I have room in my credit line and can pay the bill instantly with a check, but I thought a $14,000 purchase would be great for my miles rewards. Will a dealership allow this? And if they do, is there something i'm not realizing that makes this a bad idea?
2007-08-07 07:32:50 · 10 answers · asked by rattone11 1 in Cars & Transportation ➔ Buying & Selling
JUST CALL YOUR BANK AND LET THEM KNOW YOUR GOING TO MAKE A BIG PURCHASE. OTHER WISE MORE THAN LIKELY THE BANK WILL NOT LET THE CHARGE GO THROUGH WITHOUT A BIG HASSLE OF CONVINCING THEM WHO YOU ARE OVER THE PHONE AT THE DEALER.
2007-08-07 07:47:06 · answer #1 · answered by mchaz60 6 · 0⤊ 0⤋
I think this is a great idea, but I've never tried.
You should talk to the dealer about how you intend to pay for your purchase. They will push you very hard to use their financing, so make sure you know their policies regarding cash and credit card purchases ahead of time.
Someone suggested using a cash advance check. Research this thoroughly first. Some credit card companies charge interest from when you write the check!
2007-08-07 07:45:20 · answer #2 · answered by Big Rig 2 · 0⤊ 0⤋
Write a cash advance check instead - the dealer would have to eat the 4% credit card fee or $600. No dealer will take credit cards for such a purchase.
{EDIT} Depending on your credit card, you will be charged 3% or $420 plus interest until you pay it off - the car will cost you $15K rather than $14K.
2007-08-07 07:36:18 · answer #3 · answered by Anonymous · 0⤊ 0⤋
I highly doubt the dealer will let you do that, as the credit card company takes a percentage. If they do, it is a good deal so long as you pay the credit card company immediately and don't carry a balance. I did it all the time with my school tuition for the rewards.
2007-08-07 07:36:29 · answer #4 · answered by religionquestion 2 · 0⤊ 0⤋
Two words: "Interest rate". When you go to pay for your car, choose the method that lets you pay the bill off in the least amount of time, with the lowest possible payments. Most banks and credit agencies are in business to earn a profit and in spite of what they want you to believe, they are NOT your friends. Do some research and pay for your car using the method that results in the lowest amount of interest, lets you pay off your principal balance in the least amount of time, has a monthly payment you can live with, does not penalize you for making extra payments, and most importantly will not change your interest rate on you!
2007-08-07 07:39:13 · answer #5 · answered by P.I. Joe 6 · 2⤊ 0⤋
If the dealer would allow you to do this, you'd wind up paying about 23% interest. There's got to be someplace else to get the loan. Ask the dealer.
2007-08-07 07:42:24 · answer #6 · answered by jack of all trades 7 · 0⤊ 0⤋
I don't think so, because sellers have to pay money to the credit card company, (that was the reason a lot of fast food restaurants didn't allow it until recent times).
2007-08-07 07:39:45 · answer #7 · answered by wazup1971 6 · 0⤊ 1⤋
NO,
the interest will kill you,
if you have a stable job, the dealer could offer you a loan with probably less interest. if it's a purchase from a person, then if you go to a credit union, have them give you (or your parents) a loan with the car as a collateral.
2007-08-07 07:39:23 · answer #8 · answered by Chargerman 2 · 1⤊ 1⤋
If the dealer will let you do it that would be great. Just make sure you pay it off and don't carry a balance.
2007-08-07 07:42:58 · answer #9 · answered by Airmech 5 · 0⤊ 0⤋
As long as you pay it off, there should be no problem.
2007-08-07 07:41:51 · answer #10 · answered by jimanddottaylor 7 · 0⤊ 1⤋