Most people are going to say its a bad idea! I've done it before mostly for key items though not a whole build. I just work at paying it off much faster then the full term to help not pay as much interest. I have an account with Navy Federal and they pay 250 dollars to refinance an auto loan. So I use a local bank or lendor and then before even making a payment I switch it to Navy Federal and always get a better rate and they pay me to take the note.
For instance I needed 3 grand so I called my local bank got a loan on a vehicle I owned and in no time at all I had the money in my account with an interest rate that was not great. So then I refinanced it with Navy federal they pay me 250 bucks and give me a good rate on a used car 2.59 so its like $2.50 day but I pay it off in 3 months and the interest was equal to the 250 bucks I recieved so basically its a wash for me. You must be careful though because if you are barrowing alot it won't happen like that or if you don't pay it off early.
Last edited by AMSOILGUY; 05-08-2013 at 02:53 AM.
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