Buying a Car With a Credit Card ( Do's & Don'ts )
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- Опубліковано 9 вер 2021
- Here are some of the things you will need to know about buying a car with a credit card
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I did this and then paid it off before the 18 months of no interest expired. Got a ton of cash back up front too
Splitting that 10k purchase into 5 separate transactions is genius
Thanks. Most of my dealer buddies loved that one lol
As a consumer, this quote rubbed me the wrong way. "We are mean and angry when you try to screw us". From our side of the fence. Its you, the dealer, that is looking for every possible opportunity to screw us. You personally may be a reputable and honest dealer. If so, I'd like to buy my next car from you, but most dealers are shady crooks I hate dealing with.
I'm also extra salty right now because dealers in my area are still charging ridiculous dealer markups and its making me want the government to allow us to buy directly from the manufacturer.
You just informed me of so much information because I just had the thought about getting a credit card from my bank to use to progress a car next year, along with my debit card.
Good talk on credit cards. I appreciate the discussion on using consumer VS business.
People that use credit cards to towards the purchase of a car CAN AFFORD to do so without destroying their credit.
its strange that everyone always says its bad and they assume that someone is gonna carry a balance. how about this, i buy it with my credit card and then next billing cycle i pay the entire balance in full? now i have all the protections, 2-3% cash back and i dont have to pay any interest. where is the down side?
That's what I want to do. If you are paying the amount in full cash anyway. Might as well get some cash back for it.
The only downside is if surprise bills😢 arise and you're left holding that debt for years
I was trying to buy a challenger so I contacted 5 different dealers to see if they could get me a good deal. After a few exchange of information I let them know that I would like to pay the whole amount using my credit card. After that they stop all communication with me. One of the dealers told me that they weren’t sure if that was even possible lol. Also, a made the order using their website and I received a confirmation email. But they didn’t honored the price that their own website gave me. I guess I’ll have to take my business to a different brand
😅
Love your POV and perspective 🤗👌💪
Thank you 🙌
Congrats on 40,000 subs ! And I could use that Consulting call! I just turned 27 and been a dealer for 2 years now and looking for ways to grow faster.
Thanks. and awsome. what city and state are you in ?
@@LuckyLopez777 i live about 5 miles from saint Louis Missouri and did I win the free Consultation call? And I appreciate all the Content you put out. I actually used your credit card trick this week with the taking multiple payments.
0% apr for 21months . You can't get a car loan for 0% . A bit higher payment but you'll save thousands on interest plus kickback from cash back
Love it Lucky
Note: if you pay the card before the statement close date you will not get $15k reported to the credit bureaus. Whatever your balance on that date is what is reported. So if i buy a $15k car with credit on the 1st then pay it off the 12th when my statement is the 13th, my credit report will show $0
Great video! Thanks.
A lot to learn!
I was planning to your use my American Express gold card to buy a van for my wife but after watching this video I am thinking twice
IDK how i missed this one. I can't wait to hear your viewpoint.
:)
I use my personal/business cards to buy cars via auction or private sellers. I take advantage of balance transfer and cash advance offers that are periodically sent to me
@@richardshufflebottom4011 so you use credit card for down payment
Can you provide a little more info on how you use the balance transfer? This is for my personal vehicle. I have great credit but would like to put part of the purchase on a card to get the 0% interest for 18mo since rates are ridiculous! I don’t have the cash to pay off the whole purchase but do have the 5-6k to pay off the card. Did you put the whole purchase on the balance transfer check or just part of it?
I’m looking to go this route simply because I want to be able to purchase a car before my current one dies and not after. I have a 50 mile drive to work and don’t want the stress of dealing with dealers when I absolutely need a vehicle
So you buy the car with a credit card but you have the money and wanna build ur credit fast , is that a good way to go about it?
What if im paying mostly cash just need the card for an extra few thousand?
A fantastic video. I tried that at a.Volvo dealership. All they were willing to take the risk and I was able to put $2,000 on my card and paid in full for cash.
$$$$
Wow! That shirt!
Thanks lol
Yet again top notch stuff. Maybe it’s time for to upgrade from plastic to metal cards. Lol
I have a few metal. just one plastic lol. but I use apple pay
Why would you charge extra for them to use their credit card if they signed a contract not to back charge? The only reason I could see a customer doing a back charge is if the car is a lemon right off the lot, because most dealers will wash their hands of a new car once it has left their lot.
