Originally posted by FantasticMrFox The policy my father always taught me is to never take a loan for anything cheaper than a house
There are a few really good deals out there with 0% interest and I do often take advantage. Some as long as 18 months. If you can use the cash and turn a profit with it, then its a good opportunity to take advantage. Using other people's money is a good way to get ahead if you have something that is a surefire money maker. You have to be careful that you a can meet the deadline for repayment, or the interest will be awesome high, but otherwise it is a deal I have used often when offered.
Bought a motorcylce from a guy in a tight bind... cops were on him big time for unpaid tickets and he was only days away from jail. Got it for $8K borrowed cash and sold it a month later for $12.5K and never touched my own cash. Spent about $400 in it for some minor service and cosmetics, so it worked out well. It is a gambling proposition, but if you know what you are doing you can come out way ahead. I've missed better deals because I was not knowledgeable enough to trust my judgment.
Regards!