- Centurion Member
- Posts: 1157
- Joined: Sun Jan 26, 2014 3:55 am
- Location: US
Are you sure this is even possible?
I don't think you can transfer the balance of an installment loan to a credit card. Many will let you transfer balances of other major cards, but - as far as I know - none will do this with a car loan.
In theory, you could open a credit card with a long 0% introductory purchase APR, then use that to purchase the car, but many dealerships won't let you use a credit card for a $15,000 purchase (several let you pay part of the purchase with a cap, like $5,000 for example). Also, keep in mind you would have to be approved with a starting limit of $15,000. That may be a trivial thing depending on your credit profile, but it would be your first hurdle.
In practice, you may be able to take out a smaller loan for the car (like $10,000) and use a credit card for as much as they'll allow (say $5,000) as a "down payment" as a way to effectively get a portion of the loan financed at 0%. Your odds of the latter are better.
EX - 809 (11/16) | TU - 803 (11/16)
American Express EveryDay - $20,000 (10/14)
Discover it - $23,000 (2/14)
AU on Barclay Sallie Mae - $10,000 (8/15)
plus several store accounts of varying usefulness now