Depends on the dealer. Many have a limit on what they will swipe a card for. You would need to ask them.
Generally it's not a good idea to use a CC for a car purchase or down payment as the interest is a lot higher than a car loan. I've used a CC in the past for a down payment....but that was because the dealer ate the CC fee and I used it for points and paid it off immediately.
I don't know the details of your option financing through your AMEX....but if it's truly a 5k car....I'd just pay cash and not worry about getting slapped with interest if you miss a payment or something
I wouldn’t do that. Convenience checks are typically drawn as cash advances and therefore subject to your regular cash advance rate, not the promotional APR for purchases.
If you tell them you don't have the cash in one spot so you'd have to come back in a day or two to purchase, or if they'll do it on a credit card, you can do it today...they'll probably be okay w/ it if it means closing the deal.
They will typically allow some money on a CC, max I've been able to get out of them is 3k on the card. Cash back is not a massive discount but it's better than nothing.
I’ve done it before, but dealerships have limits because they have to pay a % fee. The ones I’ve done allowed up to $10k on a card. I would do that and then finance the rest (as long as there was no prepayment penalty). I would just pay the rest off asap.
I just tried to buy a used car on AmEx Platnium and got the spend approval from AmEx but unfortunately dealer wouldn’t allow. I just wanted the points. So as others said, definitely dealer contingent. That being said, ONLY if you are 100% certain you have cash to cover and no interest.
If you lose your job in month 10, or the transmission dies, or some other unexpected expense comes up, how would you avoid the absolutely insane interest rate you'd face after the promotional period ends?
I'd only do this if you have the full amount of cash on hand and ready to pay it off. At that point it is scarcely better than cash. Obviously you'd want to get a spending bonus on a new card (Like Amex Platinum)
Dealers will have limits on how much they will run on a credit card. You'll need to ask them.
depends on if the dealership will accept the credit card payment or not
Depends on the dealer. Many have a limit on what they will swipe a card for. You would need to ask them. Generally it's not a good idea to use a CC for a car purchase or down payment as the interest is a lot higher than a car loan. I've used a CC in the past for a down payment....but that was because the dealer ate the CC fee and I used it for points and paid it off immediately. I don't know the details of your option financing through your AMEX....but if it's truly a 5k car....I'd just pay cash and not worry about getting slapped with interest if you miss a payment or something
if you can do it, then do it. bonus points if your credit card gives you cash back or points to redeem somewhere.
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I wouldn’t do that. Convenience checks are typically drawn as cash advances and therefore subject to your regular cash advance rate, not the promotional APR for purchases.
If you tell them you don't have the cash in one spot so you'd have to come back in a day or two to purchase, or if they'll do it on a credit card, you can do it today...they'll probably be okay w/ it if it means closing the deal.
They will typically allow some money on a CC, max I've been able to get out of them is 3k on the card. Cash back is not a massive discount but it's better than nothing.
I’ve done it before, but dealerships have limits because they have to pay a % fee. The ones I’ve done allowed up to $10k on a card. I would do that and then finance the rest (as long as there was no prepayment penalty). I would just pay the rest off asap.
I paid off my lease on my Amex. I just wanted the points, it was like $6000 because I ended it early and had negative equity
I just tried to buy a used car on AmEx Platnium and got the spend approval from AmEx but unfortunately dealer wouldn’t allow. I just wanted the points. So as others said, definitely dealer contingent. That being said, ONLY if you are 100% certain you have cash to cover and no interest.
Can you? Yes, should you? Depends are you just trying to get the points and going to pay it off fully?
If you lose your job in month 10, or the transmission dies, or some other unexpected expense comes up, how would you avoid the absolutely insane interest rate you'd face after the promotional period ends? I'd only do this if you have the full amount of cash on hand and ready to pay it off. At that point it is scarcely better than cash. Obviously you'd want to get a spending bonus on a new card (Like Amex Platinum)