• We’re currently investigating an issue related to the forum theme and styling that is impacting page layout and visual formatting. The problem has been identified, and we are actively working on a resolution. There is no impact to user data or functionality, this is strictly a front-end display issue. We’ll post an update once the fix has been deployed. Thanks for your patience while we get this sorted.

Shoudl I use this blank cc check to buy a car.........

T

TurtleMan

Golden Member
Well... not so sure this is a smart move,
but I have a Credit Card check that give me 1.99% APR for 6 months, or another one for 3.99% for lifetime ... but the fee for borrowing is $50 ...

so in my mind, because the car cost $6500, so I could just in theory use this blank check and buy the car off and without getting a car loan from credit union ?

sounds good ?
 
Originally posted by: TurtleMan
Well... not so sure this is a smart move,
but I have a Credit Card check that give me 1.99% APR for 6 months, or another one for 3.99% for lifetime ... but the fee for borrowing is $50 ...

so in my mind, because the car cost $6500, so I could just in theory use this blank check and buy the car off and without getting a car loan from credit union ?

sounds good ?
Click to expand...

i did this on a used car i bought a few years ago.
I had the check for 2.99% on the life of the loan. So i bought a used Honda accord ($5900) for a work car.

There was NO way i was going to get a 3% loan on a used car.
 
Originally posted by: waggy
Originally posted by: TurtleMan
Well... not so sure this is a smart move,
but I have a Credit Card check that give me 1.99% APR for 6 months, or another one for 3.99% for lifetime ... but the fee for borrowing is $50 ...

so in my mind, because the car cost $6500, so I could just in theory use this blank check and buy the car off and without getting a car loan from credit union ?

sounds good ?
Click to expand...

i did this on a used car i bought a few years ago.
I had the check for 2.99% on the life of the loan. So i bought a used Honda accord ($5900) for a work car.

There was NO way i was going to get a 3% loan on a used car.
Click to expand...



Yea I thought so as well, but how much was your intereset on the CC tho ..
 
my parents have gotten credit cards like this and then let my brothers and sisters by cars with them, but they have always been low interest for the life of the loan, offers that my siblings wouldn't get but my parents would...anyway, it has always worked fine and the rates have always been fair...
 
It is doubtful you will find a better rate elsewhere. If you really need the car, and can not pay cash, and can pay minimum balance without a problem, go for it. Make sure what to find out what your minimum is on that large of a balance.
 
Originally posted by: Evadman
It is doubtful you will find a better rate elsewhere. If you really need the car, and can not pay cash, and can pay minimum balance without a problem, go for it. Make sure what to find out what your minimum is on that large of a balance.
Click to expand...

Good tips, Let say if i borrow $6000 from it, and the APR is 1.99%
that mean just interst itself only going to be $119.4 right ?
and with APR 3.99% , my interest for th$6000 is $239.4


If so, I'd say this beat the heck out of borrowing money from those credit union.

And actually.. i don't really need the car, I hvae a 95 Saturn already , but just want an Integra pretty
bad lately... because of the sluggish performance of my Saturn and the looks, that's why I want to get a new car...
 
Originally posted by: TurtleMan
Good tips, Let say if i borrow $6000 from it, and the APR is 1.99%
that mean just interst itself only going to be $119.4 right ?
and with APR 3.99% , my interest for th$6000 is $239.4
Click to expand...

That's your interest PER YEAR, yes, if you don't factor in the payments you will have made throughout the year. The interest you are charged will get lower and lower. However, your minimum payments will also get lower and lower. Don't fall into the trap of making only the minimum payments because they'll string you out for their scrap of interest for as long as they can. And, as was mentioned earlier, don't be late with a payment, even accidentally, because they will definitely raise your interest rate, and they have very little leniency in that department. After all, those terms were (most likely) stated in your CC agreement.

Word of warning: if you've got any other higher-rate balances on that card currently, you won't be paying off those higher-rate balances - the CC company will usually apply your CC payments to the lower-rate car balance first. You'll continue to pay the interest on those higher-rate balances because you won't be paying them off for the life of that "car loan". No car loan, and you could be paying on those higher-rate balances.

Course, if you don't have any higher-rate balances on that card, you're good to go.
 
Ahh i see, yap that credit card is clean, no balance, credit limit is $9000

since I now know this option is avaible for me, Im actually looking at a brand new car from Scion now..

I figure if I can get about $7000 or $8000 from CC, then I'd be able to use that as a downpayemtn for the new car, and the monthly I have to pay for the car is $178, well that is not including the payment that I have to made to my CC as well,

is that a smart move ?
 
You must log in or register to reply here.

TRENDING THREADS

Back
Top