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Message
Using a Credit Card as down payment on car
Posted on 7/18/14 at 3:31 pm
Posted on 7/18/14 at 3:31 pm
Looking at purchasing a new vehicle in the next month or so. Read Will Cover's guide on car buying. It got me thinking about putting money down on my CC. I would get points for it and I would pay the card off the month I made the down payment. Card has I believe a $15,000 limit. I would put $10,000 down.
Would this be a bad idea concerning my credit or credit score?
Are there any other cons to doing this?
The one pro is I get points on my credit card which results in free money to spend later on.
Thanks
Would this be a bad idea concerning my credit or credit score?
Are there any other cons to doing this?
The one pro is I get points on my credit card which results in free money to spend later on.
Thanks
13
Posted on 7/18/14 at 3:32 pm to LSU999
They probably won't let you.
Posted on 7/18/14 at 3:33 pm to reb13
quote:
They probably won't let you.
I did it in March.
And if you have the cash on hand, go ahead and put it on CC then pay it off. In fact, this should be standard operating procedure for anyone good with money.
If you don't have 10,000 in cash and you're going to pay interest, and are frankly bad with money, then don't. Pretty simple.
This post was edited on 7/18/14 at 3:35 pm
Posted on 7/18/14 at 3:35 pm to Teddy Ruxpin
Got the cash. Just trying to use the system.
Posted on 7/18/14 at 3:35 pm to LSU999
quote:
Got the cash. Just trying to use the system.
Then its a no-brainer as long as there are no additional fees levied by the dealer for doing so.
This post was edited on 7/18/14 at 3:36 pm
Posted on 7/18/14 at 3:36 pm to LSU999
quote:
Would this be a bad idea concerning my credit or credit score?
You have a 15K limit. You have 10K in cash. I assume you have no other stuff on this card or if you do, you pay it off each month.
Why in the heck are you worried about the one-month, at most, impact?
Go ahead and do it.
Posted on 7/18/14 at 3:39 pm to LSUFanHouston
No debt other than house note.
Just wasn't sure if it would hurt it by charging it more than 50% like that.
Just wasn't sure if it would hurt it by charging it more than 50% like that.
Posted on 7/18/14 at 3:39 pm to Teddy Ruxpin
quote:
Then its a no-brainer as long as there are no additional fees levied by the dealer for doing so.
when i bought my car, the dealer told me it would be a $350 processing fee for a credit card. So I wrote a check.
Posted on 7/18/14 at 3:41 pm to Hawkeye95
Really?
That might would make me tell them to shove the car up their arse.
Depending on the deal of course.
That might would make me tell them to shove the car up their arse.
Depending on the deal of course.
Posted on 7/18/14 at 3:46 pm to LSU999
More than Likely they will charge you additional 3% for using CC to cover their transaction cost.
Posted on 7/18/14 at 3:47 pm to Hawkeye95
quote:
when i bought my car, the dealer told me it would be a $350 processing fee for a credit card. So I wrote a check.
That sucks.
For $10,000, if it was under ~$200 I'd still do it for the value of the points I'd get from Chase, Starpoints, or Barclays. Over that it would be a push/loss.
This post was edited on 7/18/14 at 3:55 pm
Posted on 7/18/14 at 4:10 pm to Hawkeye95
quote:
when i bought my car, the dealer told me it would be a $350 processing fee for a credit card. So I wrote a check.
If you had stood up and walked out, I bet they would have run after you to waive it
Posted on 7/18/14 at 4:23 pm to LSU999
I asked this question a couple of years ago when buying a Honda. Was told we could buy using a credit card. We had the cash to pay off right away but I wanted the 2% cash back we would get. Later we were told we could only put a deposit of 10% or 20% (don’t remember the exact %) on the credit card. We ended up not buying from that dealership because they clearly lied to us.
Posted on 7/18/14 at 4:44 pm to LSU999
I just did $5k on a CC earlier in the year at All Star at no charge. I wouldn't have paid a fee. I would've walked out. If I'm buying a new car and you won't eat the $100 CC processing payment, kiss my arse.
Eta: I say I would've walked out, but my wife would've been pissed and made me go back
Eta: I say I would've walked out, but my wife would've been pissed and made me go back
This post was edited on 7/18/14 at 4:49 pm
Posted on 7/18/14 at 5:01 pm to Hawkeye95
hell yeah I did it, 5,000 down at 2x points with capital one venture card
paid it off a week later once it hit my account
dealer had no issues and if they tried to charge me id tell them to F off
paid it off a week later once it hit my account
dealer had no issues and if they tried to charge me id tell them to F off
Posted on 7/18/14 at 5:06 pm to LSU999
They may limit the amount you can put down and if they allow you to go over the normal amount they allow on a credit card be prepared to eat the 3% merchant charge over the normal amount they accept.
Posted on 7/18/14 at 5:16 pm to LSU999
I would do it if they let you. Why not make a few $$.
Posted on 7/18/14 at 5:22 pm to Rockerbraves
Good info to know guys. 
I'm going to try to look into the limitations on the CC.
I'm going to try to look into the limitations on the CC.
Posted on 7/18/14 at 5:27 pm to LSU999
Just got soooo many fricking points for my honeymoon doing this. I know it's different but around same price range. I opened a new card just for it and paid it off.
Got several free flights out of it.
Got several free flights out of it.
Posted on 7/18/14 at 5:30 pm to LSU999
quote:You'd better check that. Some cards exclude points/perks for automobile purchases.
I would get points for it
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