Can I payoff a car loan with a credit card and if i can would it be considered a balance transfer or a purchs

Question

i have 0% apr thats why

Answer 1

Sure you can.

ANd, it depends on how you pay, if you pay with your actual credit card then it's a purchase. If you pay with a balance transfer check, it's considered a balance transfer. You can call your cc company and ask for balance transfer checks. You may want to check all the fees and also see what your interest rate is and compare.

Answer 2

The first thing to look out, when a person wants to transfer his balances is a credit card which offers the lowest apr rates and lowest balance transfer fees. Many online credit card companies offer credit card comparisons. It is indeed a good practice to search for the credit cards using their services and decide on a credit card which offers the maximum savings. It is important to note here that balance transfer APRs depend on a person's credit history. If the credit card in question offers the lowest rates, it is definitely for those with the best credit ratings. There are different balance transfer apr's for people with lower credit ratings. So, it becomes imperative that one chooses the credit card which offers the lowest apr and balance transfer fees for his credit ratings.

When you decide for a balance transfer it doesn't mean that your obligation for payments towards your outstanding balances with the existing credit card company cease to exist. You will have to pay the credit card company all the monthly payments. One way you can save money is to just send the monthly minimum payments to the existing credit card company. This way you won't default and invite penalty.

The next step is to sign up with the credit card which you sought for transferring your balances, and fill up the balance transfer application.

When you receive a balance transfer offer from the new credit card company, it's time to verify the offer and call your old credit card company about the balance transfer. Get the statements of billing from the old credit card company and ensure that your outstanding balances are $0. Read more from: http://www.credit-card-gallery.com/article/414,The_right_way_to_credit_card_balance_transfers

Answer 3

A purchase is a purchase. Paying off a loan is a balance transfer. Credit card companies often send you balance transfer checks to use like a regular check. Use then for purchases only if you get a lower introductory rate for balance transfers over purchases, as some companies offer to get you to switch.

Answer 4

You more than likely cannot just call your auto loan bank and ask to make a payment by credit card. It's a poor lending practice.

You CAN mail in your payment with one of those "convenience checks" that your credit card company has sent you with your statement. Beware, those often have VERY HIGH interest rates.

Even better would be to sell the car, and buy something you CAN afford (that is, without payments!)

Answer 5

I am not sure you want to do that, because credit card usually have much higher interest rates than auto loan. This question you have to ask whoever you have auto loan with. It they can ran your credit card as a purchase to pay off this auto loan, then it will be purchase. If not, and you have special intro rate like 0% with cash advance and balance transfer. You can take these action below:

Cash Advance: usually the credit card company will mail you some checks (if not, you can request them), and as long as you have enough credit limit to pay off your auto loan, write a check to the auto loan bank to pay it off.

Balance Transfer: Call the credit card company and ask if they are willing to pay off your auto loan, and they might ask you for your loan number, name of the lender, and such.

But remember the intro rate is for certain period only, and usually for a very short period of time. Can you pay off your auto loan before the rate goes up? Because the rate goes up up to 19%, and there is always a fee involved doing either action charged by your credit card company. Are you sure you want to pay off your auto loan with a credit card? Usually it is not wise to do so. Please reconsider again,,,seriouly.

P. S. I did purchase my motorcycle on my credit card, but that is because I have the money save up to pay it off. I charge it on the credit card just to earn reward points. The dealer did accept credit card as a purchase. Also your case is a bit different, because is not a new purchase, it is a loan to pay for a purchase that you want to pay off.

Answer 6

Yes you can do that and was ur APR that bad that you want to put ur balance on to ur credit card ?

Answer 7

its a balance transfer..,..
becos the balance is like any other credit card ur trying to payoff.
i did it with my c.c 6 months ago