Can we use our Credit Card to pay for our auto-loans?

[Huyu]

Hi sirs,

I'm planning to buy a car, given the high , can we use our credit cards to pay for this? (sayang naman ang points)

Secondary question: does my cc limit have any effect/weight when getting a car loan?

thanks in advance!

[_Cathy_]

Do you mean charging the total amount of the car or the monthly payments? Any which way, I don't think it's possible.

[boybi]

During the time na mahaba ang pila sa Ford Explorer and pahirapan pa makakuha, nakakuha yung isang doctor dito and charged the purchase to his credit card. Not sure how true, kwento lang ng isang sales agent ng Ford.

[1D4LV]

technically pwede, kung aabot yung limit mo. i have a friend who did this.... pambayad downpayment, tapos loaned yung balance. his limit kasi is 500k. tapos after 3 months, he paid off the entire cc balance.

kaya lang think about the interest. car loans from the bank charge around 8% per annum.
credit cards charge 3.5% per month.

[frenchtower]

There was one instance, I asked the dealer if they will allow me to pay $15k as dp using my credit card. They only allowed me $5K and the rest of the dp I paid in cash. If the dealer allowed me to use my card, I could have paid everything thru it (only because I was rationalizing the quanity of points I could gain). However, I preferred a zero interest in-house financing which my credit card can not match.

I arranged monthly payments taken directly from one of my bank accounts so I won't miss a pay and two years later all is paid.

[vinj]

AFAIK, with the merchant discount that the dealer has to shoulder with the use of a credit card to purchase a vehicle, chances are a lot may not allow.

[Mguy]

I did before, at least a part of it. I had a bank guarantee for a certain amount and the rest I had to pay for myself. I used my card to cover the difference which is probably around 60% of the total price of the car.

[_Cathy_]

AFAIK, with the merchant discount that the dealer has to shoulder with the use of a credit card to purchase a vehicle, chances are a lot may not allow.

This is what I thought too. That's 2 or 3% din ata. And that is a significant amount for the cost of a vehicle.

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#retzing

[xwangbu]

if your card has a balance transfer option with low interest - you can try using it.

[brainmafia_310]

tried this, yung 90% cash 10 percent lang ang pedeng iCC. kasi machacharge dealer the cost of using the card an automatic binabawas for every transaction nila.

[smarxist]

May limit sa dealers eh. One time I asked, 20k daw maximum.

Kung ung monthly, maybe, given na may cc ka sa kanila (bank).

[Huyu]

hi guys,

thanks sa mabilis na response was thinking lang kasi (imaginative... sorry gabi ko na kasi naformulate yung question)... na baka pwede parang i-0% interest ang amortization or pay the monthly amortization via cc. sayang kasi ang points (and waiving of yearly fees). hehehe!

thanks guys! Tama kayo, i'd rather not be a revolver din ;)

[a9828]

hi guys,

thanks sa mabilis na response was thinking lang kasi (imaginative... sorry gabi ko na kasi naformulate yung question)... na baka pwede parang i-0% interest ang amortization or pay the monthly amortization via cc. sayang kasi ang points (and waiving of yearly fees). hehehe!

thanks guys! Tama kayo, i'd rather not be a revolver din ;)

feeling ko malabo yan since 0% na nga tapos babawasan pa sila ng bank charge. siguro either the DP or the amortization baka puwede. pero for sure, kung sa amortization ililgay, they'll factor in the charges. pero may nakagawa na ba nito? usually di ba kailangang may guarantee yung magpapautang na may incoming payment (contract with checks, live bank account). i haven't experienced this being allowed using a credit card kasi wala silang panghahawakan; puwede mo patayin yung card anytime and walang pakialam si card company sa mga naka-autodebit.

[Huyu]

okie thanks mga sirs!

sayang lang kasi sa rebates/points hehehe!
soon i will try this - % of DP through CC (kahit na may cash, just to include it in the rebates, if possible)
i think my car loan and cc is on the same bank (so baka pwede auto-cc... hehehe!

will update you guys when this pushes through!

thanks pO!

[EQAddict]

You are using a high interest loan (cc) to pay for a low interest loan ( monthly car ammort) or downpayment. Thats a really bad financial decision. And to use the points as a justification doesnt make much sense either. The interest expense will be way way higher than any points you may redeem.

But technically you can. It is your money after all.




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[Huyu]

You are using a high interest loan (cc) to pay for a low interest loan ( monthly car ammort) or downpayment. Thats a really bad financial decision. And to use the points as a justification doesnt make much sense either. The interest expense will be way way higher than any points you may redeem.

But technically you can. It is your money after all.

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Hi sir EQ, technically oo nga but I plan to pay the CC dues before the posting (so no 3.5% charge, but i'd get the perks in utilizing the CC --- points hehehe!)

so i was thinking about this scenario:

1. (day 1) pay monthly amort/loan via cc
2. (day 2) pay cc (before due/posting date)
3. (day 3) get the points without the 3.5% charge
4. live happy!
hahaha!

thanks mga tsikoteers, super informative!!!

[BratPAQ]

Hi sir EQ, technically oo nga but I plan to pay the CC dues before the posting (so no 3.5% charge, but i'd get the perks in utilizing the CC --- points hehehe!)

so i was thinking about this scenario:

1. (day 1) pay monthly amort/loan via cc
2. (day 2) pay cc (before due/posting date)
3. (day 3) get the points without the 3.5% charge
4. live happy!
hahaha!

thanks mga tsikoteers, super informative!!!

oo nga no, inform us sir kung ano development nyan, sayang ang miles, haha

[Huyu]

oo nga no, inform us sir kung ano development nyan, sayang ang miles, haha

hi sir bratpaq, masters and fellow tsikoteers!

update lang: I just got approved with a BPI auto loan (yehey!)
sa usapan mayroong automatic debt agreement (which i plan to use my CC as the mode of payment (please see above "diskarte", given kaya naman ng CC ko yung monthly); then I will pay before posting date (so no interest/finance charges) hehehe!

will update you guys kung pumayag ang bpi and kung ok ang transaction!

yehey! points + waived annual fee + no hassle transaction = 1 happy camper!

[nhiecah_nice29]

Buenos Tardes! Especially MAPFRE clients, Join and get a chance to win!

[cpsolt]

used my cc para bayaran ang kulang sa down pero i was approved by bpifb auto loans na ma-auto debit ang payroll account ko. hindi sa cc.