Buying a used bike from a private buyer with a Credit Card?

[chrdog]

Is there any ways that people know of to buy a used bike from a private party with a credit card? Only thing I could think of is paypal but I know they have restrictions as far as the amount that can be brought through their system within a month and for most people a purchase like this would exceed that. Are there any other ways?

 

[RhythmRider]

Why use a credit card? The interest rates are ridiculous.

 

[1RUN]

A lot of credit card companies offer checks (usually sent to you as part of your statement) - that'd be my suggestion...

 

[jrace]

A lot of credit card companies offer checks (usually sent to you as part of your statement) - that'd be my suggestion...

Interest rates on those are treated as a cash advance and usually at 20%+. Just south of load sharking...

-jim

 

[chrdog]

my credit card is at a fixed 10% which is less than my last bikes %. I dont really wanna deal with the whole loan "blank check" deal cus im just lookin for a commuter dual-sport/motard in the range of 3-5k and normally the banks require you to get at least $7500 IIRC and have some sort of prepayment penalty or something like that.

 

[T-1 Thunder]

If the owner owns his own business, you are SET. Regular credit card transaction, you got your low APR, and it's all good.

That is the easy ticket right there.

 

[FTC]

my credit card is at a fixed 10% which is less than my last bikes %. I dont really wanna deal with the whole loan "blank check" deal cus im just lookin for a commuter dual-sport/motard in the range of 3-5k and normally the banks require you to get at least $7500 IIRC and have some sort of prepayment penalty or something like that.

some credit cards still treat the "check" option like a cash withdrawal and will charge you a higher interest, so make sure you read the fine print

 

[chrdog]

ya and my CC is one of those that does that with the blank checks. What I meant by blank check is goin to the bank and getting approved for x-amount and then goin out and buyin with a blank check.

 

[1RUN]

Interest rates on those are treated as a cash advance and usually at 20%+. Just south of load sharking...

-jim

Hmmm - I constantly am receiving fixed 3.9% checks every month. Maybe 'cause they're not cash advance checks

 

[PunkRockMonkey]

Hmmm - I constantly am receiving fixed 3.9% checks every month. Maybe 'cause they're not cash advance checks

I get those, too, but there's usually an asterisk next to the 3.9 and the fine print says it expires in 2-6 months and reverts to a 15% or higher rate. Thanks but no thanks!

To the OP: you don't want to hassle with a "blank check", so you'd rather pay higher interest?

If you're looking for a smaller loan, you can always request a "personal loan". There's also a "recreational vehicle loan" (which bikes usually fall under). Those tend to accommodate the lower price range of motorcycles. Either one of these loans are almost guaranteed to be lower than 10% fixed interest.

 

[chrdog]

sometimes they will send you 'balance transfer' checks, thats prolly what they are.

 

[mototireguy]

Blank check from the credit card company you say?

Don't take the bait. That check is basically equivalent to a cash advance transaction with the corresponding bend over interest rates.

The people you should be asking for clarification is your CC company.

 

[chrdog]

I get those, too, but there's usually an asterisk next to the 3.9 and the fine print says it expires in 2-6 months and reverts to a 15% or higher rate. Thanks but no thanks!

To the OP: you don't want to hassle with a "blank check", so you'd rather pay higher interest?

If you're looking for a smaller loan, you can always request a "personal loan". There's also a "recreational vehicle loan" (which bikes usually fall under). Those tend to accommodate the lower price range of motorcycles. Either one of these loans are almost guaranteed to be lower than 10% fixed interest.

You are right, i guess im just being lazy and should go apply, but its just the whole hassle with the inspection and them holding the title that makes me want to go straight to the card. As far as personal loans, ive always found them to be at least around 14% at my bank (wamu).

 

[shiryu]

PAYPAL

 

[Bob O]

You can transfer up to $20k on paypal.

 

[chrdog]

no worries now lol. 99 WR400 Street Legal 2800OTD in my garage and 17"rims/tires/etc for SM setup on the way

 

[Sane_Man]

Is there any ways that people know of to buy a used bike from a private party with a credit card? Only thing I could think of is paypal but I know they have restrictions as far as the amount that can be brought through their system within a month and for most people a purchase like this would exceed that. Are there any other ways?

I think you just have to convert your account, then you can use a credit card for any amount.

 

[aciurczak]

Paypal will work fine. Sold a car not too long ago, buyer paid $8K via paypal. Unless it's an awfully expensive used bike, you shouldn't have a problem. Only issue is who will cover the paypal fee (i believe it's 2.9%). In my case I was happy to cover it just for the convenience of accepting a credit card and having the money in my bank account confirmed pretty much immediately.

 

[AbsolutEnduser]

Blank check from the credit card company you say?

Don't take the bait. That check is basically equivalent to a cash advance transaction with the corresponding bend over interest rates.

The people you should be asking for clarification is your CC company.

It is correct that the CC company will know the clear details,

but on the other hand it's not true that blank checks with 3.9% interest do not exist. They get sent to some people and are true, fixed 3.9% for the complete balance, without a time limit. They could be accompanied by an even lower % check but that one will have a time limit.

The catch will be the following : a fee for using the check, usually 3% of the cost of the bike.

The final catch will be (hope you don't fall into that one), if you default, or whatever it means to miss a payment, then the 3.9% rate will disappear, and you'll get adjusted to something much worse, like 9.99% or 12.99 or 21.99, depending on what your card is.

 

[mercurial]

Paypal will work fine. Sold a car not too long ago, buyer paid $8K via paypal. Unless it's an awfully expensive used bike, you shouldn't have a problem. Only issue is who will cover the paypal fee (i believe it's 2.9%). In my case I was happy to cover it just for the convenience of accepting a credit card and having the money in my bank account confirmed pretty much immediately.

First of all, why would you be happy to eat a $240 fee when it is just as convenient, if not moreso, to get a cashier's check, which is for all intents and purposes legal tender?

Second of all, accepting a paypal transaction is a terrible idea because your sale is, functionally speaking, no longer on an as-is basis. Once in receipt of the goods, the buyer is perfectly free to dispute the ammt for any reason he or she sees fit (product not as advertised, defects, etc) and then you are forced to go through a huge process to prove to the credit card company that your sale was legitimate and done in good faith; if there is even so much as a scratch on the bike that you didn't mention, the buyer will win at least a partial rebate.

If you are going to accept money that has credit card origins, insist that they take one of the checks that get mailed out monthly, write it to themselves so the cash is deposited in their checking acct, then withdraw the cash in a cashier's check.