Cash or credit?

[Slvrmple72]

Cash or credit? What is your line in the sand so to speak. I would say mine is anything new and over $15,000. Been looking at Boxers with a grapple attachment. My knee injury, my father retiring from the man next year and wanting to come do tree work with his son, and an ability to work quickly and efficiently while keeping costs down have brought this into consideration. That and all the cool pics of Treemandan and his Dingo. As far as credit is concerned who is good to deal with for seasonal flexibility? Would I even want to bother with that or be better off going with a line of credit. I know everyones choices are different so I am looking more for personal experiences good and bad. All options are on the table. I will not be borrowing any more than half of what I have readily available in addition to what I cannot beg, borrow, or steal to make up the difference.

 

[ATH]

No line of credit for a large ticket item if you can avoid it. More expensive interest and usually will have annual fees. UNLESS...you can find a 0% interest on first x-months or balance transfer (so you'd buy with LOC "A" to transfer to "B". I don't know if that would work under the LOC rules or not. Otherwise, I'd go with traditional loan.

Having said that...I'd go with cash as often as possible. IFF you are significantly inhibited in what you can do now/money you can make by equipment limitation, then credit makes sense because you are going to make more money than it costs you. If that equation is even close though, I'd hold out to purchase with cash.

My humble opinion (OK...maybe more than that: Prov 22:7 "...the borrower is servant to the lender").