Today I had someone tell me that within a few months I could possibly qualify for a secured loan, but probably not an unsecured loan. I would like to be riding a motorcycle this summer, so I had the idea (assuming that ends up being true) that i could purchase a bike on a credit card and then apply for a loan and using the bike to secure it, and then using the loan to pay back the CC..... Now in theory it sounds good and simple, but how often do things go as well as planned. Has anyone ever done anything like this or heard of anyone doing this?
P.S. I'm well aware that I could end up not getting approved for anything and be stuck trying to figure out how to get the bike off of the credit card. I was thinking I could get a card with no interest for a year or one of those dealies, so if it doesn't go according to plan i won't be looking at insane interest being shoved down my throat.
Ya'll have been a blessing or somethin,
Johnny
