Buying a car on a credit card?

[Creditaddict]

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@youngandcreditwrthy wrote:

Oh, I don't mean brand new. I mean with like 5-10K miles., I NEVER buy brand new cars. What a way to shoot yourself in the head financially speaking.

and I did just get the 328i in Feb., which is why the above is a "consideration" I wanted the CLA though, just didn't want to have   a car loan, although again, everybody and their mom at the dealership was basically begging me for my SSN so they could get me into a car loan. CAR LOANS SUCK!

Im a VERY car loan averse. I hate big ole fixed monthly payments.

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well the car loan is FAR better for your credit then $10-$15k on a credit card revolving!

[junior88]

I do not believe that you have to have insuracne with them. I didn't a couple years ago and I was fine. You can call your locat State Farm office to check, but I'm pretty sure it doesn't matter. They will take the app right over the phone.  Quick and painless. You go down there sign the papers, they give you a check and you good to go.

[junior88]

Yeah, I wouldn't put a car on your card unless to get some points like I did. Dealerships determine what the max is that they will allow for that. Installment is better than revolving debt. I'm not a pro at this but I'm guessing your FICO's would take a good hit for that $15k on a credit card.

[B335is]

Best experience I ever had was walking into a dealership with a blank check from Cap1 auto finance. The dealerships finance manager was tripping over himself trying to beat the rate. I agree with junior88 that you can do a lot of the work yourself versus giving the dealership a free day on your CR.

After what I went through putting $$$ towards a vehicle on my card, I will never do it again. Even used cars are a bad investment btw

[youngandcreditwrthy]

That sounds easy enough, but I've just never had a "quick and painless" experience with a car loan LOL

I absolutely do not trust dealers. at all. Heck, I don't even trust the auto shops. Im to the point that any work I get done on my car, no matter how small, I ask to watch them do it all.

[B335is]

You could probably lease one for $300 a month all maintenance included! And they want the car returned good so they have incentive to repair it right.

[junior88]

You sound like me with my cars, very selective on who touches them!!

I'd say call your local State Farm agent tomorrow, ask the question and if no relationship is required I would do the app.  I personally hate State Farm for insurance but they are giving me the best rate on my stuff.  I did recently get their credit card as well. 

[youngandcreditwrthy]

As previously mentioned, I would be using a blank check from BOA. I would not be physically charging on the card. Essentially, I'd write myself a check for 15k, deposit it into my checking, then prob get a cashier's check or something. or just write the check out to the dealer. I'm not buying the car as an investment, I can afford to pay the full 15k by the end of the 0%. And again my util wouldn't go up too much because I have almost 200k in avail cred.

The dealer has been rubbing me the wrong way anyway.

Idk, I prob will just stick with Big Blue; she's a good car.  LMAO.

[youngandcreditwrthy]

Thanks Junior! I might give them a buzz. If they don't act right though, I'm not game. Some businesses just have horrible customer service, and it makes me sick to my stomach.

[Creditaddict]

AGAIN I say call Mercedes and ask what promo APR's they have right now for the CLA before you start shopping anywhere!

If they have 1.9% or some special for short term financing you have NO point in applying anywere else.