Can you use a credit card to buy a car?

Discuss anything related to interest rates & fees, like balance transfer offers, low rate cards, annual fees, etc.
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takeshi
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Postby takeshi » Tue Mar 24, 2015 8:15 am

Good luck getting answers from those that posted prior to PeachLady. Note the dates.

daniel2304 wrote:Why is it disgusting?

Bubblebusteconomy, for example, has a Last Activty Date of Feb 13, 11
http://creditcardforum.com/members/bubblebusteconomy.html

PeachLady wrote:I was just told that there is a law limiting the amount charged on a credit card to $5,000.00.

Always consider your sources, validate, corrborate, etc. I have charged $19K to a card. My wife's clients routinely charge more than $5K as that amount typically doesn't buy much from her company.

With respect to the topic though, many dealers will limit what can be charged and $5K seems to be a common limit.


AMEXAT19
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Bought car on AMEX

Postby AMEXAT19 » Tue Mar 24, 2015 9:01 pm

When I was an AMEX cardmember the dealer allowed me to put the full purchase price on my card, the only cap was with VISA, MC, DISC $5,000

itsmeandrew
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Postby itsmeandrew » Tue Mar 24, 2015 10:01 pm

I bought a car in December with my Freedom card. $10K out the door, no questions asked. Once I had found the car and settled on a price, I gave them my card and they accepted it with no issues. I told them I wouldn't need a loan for it and I'd be paying for it all right then, and my guess is that they assumed it would be a cash deal.

After that I got a loan with my CU (0.99% for 60 months black friday deal I had locked in) and used that loan to pay off my credit card. I got the car, an awesome rate, and cash back!
Capital One Platinum $500 (2/2010) CLOSED (1/2013)
Wells Fargo College Cash Back $1.2K (8/2011) CLOSED 3/2015
Chase Freedom (Signature) $10K (4/2012)
AmEx Zync NPSL (4/2012)
Samuels Financing $2.9K CLOSED 4/2015
Discover IT $3.95K (7/2012)
Chase Marriott Premier (Signature) $5K (9/2012)
Chase Slate $2.5K (12/2012)
Citi Simplicity $4K (3/2013)
AmEX BCE $9.5K (5/2014)
Chase Amazon $4.5K (5/2014)
Barclaycard Apple Financing $2K (6/2014)
Capital One VentureOne (Signature) $5K (1/2015)


TU (Discover): 760

daniel2304
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Postby daniel2304 » Wed Mar 25, 2015 12:27 pm

That's a cheap loan. Is it a car loan or personal loan? I have never seen a personal loan that cheap. If it's a car loan and you can take a check for it, that's awesome.

@takeshi: thanks for pointing out!
All my posts are my opinions. All my posts mentioned "you" are merely for discussion-purpose only. No advice is given in any post at any time. It is also impossible for me to put effort to verify every statement that anyone has given.

itsmeandrew
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Postby itsmeandrew » Thu Mar 26, 2015 1:00 am

It was just a car loan. They just deposited the funds into my checking account and I paid off my card from there. I wasn't planning on getting a new car, but as you said it was a cheap loan so I couldn't pass on it.
Capital One Platinum $500 (2/2010) CLOSED (1/2013)
Wells Fargo College Cash Back $1.2K (8/2011) CLOSED 3/2015
Chase Freedom (Signature) $10K (4/2012)
AmEx Zync NPSL (4/2012)
Samuels Financing $2.9K CLOSED 4/2015
Discover IT $3.95K (7/2012)
Chase Marriott Premier (Signature) $5K (9/2012)
Chase Slate $2.5K (12/2012)
Citi Simplicity $4K (3/2013)
AmEX BCE $9.5K (5/2014)
Chase Amazon $4.5K (5/2014)
Barclaycard Apple Financing $2K (6/2014)
Capital One VentureOne (Signature) $5K (1/2015)


TU (Discover): 760

PhoenixDown
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Postby PhoenixDown » Fri Mar 27, 2015 11:10 pm

As others mentioned, the dealers dont want to pay the swipe fee on the full amount and most dealerships will limit you. When I bought my car, they were at least honest about it and said it was because of the high CC fees.

If you want to think about it another way, if they are willing to eat the swipe fee on the car - they are making that back from you in some other way. only exception might programs like the Amex Auto one where Amex may provide the dealership with a better rate.

jimmy.lgx
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Location: utah

Postby jimmy.lgx » Tue Apr 07, 2015 11:33 am

Whatever you decide, make sure that you are using outside financing. Dealerships make a killing off of their rates.

JamesMS
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Postby JamesMS » Thu Apr 16, 2015 7:44 am

optimistic wrote:Can I use a credit card to buy a car and pay for the full price of it? Like I need a new car and since I am here I thought I would ask if it is possible because when I almost bought in July a used car loan had a high rate. If I could use a 0% card to buy it that would be simply amazing! :cool:


What you are able to do will vary be dealership. I have heard of some places allowing people to do this but others will cap the amount they allow you to put on a credit card.
Main Cards:
Amex BCE
Amex Everyday
Bank of America Cash Rewards
Chase Freedom
Capital One Quicksilver
Citi Thank You Preferred

Spark Cash Back (Business), Amex Plum (Business)

JamesMS
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Location: Fort Worth, TX

Postby JamesMS » Thu Apr 16, 2015 7:45 am

AMEXAT19 wrote:When I was an AMEX cardmember the dealer allowed me to put the full purchase price on my card, the only cap was with VISA, MC, DISC $5,000


I am somewhat surprised on that. I would think they would cap AMEX before MC or Visa due to higher fees.
Main Cards:
Amex BCE
Amex Everyday
Bank of America Cash Rewards
Chase Freedom
Capital One Quicksilver
Citi Thank You Preferred

Spark Cash Back (Business), Amex Plum (Business)

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ScoreOnTheRise
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Re: Can you use a credit card to buy a car?

Postby ScoreOnTheRise » Wed Aug 19, 2015 6:26 pm

FWIW I just put $5K down on a car with $2K of that being charged to a card. That was the cap, apparently, for a DP. I'm not sure about trying to put the full price on a card.
American Express PRG [NPSL]
Chase Sapphire Preferred [$25K]
American Express BCE [$20K]
Discover it [$18.5K]
Barclaycard Arrival World MC [$6K]
Citi Diamond Preferred MC [$4K]
Citi Home Depot Consumer Credit Card [$3K]
Citi Best Buy Visa [$2K]



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