off in a year, the payments would be $213
Payoff amount in total would be $3556 which includes your down payment of $1,000.

If you went with $2,000 and paid it off in a year, the payments would be $171
Payoff amount in total would $3552 which includes your down payment of $1,500.

If you put the entire $3,400 on the card, the payments would be $290 and the payoff would be $3480.

Hope the calculator helps you some.


Debbie

Yes, Thank you, Debbie! That puts things into perspective.... I don't know if I want to use my credit card though. I am looking at all options, and wondering what options might be out there that I haven't thought of........ohhh, if I could only win the lottery, hahaha! I just need a small prize.... ;0)

I haven't seen your other post, but is this a need or a want? If it's a want, I'd say just wait and save up for it. If you truly *need* something like that right now, how about buying a used one with the cash you already have saved up, and then save for the next year - the amount you'd have had to pay in payments - and then in a year sell your used one (which won't have lost much value, if any at all - once it's used it's used!) and pay cash for a new one.

I really don't know that cash gives you great bargaining power. The Honda folks don't care how you came to have the cash. If you borrowed $2,500 and owe a bank, Honda still gets cash from you. What they really want is for you to finance THROUGH them because then they get interest on top of the purchase price.

Well, it is a 'need' but not one that can't wait a couple more months...

You've made some good points, thank you WowItsDark. I thought if I had cash, they'd really want to cut me a little slack......... I know the dealer doesn't make much on a scooter, maybe only a couple hundred. This one sells for $2,500, and then they add in the tax, title, tag, fees, etc, and it comes to $3,406. We want this particular model, because it is a 4 stroke and more reliable, plus, it is a very popular model, and if I wanted to sell it later down the line, it would be snatched up fast. It's hard to find a used one, because they are so popular. And we are quite rural, so options are few and FAR inbetween. I say FAR because we live way out in the country.

Have you looked for a used one on Craig's list?

Yes, we've been looking on Craigslist. Had a couple of nibbles, but the people are too far away and we don't have a trailer to get the scooter home. Not sure if it'll fit in the van. I am considering asking people if they'd be willing to bring their scooter to me, let me try it, I'd pay them a lot extra to deliver it like this, but not sure if anyone is willing to go this far!! We are continuing to check Craigslist, but we are too rural to get any good leads. ;-(

Wow, does a Honda scooter really cost $3,400? I am floored. I bought a brand new scooter in 1987 for $1,500. Maybe they have doubled in price since then. They do get good gas mileage. Please wear a helmet!

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The Ruckus MSRP is $2,599, but after fees, freight, tag, title, tax, etc, it's a littl over $3,400 my end price, after financing......

The Ruckus is not your average scooter; the Honda Ruckus 49cc and the Yamaha Zuma 49cc (MSRP $2,149) are the only 2 scooters that have large tires, made for OFF ROAD riding, such as trails, dirt roads, beaches. The tires are larger and wider, unlike on your more traiditiona scooter or moped, like the Honda Metropolitan or the Vespa.

So the Ruckus is the #1 of the 2 because it has a 4 stroke engine, not a 2. My DH says this is much better and worth the extra cost. Plus, the Ruckus has a bare bones utilitarian look which ROCKS! You could sell one, no problem, they are so hot right now! 138 miles to the gallon and it has a 1.3 gallon tank.

Anyway to find one that is *almost new* and save around $1500 in overhead costs? Seems you're paying more than $1000 in taxes, title, license, freight costs. Check craigslist and every avenue you can think of.

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I don't suffer from insanity, I enjoy every minute of it!

We have tried Lending Tree several twice and both times it turned out not to be a good deal. LT is really just a clearing house for companies that loan money. Both times we tried it, the companies offering the best rates had a lot of 'hidden' fees which made them not a good deal.

Ahhhh, it sounded too good to be true. I figured they were a type of clearing house, but I didn't know they companies they referred would have a lot of hidden fees. Thanks for that info! I'll stay away from LT.

We used Lending Tree for our first mortgage four years ago. I only went there on my sister's recommendation and because all the banks turned us down. On one hand I'm glad because now we have a house on the other hand the loan officer that chose us was an ahole who kept losing our faxes and did not return my calls because he had more important people with much higher commission potential.

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Have you tried a local Federal Credit Union? Nowdays you don't always have to be an employee of a certain company to belong to a credit union and they usually give great rates. I love dealing with our credit union.
Just a thought.

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It's about learning to dance in the rain.