You could also consider charging the cost to multiple credit cards. Any credit card with an adequate purchase APR offer could do the trick. Consider contacting your issuer to inform them of the upcoming purchase, too. It might be worth it. Or if you just applied for a new credit card with a big signup bonus , use it to buy the car and knock out the spending requirement in one shot. Flat-rate rewards cards are another option. They can offer 1.
As mentioned above, calculate your required monthly payment to pay off the card before your intro period runs out. Set up automatic payments for that amount.
Look for a card without transfer fees — your selection will be limited, but most people will probably qualify for one. The second is to transfer it to a card with a zero-interest APR offer as outlined above. In the grand scheme of things, using a credit card for a car is just like swiping your card for any large purchase. We still recommend it only if you have either the cash to pay it off or a plan to do so without incurring interest or damaging your credit scores. You may only be able to use a card for partial payments, or for the down payment.
Discuss the details with your dealer, but make sure you have a plan to pay off the balance. Credit Card Insider receives compensation from advertisers whose products may be mentioned on this page. Advertiser relationships do not affect card evaluations. Advertising partners do not edit or endorse our editorial content. Content is accurate to the best of our knowledge when it's published. Learn more in our Editorial Guidelines. The responses below are not provided or commissioned by bank advertisers. Responses have not been reviewed, approved or otherwise endorsed by bank advertisers.
The money in your bank must be tagged for your card payment or the interest charges could easily be a catastrophe.
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My fav cc now is the Discover IT card but Ive discovered : some places will not take them as processing costs another penny or so. An informative article to read. Thanks a lot for sharing this. Fine work. Keep it up. That makes little sense. Can easily negotiate your price before whipping out your cc. Everything is negotiable including the price of the vehicle. Good luck with that. Then you pull out the card and if they balk, you walk. Better safe than sorry. Just call your bank first, to avoid drama.
There is a per day limit on debit card charges. Don't know if it can be waived. A cashier's check would work, but I think a debit card would be more convenient and more secure no risk of losing it or getting mugged or whatever on the way to the dealership.
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If the dealership is down with it, use a proper CC and pocket the rewards. I just did so via our realtor. I started my lease that way. I asked the dealer, and they said sure, without batting an eye. Then again, it was in the hundreds of dollars, not thousands. I agree with the other comments that you should clear it with the bank. Something for several thousand dollars would almost certainly hit my bank's fraud detectors. Withdraw cash in small bills. Go to dealership with duffle bag filled with said small bills. At least up here, debit cards have a per day cash withdrawal limit and a per day purchase limit, as well as a single purchase max value.
They are all controllable and adjustable by your branch.
united states - How to pay with cash when car shopping? - Personal Finance & Money Stack Exchange
But really, the best advice is to use a rewards credit card and collect the points. If the dealership would have let me I would put the entire purchase cost of my car on a credit card This is my experience also, albeit with buying motorcycles. You'll almost certainly get flagged for fraud, so either call the bank ahead of time, or be ready to answer the phone when they call and explain that yes, you really are buying a car so they'll release the funds. Some will.
If you have a bank branch you can go into, you can have them create a draft or bankers check - bascially a printed check with the exact amount on it. You know you could give them actual cash, too. That's what I did when I bought mine.
I know 'real' money is a foreign concept for some people. It was worth it for the points because we had the cash to just pay off the card right after the transaction was processed. My parents put my sister's college tuition on their CC back in the day. Same deal, had the money, collected mad rewards. This thread now has me envisioning new horrors in car buying. You dance the dance of the lowest price, you successfully resist the urge to break out the Fist of Doom on an oily car salesperson, and you get through all the paperwork.
Only to be faced with: A line at the POS terminal to make your downpayment Don't tell me there's not enough money for a downpayment. All the people. Select the make and model you're interested in and they will instantly search clearance pricing within your local area. Don't forget to select as many dealers as possible to increase your chances for the greatest discounts and savings. Edmunds is one of the oldest and best new car research and review sites on the internet. Their huge dealer network allows you to shop, research and compare millions of new cars so you can find the exact vehicle you're looking for.
MotorTrend is one of the best kept secrets on the Internet. Best known for their automobile magazine, MotorTrend also has a vast dealer network across the nation. Just pick the vehicle you're interested in, select all your local dealers, and receive deep discount Internet pricing. CarsDirect has been in business since and has all the right tools to help you find your next new car. They offer a no-hassle experience from configuring a car to making the final purchase. You'll find your next car quickly and easily.
A hold check agreement is a form that states the agreed upon date the check they're holding for you will be deposited on. It will also include the amount to be deposited and any provisions regarding returned check fees that may be incurred. The hold check agreement will then be signed and dated by the car dealer and the person whose name is on the check. Rather than disclosing deferred down payments as required, hold check agreements create obligations that aren't included in the single document or purchase agreement.
Even though most car dealerships will run hold checks through a company like TeleCheck before accepting them as a form of payment. Some hold check agreements have a section on them where you must add a credit card number in case the check doesn't clear. A car dealer will not hesitate to deposit your check or run your credit card on the agreed upon date if the money is in the account or not. Get a pre-approved auto loan though an outside finance source such as a bank, credit union or for the best rates use an online auto loan company.
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Online auto finance companies don't have the overhead most banks and credit unions have. You can contact these companies and request free, no-obligation interest rate quotes sent right to your computer. You can then use these quotes as leverage when negotiating interest rates with a dealership. Another option is finding a different car to buy. Before committing to a large down payment that you don't have readily available, check out some other vehicles available with the same features and benefits. I recommend using online automotive research sites such as CarClearanceDeals and Edmunds.
These sites also give you the option to request free, no-obligation price quotes once you pick a vehicle you're interested in. It's funny how many of us humans will succumb to the pressure and do whatever it takes when we must have something right away. Car dealers and their salesman understand these emotions and know how to use them to their advantage. If you're not careful and stay focused, agreeing to write hold checks to a car dealer can hurt you financially. This is not the time to say, "I'll worry about it later. You also have to pay your newly acquired car payment, car insurance, and your normal every day bills.
The easiest way to avoid the deferred down payment scam is to not buy a new or used car until you have the full down payment. These are just additional fees, when financed, you'll pay interest on over the life of the loan.
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You should always be aware of what is on your credit report and know your score before applying for any kind of credit or loan. You don't want the company you're applying with to know more about your credit history than you do, this will put you at a serious disadvantage. Never negotiate to buy a vehicle based on monthly payments or down payment alone. If you negotiate in this fashion you're sure to pay too much when buying your next new or used car. This puts you in great shape when it comes to saving on finance charges, bank fees, financing for shorter terms and keeping you from being in an upside down position in your vehicle when it comes time to trade the vehicle in.
Educate yourself on more common car dealer scams.