Hi, I have two credit cards and im wondering if i can use thos cards for my downpayment.... do car dealership takes credit cards?
2007-02-08 02:23:24 · 9 answers · asked by ARC 1 1 in Business & Finance ➔ Credit
If you like creating your own personal hell on Earth, I would highly advise you against eating the Forbidden Apple.
You have been warned.
And remember, the road to hell is paved with plenty of good intentions.
2007-02-08 02:27:31 · answer #1 · answered by DaMan 5 · 3⤊ 0⤋
A down payment for a new (when I say new I mean late model pre-owned) car would be a great way to use your refund IF you were debt free. When you get those 0% cards they 0% APR is good for only a set amount of time if you meet all of their criteria. For example if the data entry guy accidentally enters your payment late, you will be charged something like 30% interest for the balance you have now and the balance you carried on the card when you got it. therefore, the best thing to do with that money is to pay off your credit card. After you pay that off, you can apply all of the money you have been paying on it plus whatever else you have lying around to a down payment for a car. I hope this helps!!
2016-05-24 06:35:06 · answer #2 · answered by Nicole 4 · 0⤊ 0⤋
Yes you can. I work for a Chrysler dealership and we take down payments on credit cards almost every day.
Now, the real question is should you use a credit card for down payment? If you are truly in need of the vehicle and credit cards are the only way you can make the down payment then go ahead. But on the other hand, if you can wait and save the money for the down payment you will be better off. Unless you can afford to payoff the credit cards in full before the interest kicks in, then it doe's not matter at all.
2007-02-08 03:00:48 · answer #3 · answered by ? 7 · 0⤊ 0⤋
If you are deciding to pay the whole amount it could be an issue since I think max you could pay with your credit cards is $5000. This is not a standard though since it depends on the dealer too. You could divide this payment in number of credit cards if you wish as long as they accept the type of cards that you have. In all, if the downpayment is not exceeding $5000 you could definitely give it a shot.
2007-02-08 02:30:44 · answer #4 · answered by a n 1 · 0⤊ 0⤋
Depends on the dealer and alot on the credit cards. But, unless you are just looking to gain Frequent Flyer miles, etc. (IE you are going to pay the balance of the card before the end of the "free-period"), DONT DO IT! Credit cards have seriously high interest rates compared to a typical new car loan. Shop around, and you can get a good deal, if your credit rating is decent.
2007-02-08 02:38:59 · answer #5 · answered by P-3 Hoser 2 · 0⤊ 0⤋
When I leased my car, they allowed you to use a credit car for all the fees, but not the down payment. I had about 700$ in "management" fees... I payed in credit card. But i was told any other down payment beyond that had to be paid by check. Each company may be different though....
Even if they allow it, I would advise against it. Unless you know for sure that you have heavy income coming down the road...
2007-02-08 02:30:54 · answer #6 · answered by Anonymous · 0⤊ 0⤋
I don't think so...at least it didn't work for me last year. In fact I wanted to purchase the car outright with my credit card...no would do. :)
2007-02-08 02:31:55 · answer #7 · answered by 49erfan 4 · 0⤊ 0⤋
Sure, but listen to the previous comment. If you can't afford the down payment, you can't afford the car.
2007-02-08 02:29:37 · answer #8 · answered by Kevin K 3 · 3⤊ 0⤋
Yes you can, but you shouldn't, you'll be sorry later believe me.
2007-02-08 02:32:01 · answer #9 · answered by Brite Tiger 6 · 0⤊ 0⤋