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Can I buy a car with a credit card?
Posted on 11/2/16 at 6:12 pm
Posted on 11/2/16 at 6:12 pm
May be a dumb question. I've got a little different situation coming up. Getting my VW bought back due to scandal. I'll get about 19.5k from that, but won't get it cleared to my bank for several business days after turning in my car. I'll be lined up to get a new vehicle and don't want to be several days without one. I'll be putting that 19.5k into the new vehicle. I have the cash on hand to just pay it and wait for the funds to clear, but would rather not. I have several cards with credit limits greater than 20k. Can I just use one of those and pay it off that month? Would get some sweet mies out of that and save me from having to deal with touching savings.
I know they'll take a down payment, but wasn't sure about a transaction that large.
I know they'll take a down payment, but wasn't sure about a transaction that large.
17
Posted on 11/2/16 at 6:14 pm to KG6
you're not supposed to send your balance to over 30% of your credit limit, so unless you have $100k limit on your card Id advise against it even if its doable. Also if anyone did it, they're charging you extra to do so. I dont see why you wouldnt just pay for it and wait a few days for the cash to clear, its highly unlikely an emergency arises if its literally just a couple days. Otherwise just finance it and pay it off when the funds come
This post was edited on 11/2/16 at 6:15 pm
Posted on 11/2/16 at 6:27 pm to dabigfella
I've got about 70k credit limit. This would be paid off before the billing cycle "ends". Would not bring up using the card until deal was made. I can easily see them saying no. And I have the cash as a backup. This just gives me a lot of rewards for basically no skin off my back (if they did it)
Posted on 11/2/16 at 6:37 pm to KG6
I tried to pay large down payment with CC, pay CC next day and was told nope.
Posted on 11/2/16 at 6:40 pm to KG6
No way they will let you.
They will probably just let you take the car you want and pay for it when you get the money.
They will probably just let you take the car you want and pay for it when you get the money.
Posted on 11/2/16 at 7:01 pm to KG6
The answer is no and not for the reasons dabigfella gave.
The dealership is not going to take the hit for the credit card processing fee. They'll let you put a down payment down but nothing beyond that. I'd put the down payment on the credit card and do financing through your bank and then pay it off when funds clear.
The dealership is not going to take the hit for the credit card processing fee. They'll let you put a down payment down but nothing beyond that. I'd put the down payment on the credit card and do financing through your bank and then pay it off when funds clear.
Posted on 11/2/16 at 7:08 pm to VABuckeye
Yes. Sold a camry a while back, lady put all $28k on credit card. And I bought a $4500 car few weeks ago on credit
Posted on 11/2/16 at 7:09 pm to KG6
You can, but as others have said, the dealership has to pay transaction fees, so they discourage the practice... or they'll tack the fees onto the price.
Amex used to have a deal with TrueCar, where you could put at least $2K of the downpayment on your card and rack up some decent rewards. I've never bought a car through that company and I don't know if the program still exists or not. But even that didn't cover the total cost of the vehicle.
Good idea though.
Amex used to have a deal with TrueCar, where you could put at least $2K of the downpayment on your card and rack up some decent rewards. I've never bought a car through that company and I don't know if the program still exists or not. But even that didn't cover the total cost of the vehicle.
Good idea though.
Posted on 11/2/16 at 7:11 pm to KG6
Finance it through the dealership to get a lower price. Pay it off when you get the money. Make sure there's no penalty for paying early.
Seems simple to me. That's my plan when mine gets bought back.
Seems simple to me. That's my plan when mine gets bought back.
Posted on 11/2/16 at 7:12 pm to CoachRobertson
If you don't mind answering, did you guys tack the fees onto the price or eat them?
Posted on 11/2/16 at 7:16 pm to VABuckeye
Not going to do financing then payoff, since I'll most likely be spending more than the 19.5k. I woulf assume id be locked into a higher note, although a quicker payoff. Guess I'm not really "buying a car", just putting a lot down with the credit card. I'll be financing a good bit too I'm sure. I'll just pay cash if they don't allow it, but I'm going to attempt it at the very least.
Posted on 11/2/16 at 7:16 pm to dabigfella
quote:
you're not supposed to send your balance to over 30% of your credit
Uh what?
Posted on 11/2/16 at 7:25 pm to KG6
If you finance the whole thing and then do a prepayment of $19.5k on the loan you are eliminating the interest on the money you prepay. Verify t as not every lender is the same but with good credit this should be the case.
Posted on 11/2/16 at 7:28 pm to KG6
Most dealerships I have dealt with, will limit to 3K on CC.
Posted on 11/2/16 at 7:46 pm to KG6
Do you already have your buyback date confirmed?
Posted on 11/2/16 at 7:51 pm to Golfer
I had a date, but my registration had just expired. I wasn't going to renew and turned in the paperwork. They caught it and I had to resubmit (no idea why I need current registration, the vehicle is still worth the same amount and they owe me for the screw up). Hopefully this doesn't put me at the end of the line.
Posted on 11/2/16 at 7:54 pm to KG6
Wtf. I submitted my registration and DL on the day it was added to the system and they haven't sent me a date yet.
Posted on 11/2/16 at 7:55 pm to Golfer
Maybe it was just an estimated date, but they gave me December 15th at some point.
Posted on 11/2/16 at 8:27 pm to KG6
Just rent a cheap car for a few days.
Posted on 11/2/16 at 8:37 pm to SG_Geaux
Not worth it. I'll still have a lot in savings and I'll have all that credit card limit for "emergencies". This was ultimately about rewards points and just not having to shift money. I'm not spending 150 bucks or so to get a rental.
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