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I have to concur with 392Cobra, however. If this is the case, as was with me when I bought and restored my Vette, I got business minded and this was my game plan:
My bank will allow me to use every penny of a vehicle's equity in place of money down on the purchase of rental homes. Each rental is simply financed on its full sale price--and pays for itself in 20 years, btw.
After insurance, repairs and taxes on each home, I still always make money each month on each home. The car I'm left with is a bonus! I could watch thousands seemingly go away in the form of 20% rental down payments, but if each home is going to pay itself off in 20 years, and I don't need them paid off before then, where's the fun in that?!
Instead of saving thousands to put down on the purchase of these rental homes, I get the same result and have a roadster to boot!
*For the skeptics, yes, this does work. I have a Vette in the garage right now that I used to purchase two of my rental homes this way seceral years ago. What a racket--I need a bigger garage!
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