Using Zero APR Credit Card to pay loan.? - use credit card to pay auto loan
I have a car loan for U.S. $ 20,000 for 4 years 6.49%. If I were a zero-April from 18 months credit card offers $ 10,000 to pay half of the loan, I will save you money on interest paid? Assuming no hidden fees and I pay the credit card 18 months.
Monday, February 22, 2010
Use Credit Card To Pay Auto Loan Using Zero APR Credit Card To Pay Loan.?
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Roderick answer is very good. Pay your current loan as fast and aggressive that you can use the higher monthly payments, even pay $ 10K in 18 months.
ReplyDeleteUnless you can repay the loan car with 0% APR, no extra charge. If you do not pay interest instead of 6.49% over $ 10k to over $ 500 - but beware of hidden charges and do so only if you are sure you can afford Cereda card - otherwise compromised Money on the credit card company a high rate (probably much higher than 6.49%) when the 0% APR "honeymoon" is over.
A zero-April in the general offer does not apply to cash advances, which is what you pay for car loans. Check the fine print of credit card, or call your local help desk.
ReplyDelete6.49 is very good for a car loan. I hope you do not have to pay more to get ahead. The only thing that can beat this guy, is an Adjustable Rate home equity loans and aggressively, you need the loan in 18 months instead of the long period during which the loan, you may be able to repay.
If you really afford the zero card the month of April in 18 months, would pay just over $ 1100 per month. In contrast, only in advance to pay for car loans with the same amount. In the worst case it will be another month and you are debt free in 19 months.