Buy Car With Credit Card Reddit

Assuming you dont over spend. The dealer might let you put a few thousand on the card but not the whole 15k.

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Most dealers cap the amount theyll take on a credit card at 5000 or at most 10000 says.

Buy car with credit card reddit. Less than 580 is poor 580 to 669 is fair 670 to 739 is good 740 to 799 is very good and 800-plus is exceptional. If you are willing to front the credit card processing fees theyll let you. Buying a car with a credit card because you can draw out the payments is an even worse idea than buying the car for rewards.

Many automakers offer credit cards that provide extra rewards for doing business with their dealerships. For example TPG Loyalty and Engagement editor Richard Kerr paid for a 40000 car with The Platinum Card from American Express but he haggled with five dealerships before he found one willing to play ball and allow him to use his card for the full purchase price. This is not an option with any of the three online buying services which insist on cash in the form of electronic funds transfer cashiers.

My credit card limit is 20k. For those eager to get some measure of credit card points out of the used car buying effort it may be possible to charge part of the purchase to a credit card. 3 of 20K is 600 so thats the margin gone.

This way they may get PL for better rate and then can use that money even if she cant work after baby. Then go to a credit union. These cards are best suited to loans of 5000 or less as you wont be able to get a credit limit much higher.

Buying the entire car with a credit card. The biggest con of this strategy is that credit card interest rates are typically high probably much higher than other available options. Theyll probably finance you for somewhere between 3-5.

Spend between 100 and 30000 on a credit card. Customer has the cash on hand to buy a car outright. As they are willing to buy car then i think pay more than 15 to 20k of credit card debt first and then buy a car then get a personal loan is a good idea if they really have to buy a car.

If the price is much more than 5000 however youll likely have trouble when you try to use it. Charging a used car on your credit card. Best interstate rate Ive heard of someone getting without credit is 10 with a co-signer.

My anecdotal evidence is that I put 115k down on my credit card on our last card with no fees charged. Most dealers wont accept credit cards but if they do -. Theres a 1-3 Transaction fee for the dealer.

Get a credit card use it for everything youd normally use your debit card for and youll have a 700-750 credit score in 6 months. With the average cost of a new vehicle exceeding 40000 today the great majority of buyers in. If youre buying your teenager a 5000 used car the dealer may allow you the convenience of using your credit card.

In Weavers case the dealer would have charged a 3 fee for any amount over 3000 paid with a card. So lets throw out the poor category and go to the middle of the fair one. The cards work by shifting cash to buy the car from your new card to your bank account for a one-off fee so that you owe the card provider rather than the car dealership.

And if said customer puts 20k on a credit card and then pays it off immediately they get a free flight to Europe with their new car. Interest rates on auto loans are almost always lower than on credit cards. I obviously would pay the balance immediately to avoid interest.

Its like taking out a loan except its interest-free. And lets say that your strategy is to purchase the car on your current credit cards then transfer the balance to a zero interest credit card. Buying a car with a credit card might take some legwork.

They can keep money from PL enough for 3 to 4 payments. If you dont want to pay the fees the max theyll accept by credit card is around 3k. The vehicle I was looking to purchase is a used Mazda 3 for around 15k.

Cons of Car Buying With a Credit Card. If youre planning to buy a new car youll most likely need an auto loan to help pay for it. The potential for interest-free borrowing is not the only advantage of buying a new or second-hand car with a credit card.

Many car dealerships put a dollar limit on how much you can pay with a card and some charge a 2 to 3 fee to cover credit card processing costs.

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