If you use the right rewards credit card to pay your auto loan, you could rack up an enormous amount of points.
Transferring an auto loan balance to a new credit card with a 0 percent APR promotional period could also help you save. You would only have to pay a transfer fee, which is a fraction of the overall cost you might face during the length of your auto loan. If you use a credit card with 0 percent APR to fund your monthly auto loan payments, you could end up financing your car purchase for almost nothing. Save on interest with a 0 percent APR credit card
#Infiniti finance make payment full
While banks require you to make car payments in full each month, credit card issuers allow you to pay only a portion of the total balance.įor example, if you charge your $500 monthly car payment on a credit card, you may only have to pay 10 percent or $50 this month, giving you a bit of a breather by providing more flexibility. Using a credit card for your loan payments can indirectly lower the amount of money you have to spend at one time. Pay off the loan balance over a longer period of time Here are some of the potential pros of using a credit card to pay off your auto loan. If your lender accepts credit cards, there could be some benefits to using this method of payment. Thinking about refinancing? Easily compare refinance options from auto lenders below.īenefits of Making a Car Payment with a Credit Card In this guide, we'll explain the pros and cons of putting your auto loan payment on your credit card, and suggest some alternative ways to make your payments.
For example, the lender might charge a credit card transaction fee, ultimately increasing the amount of money you're paying for the loan. While some lenders accept credit card payments for monthly auto loans, not every loan company does.īefore making your car payment with your credit card, it's important to understand the risks and possible pitfalls. But using a credit card to make car payments is a little more difficult. Most people are accustomed to using a credit card for everyday purchases and even some bills.
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