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re: Using a Credit Card as down payment on car
Posted on 7/21/14 at 10:49 am to foshizzle
Posted on 7/21/14 at 10:49 am to foshizzle
quote:
But probably the best deal of all is to simply agree to the best dealer financing offer you can get - and pay it off the next day.
Do most auto finance loans allow early payoff without a prepayment penalty? I am planning to pay cash for a used car in the near future and if you typically get better deals by going with their financing then just giving them the cash upfront, then that may be the best way to go.
2
Posted on 7/21/14 at 11:09 am to Tiger at Law
quote:
Do most auto finance loans allow early payoff without a prepayment penalty?
It varies. Honda allows it.
Posted on 7/21/14 at 12:31 pm to Tiger at Law
quote:
and if you typically get better deals by going with their financing then just giving them the cash upfront, then that may be the best way to go.
It is usually the way to go, I've bought 2 vehicles in the last year and financed them both through dealership and paid off after 3 months through credit union.
One was Chevy(Ally)
One was Ford Credit
neither charged me prepayment penalties
Posted on 7/21/14 at 2:37 pm to LSU999
Tried to do it when we bought the wife's car and my truck. The most they would allow is I think $3k. We were going to pay cash for both cars, so just did that, and then paid them off the first bill.
Posted on 7/21/14 at 3:18 pm to LSU999
quote:
Using a Credit Card as down payment on car
I did this and got a bunch of reward points on my credit card. I had the money, so I just paid it off as soon as it was posted to my account.
It sounds like it just depends on your limit and the dealer. I just put $3,500 down.
Posted on 7/21/14 at 3:24 pm to TDawg1313
And it depends on the deal. Our policy is 2k on a card but it's not set in stone. We have it there because if someone were to negotiate a deal down to us making $500 on a car and we have to pay $300 in credit card fees, then pay the sales person $200 it doesn't make sense to sell unless it's an aged unit. Of course if I'm making good money on a deal I'll take significant more on a card.
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