The Ultimate Guide To Make Car Payments With Your Credit Card
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These are your options to make car payments using a credit card.
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You're probably always on the go and don't have time for anything else besides work, so using one card for everything in your life can be really convenient. But is this really the way forward? Let's find out!
1. Using a credit card to make a down payment for your car
In many cases, your lender or the dealership may ask you to pay for a percentage of the car purchase in advance. It is also known as a down payment.
Dealerships may require a down payment of cash (or an equivalent form of payment, such as a money order, check, debit card, or electronic transfer).
Credit card down payments aren't always accepted by dealerships and auto lenders.
However, if the car dealer or your lender allows it, consider these potential pros and cons first.
In addition to earning rewards like cash back or airline miles for a car down payment, using a credit card with rewards may also allow you to earn cashback. The down payment you make on a new credit card may also help you meet the initial spending requirement for the bonus rewards points.
2. Paying monthly installments with a credit card
Credit card rewards can seem irresistible, especially if monthly payments are high. If you're planning to pay your car loan directly with a credit card, you must know that most lenders won't allow it. In any case, you would probably need to pay an additional fee in order to pay with your credit card.
A lender may charge this fee for the convenience of using a credit card. The fee typically costs 2% to 3%.
Are you really not interested in paying more for your car than you already do? However, there could be options to try, if your car dealer accepts credit cards.
3. Paying off your car loan with a credit card
If you can pay off your auto debt within the 0% period, moving the debt to a credit card could save you money on interest. You could end up paying a heavy price if you make a mistake.
You are essentially transferring debt from one place to another with a credit card if you pay off your car loan with a credit card. Paying off a car loan with your credit card closes the loan account and turns the balance into a credit card balance.
You should make sure that transferring your debt from one method (an auto loan) to another (a credit card) will actually save you money on interest, as well as making sure that you have the financial discipline to pay off your credit card before the introductory 0% APR period expires. Credit card interest will skyrocket if you don't pay down the balance. It may be more advantageous to refinance your auto loan in order to reduce your payments.
0:00 Introduction
0:53 Using a credit card to make a down payment for your car
4:38 Paying monthly installments with a credit card
6:41 Paying off your car loan with a credit card
8:43 Final Thoughts
👉Please share your comments down below🙏
🏆🏆 #AlexSchweb # #CreditCards #CarLoansCreditCard #CreditCardRewards #BalanceTransfer #CreditCardLoan🏆🏆
📣Watch next👉https://youtu.be/gcBS87KQ0Gg
🎓For licensing inquiries, please contact: alexschweb@gmail.com
🎓Copyright © 2021, Alex Schweb, All rights reserved
*Disclaimer: The content in this video is accurate as of the posting date. Some of the offers mentioned may no longer be available. This is not investment advice. YouTube videos by Alex are not intended to be used as tax, legal, insurance, financial, or any other advice, and may contain inaccurate or outdated information. It is your responsibility to verify all information.
These Youtube videos are for entertainment purposes ONLY. IF stocks or companies are mentioned, Alex may have an ownership interest in them. Do not make buying or selling decisions based on Alex's videos. Whenever you need advice, please contact a qualified CPA, attorney, insurance agent, financial advisor, or the appropriate professional for the subject you would like help with. Linked items may create a financial benefit for Alex. Any use of other media is by fair use or license only.
👉LIMITED TIME: Get 2 FREE STOCKS ON WEBULL when you deposit $100 (Valued up to $1400)👉 https://bit.ly/3pzMuUH
You're probably always on the go and don't have time for anything else besides work, so using one card for everything in your life can be really convenient. But is this really the way forward? Let's find out!
1. Using a credit card to make a down payment for your car
In many cases, your lender or the dealership may ask you to pay for a percentage of the car purchase in advance. It is also known as a down payment.
Dealerships may require a down payment of cash (or an equivalent form of payment, such as a money order, check, debit card, or electronic transfer).
Credit card down payments aren't always accepted by dealerships and auto lenders.
However, if the car dealer or your lender allows it, consider these potential pros and cons first.
In addition to earning rewards like cash back or airline miles for a car down payment, using a credit card with rewards may also allow you to earn cashback. The down payment you make on a new credit card may also help you meet the initial spending requirement for the bonus rewards points.
2. Paying monthly installments with a credit card
Credit card rewards can seem irresistible, especially if monthly payments are high. If you're planning to pay your car loan directly with a credit card, you must know that most lenders won't allow it. In any case, you would probably need to pay an additional fee in order to pay with your credit card.
A lender may charge this fee for the convenience of using a credit card. The fee typically costs 2% to 3%.
Are you really not interested in paying more for your car than you already do? However, there could be options to try, if your car dealer accepts credit cards.
3. Paying off your car loan with a credit card
If you can pay off your auto debt within the 0% period, moving the debt to a credit card could save you money on interest. You could end up paying a heavy price if you make a mistake.
You are essentially transferring debt from one place to another with a credit card if you pay off your car loan with a credit card. Paying off a car loan with your credit card closes the loan account and turns the balance into a credit card balance.
You should make sure that transferring your debt from one method (an auto loan) to another (a credit card) will actually save you money on interest, as well as making sure that you have the financial discipline to pay off your credit card before the introductory 0% APR period expires. Credit card interest will skyrocket if you don't pay down the balance. It may be more advantageous to refinance your auto loan in order to reduce your payments.
0:00 Introduction
0:53 Using a credit card to make a down payment for your car
4:38 Paying monthly installments with a credit card
6:41 Paying off your car loan with a credit card
8:43 Final Thoughts
👉Please share your comments down below🙏
🏆🏆 #AlexSchweb # #CreditCards #CarLoansCreditCard #CreditCardRewards #BalanceTransfer #CreditCardLoan🏆🏆
📣Watch next👉https://youtu.be/gcBS87KQ0Gg
🎓For licensing inquiries, please contact: alexschweb@gmail.com
🎓Copyright © 2021, Alex Schweb, All rights reserved
*Disclaimer: The content in this video is accurate as of the posting date. Some of the offers mentioned may no longer be available. This is not investment advice. YouTube videos by Alex are not intended to be used as tax, legal, insurance, financial, or any other advice, and may contain inaccurate or outdated information. It is your responsibility to verify all information.
These Youtube videos are for entertainment purposes ONLY. IF stocks or companies are mentioned, Alex may have an ownership interest in them. Do not make buying or selling decisions based on Alex's videos. Whenever you need advice, please contact a qualified CPA, attorney, insurance agent, financial advisor, or the appropriate professional for the subject you would like help with. Linked items may create a financial benefit for Alex. Any use of other media is by fair use or license only.
