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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 6:40 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 7:09 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 7:28 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 8:27 pm to KG6
Just rent a cheap car for a few days.
Posted on 11/2/16 at 9:13 pm to KG6
If you really want to, they'll probably let you, but be prepared to pay a 3% processing fee.
You'll be a pain in the arse too.
You'll be a pain in the arse too.
Posted on 11/2/16 at 10:29 pm to KG6
Whole lot of BS in this thread, the answer is it is dealer dependent and some will do it if they add in a processing fee.
I put my daughters car on my Amex in order to meet a threshold that benefited me more than the up-charge/fee.
The dealer had zero issue with it.
I put my daughters car on my Amex in order to meet a threshold that benefited me more than the up-charge/fee.
The dealer had zero issue with it.
Posted on 11/3/16 at 10:17 am to KG6
I tried to buy a car using my credit card once because the points I would get with the purchase would have been enough for me to buy two round trip air tickets anywhere in the U.S. on Delta.
The car dealership would only accept the card if they added 3% to the final agreed upon price. That killed it for me. That three percent would have been more than just buying two round trip tickets.
The car dealership would only accept the card if they added 3% to the final agreed upon price. That killed it for me. That three percent would have been more than just buying two round trip tickets.
Posted on 11/3/16 at 10:37 am to KG6
I was able to put $5k on mine.
Posted on 11/3/16 at 10:52 am to KG6
Yes, my wife bought a brand new Mitsubishi Eclipse for 28K and put it all on her credit card. I met her a few weeks later and explained why it was not wise. I helped her take out a conventional loan to pay off the card and make the interest rates much more reasonable.
Posted on 11/3/16 at 2:15 pm to KG6
A Honda dealership in Texas told me I could pay for a new car with my credit card. I had a high enough limit to do so and had the cash to pay the bill in full when due. When we agreed on a purchase price I was told I could only put the down payment on the credit card. I walked away.
Posted on 11/3/16 at 6:14 pm to KG6
Technically, putting a down payment on a CC for car that your are financing would violate many of the lender agreements that dealerships have. You are paying equity towards a loan with a loan. I'm sure all of the posters here are OT 800+ scores, so it shouldn't be a problem. But for the credit-challenged, it's a big no-no. In the event of a repo or other finance-related issue it could be a major pain. Most F&I managers or sales managers would be willing to overlook this to get a deal done though; just depends how diligent is the dealer and how desperate is the sales staff.
Posted on 11/3/16 at 7:09 pm to KG6
the dealerships said I could, but I would have to pay CC transaction fee
Posted on 11/4/16 at 1:56 pm to KG6
My dad bought his private plane on his CC.
it is the AMEX black though.
it is the AMEX black though.
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