(Topic ID: 222926)

0% financing on pinball machines


By PinballCompany

8 months ago



Topic Stats

  • 100 posts
  • 50 Pinsiders participating
  • Latest reply 8 months ago by PW79
  • Topic is favorited by 4 Pinsiders

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    #5 8 months ago

    Some credit cards in the states offer 21-months at 0%. You pay 1% of the transfer fee ($100 for $10K) and then you only have to make the regular payments on your card. This way is a no brainer.

    https://www.nerdwallet.com/the-best-credit-cards

    What I do is I apply for a balance transfer card. When I am approved and get the funds in my bank account, I use my current 2% cash back credit card. I put the pinball on my credit card. Then pay that card with the borrowed (0% balance transfer money).

    In the end I made 1% of my transaction and paid no transfer fee. It's almost like they are paying you to borrow money LOL

    25
    #12 8 months ago
    Quoted from westofrome:

    Please don't go into debt to buy a pin, even at 0%.

    Meh. People spend their money on dumb shit like $8 starbuck coffees, and $8 Mc Combo Meals on a daily basis. If I take a loan for a pin and pay it off in 7 months for me it's a win win. The bank made $60-$70 and I made $100. People buy boats, cars, RVs, pools on credit and loans and no one bats a lash. Why is a pin such a bad thing to take a loan on given that you get 0% for in some cases 21 months?

    #15 8 months ago
    Quoted from bobukcat:Even if you have the cash in the bank you might be better off buying with a 0% card unless you can work out a better cash / cash transfer deal with a dealer and I suspect you could since there would be no card fees which are substantial on a $5K+ purchase.

    That's what happened to me. I asked the guy the price and he told my $X.....I said "Ok, how much if I pay cash?" and he gave me the same price. So there was absolutely no incentive of paying cash.

    Quoted from Multiballmaniac1:

    We’re about to go into an economic decline. Americans have enough debt. Remove this thread it’s dangerous.

    While that is always a risk, I understand your point completely.

    #19 8 months ago
    Quoted from chooch:

    Which card has 2%? What about the ebay bucks you also earn?

    https://www.nerdwallet.com/the-best-credit-cards , I don't live in the states but that site gives you a run down of some cards. Hell some give you $250 off travel if you purchase $X in the first 90 days.

    Take the Chase unlimited for example. From the way I read it they give $150 for doing a purchase of more than $500 + the 1.5% (to be verified) but on a pin purchase that would mean ($5000 purchase = $75 (1.5%) + $150 bonus = $225 cash back).

    #25 8 months ago
    Quoted from chooch:

    I am familiar with that site. I know capital one is always 1.5% cash back and citi has the double cash card which gives you 2% total once paid off. There are always promotions on new cards and monthly/quarterly ones like discover and chase 5%. I was just curious where he is getting the 2% cash back cause it would need to be standard unless you open a new car for every NIB purchase.

    It was not standard. It so happen that I had just renewed to a new card when there was a promo at the time for the cash back. But in some cases cards will give you 1% 1.5% cash back on all purchases, which covers the 1% transfer fee that the banks charge.

    It's taking advantage of the system. The Royal Canadian Mint got stuck in one of those loopholes a while back. They had a promotion going where you could return the items for the value you paid at the mint by cheque. So people would buy massive amounts of coins with these 1% cash back cards, hold on to them for 15 days and then return them and get a refund directly through the mint. The impact was two-fold...The mint lost millions when silver plummeted and some people made alot of money. It was a farce really, how could the mint be so dumb.

    https://www.coinsweekly.com/en/Return-of-commemorative-coins-leads-to-great-loss-in-revenue-for-the-Royal-Canadian-Mint/4?&id=4870

    #31 8 months ago
    Quoted from Vino:

    Forget credit cards.
    I’ve learned on Pinside that it’s best to just open a gofundme instead.

    LMAO - Flynn's arcade comes to mind. He actually ended building the damn thing and it's a marvel. But you need some set of balls to ask for money when you already "seem" to make a boat load.

    Quoted from gamera9:

    I have bought 2 new pinball on credit cards with money I did not have. Things worked out great. I got a raise, my wife got a raise she went on half of one of the game, and I sold a couple of arcades and pins to pay for the rest. I would encourage people to do this. Beats the 8 lattes and other crap I might have spent the money on plus me and my wife would not have the raises. We made money buying pinball.

    If you counted on the raises to pay it off then i would say it was a bad choice. If the raises came along unexpectedly then bonus. Moral = Don't put the cart before the horse.

    #34 8 months ago
    Quoted from Phat_Jay:

    Cash on the glass. That’s it. Otherwise with creative financing....someone loses a job or gets sick and you’re in over your head before ya know it. Bankruptcy is not a financial planning instrument.

    Some of us dont have that luxury. But push come to shove if i would put a star wars pro for 4500 it would be gone.

    #54 8 months ago
    Quoted from mcluvin:

    Sure you do. You pretend like you just bought a pin on a 6-month plan. Set aside that money each month. Boom! In 6 months you can pay cash for a pin. I bet you can get a better cash price than a 6 month financed price.

    In Canada you don't get a better deal cash or credit. There is 2 suppliers (one on the west coast and the other approximately 3500 miles away in Ontario). I get why some people think it's stupid to finance a pinball machine. I see more like I am building credit while enjoying a hobby.

    #80 8 months ago
    Quoted from DennisDodel:

    What's the penalty for missing your monthly payment by even one day? Usually quite steep.

    18-25% if you fall behind two consecutive minimum payments. Some penalties are even steeper. That's how they get you. But if you have your shit in order.

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