Some states they don’t allow you to charge extra and then on top of that even if you have a contract and everything is signed there’s still a risk that the customer came back charge it I had front and back copies a contract signed and a copy of his ID and even a text message an email from him stating that he agreed to pay American Express Pac charged us so it happens not worth the headache
Good info
Glad it was helpful!
Waiting the same for buying for cash. Thx!
💰💰💰🙌
My plan is to buy a car, put down 15K with my card and paid the rest in cash. Also pay off the card within 30 days. My credit score is 835. The purpose is to meet my yearly Jet Blue requirements (50K) for Moasic status. A dip to my Credit rating will not effect me since I always pay for my balance the same month. What is your opinion. Is my only down side the 4% charge.
i was going to pay cash but WHY let all those points go to waste???? buy it on the points card, pay off same month. no issues.
So you’re telling me I can’t buy my AMG C-43 by a credit card alone ?
Can I buy a f3500 with a credit card and use it for business purposes and pay the card off
How do i get a Buisness line of credit, without a Buisness?
Me: buys a car with a credit card and rent it out
I always wondered if you could make the down payment with a credit card I could always use the extra rewards points
Yes I did this in 2021.
What if you're just using $1000 of credit for a down payment?
Good information. What are your thoughts on buying a car with your cc, get the points and when the bill comes due, pay it in full? Thanks
I had the same question
Yes I would do that or take advantage of the 0% introductory offer some cards give you & just make sure the car is payed off before then. Credit card vs Loan interest is no joke
If title is absent or title doesn’t come within 45 days of the car purchasing sense day 1 and it is left at lot for long period of 45 days when I bought from auctions and what are options I can do.
they have to give you the title in 30 days or Abstraite it and return the car
Which dealership accepts credit cards??
Its hell naw when car dealers get played but they play you everyday all day u reap what u sow
Can we buy motorcycle worth 5k with credit card?
Yeah 18 months to pay a car off sounds horrible for cash flow… love the video!
Thanks I appreciate it 🙌
If it is a relatively cheap used car, split to 18 months and it isnt too bad. Remember you dont pay interest on these
dti and utilization only shows up on personal credit .. not business credit though . I purchased several cars with my business credit card to put on Turo. All I use is business credit
It just depends of a banker using most grown ass woman as long as the business checking account has cash flowing through it
What if use 5K from my CC get a car flip that car for about 7K then just keep the 2K profit ?
Yep then pay the card off and do it again 🙌💰 🚗
And dealers screw people with extremely high mark ups from MSRP
Amex Platinum and centurion customers can buy cars with credit card
I did this. I called AMEX 1st and told them what I was planning to do. They said that's fine. Dealer swiped and it approved. Then I collected all the sweet sweet travel points!
Wow
What about putting down payment on cc?
I talk about in the video down payments are fine with credit cards
@@LuckyLopez777 do they still charge you a transaction fee for that?
Can I buy a car with a gift cards?
0 Apr for 15months
Do you think it’s a good idea to get a credit card at 18?
yes. to build. credit. no to spend
This year we had disputes on 3 cars but we won all the cases because the cars we sell are “as is”. Never taking credit cards ever again!
You’re scamming selling lemons 🍋
Sound like he scam people its so sad these car dealers sleep at night knowing they sold someone a piece of shit
How do you sleep at night selling people lemon piece of shít cars? Can’t wait till you lose your license scum
If I have a business credit card with $100k on it and I purchase a TELSA Model 3 for $40k would that be good idea? I'm asking that because I don't have a car and just want to know what's your opinion on that is.
What advice could you give?
terrible
Dealing with a lack of car history , I think that’s why I’m being asked for proof of income . Is there any way I can be added to someone’s loan to get their history? (Almost like a AU for a credit card)
Not with cars. Only Credit Cards
@@LuckyLopez777 I possibly could be asking for too much too , I’ll see if that 40k - 50k area is easier to handle . Thanks for the response 🦾
@@soldoutcali I would go get added on a few people’s credit cards also go to your local banks and credit unions and start getting secured credit cards ASAP two to $300 get about four or five of them your credit will grow quickly and within six months you get your own credit cards
@@LuckyLopez777 Copy that , I have two auto loans already but I’m trying to upgrade (move up to the next tier) Sounds like I need a consulting call 🤣🤦🏻♂️
Hi Lucky
I see you remove my comment. Can you respond to my email to answer my question about the date of Dealers License & Training New Course Launching
I don’t remove comments. Date is still open If you bought the course if your CarbuyingIQ I sent a refund to your account Check your email
squeeze?!?!?! 🤔
yesssss
Toast
Yessss
Dealers are liars!
farts